Serving Larchmont Village, Hancock Park, and the Greater Wilshire neighborhoods of Los Angeles since 2011.

Larchmont-Hancock Park Real Estate Market Very Tight

Hancock Park Open Houses
Local housing market is really tight with low inventory report local realtors

This week  the Los Angeles Times reported that real estate buyers in the region are facing fierce competition in a very tight market as the spring selling season gets underway:

“The frenzied start has been driven by a dearth of homes for sale, low mortgage rates and steady job growth. Homes are selling faster than a year earlier, with more of them going for above the list price, data from online brokerage Redfin show.”

But that’s not news to local realtors, who have been struggling with low inventory for the past several years.

“Buyers also face fierce competition here locally in Hancock Park, Windsor Square, Fremont Place, Brookside and Larchmont Village for the same reasons: dearth of homes for sale and low mortgage rates,” said Anne Loveland, Loveland Carr Properties.  According to Loveland,  turnover in desirable neighborhoods is low regardless of the market because most home buyers stay and enjoy decades in the same house.

“Our problem is no inventory at all,” said John Duerler, Hancock Homes Realty.  “There’s  just not much on the market and anything that goes on, is in good shape and is priced right,  we are dealing with multiple offers.” Duerler recently sold a home at 256 S. Wilton Place for $2.4 million, a record for that street, over the asking price of $2.399,000, with two offers.

The Times research showed the average days on the market was 32 days, down from 34 days last year.  Locally, the average time on the market is just under 2 months, according to Loveland.

“If one prices their home properly at the beginning and sells in 2 months or less, on average, homes are selling at list price or more,” explained Loveland.  “Multiple offers are common, especially if a property is exceedingly well located, well maintained, remodeled and/or has great style.”

Duerler agrees and has started to put escalation clauses into his contracts so sellers know that his buyers will increase their offer in increments up to a maximum if there are competing offers.

“It’s a way to stretch the buyer so they don’t lose the house,” explained Duerler.  With mortgage rates so low, it makes sense to stretch when evaluating the short term cost against the growth in value of the home over time, he added.

Though most realtors agree the market is heating up, there are some caveats.

“People are going to these ‘hot’ areas because they think the homes are priced lower and that’s creating a lot of competition,” said Patricia Carroll of Hollywoodland Realty , who represents properties in the hills and the east side as well as the Larchmont area.

“But there are some great areas that are just not on people’s radar,” said Carroll, who recently sold a home in Sunset Canyon in the Burbank Hills, where  she was surprised to see how long it took people to really get the charm of the historic area even though it has similar architectural charm to Larchmont and Hancock Park — a huge attraction for buyers.

Still, for those looking locally to Larchmont and Hancock Park, it’s likely to remain a tight market. Tomorrow we will explore why…and whether that’s likely to change any time soon.


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Patricia Lombard
Patricia Lombard
Patricia Lombard is the publisher of the Larchmont Buzz. Patty lives with her family in Fremont Place. She has been active in neighborhood issues since moving here in 1989. Her pictorial history, "Larchmont" for Arcadia Press is available at Chevalier's Books.

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