Los Angeles' luxury real estate market is seeing a notable increase in inventory, with 114 new listings added last week. The Eklund Weekly Luxury Report indicates that the absorption rate is approaching 11.5 months, suggesting a growing disparity between supply and demand. This shift may lead to a buyer's market, providing more leverage to buyers in negotiations. Significant contracts have been signed, including a $25 million home in Beverly Hills and a condo listed just under $5 million, reflecting high-end activity despite the increasing inventory.
Last week’s top condo contract is a unit at the Blair House in Century City, with an ask of just under $5 million.
The Eklund report shows a supply-demand imbalance in the luxury real estate market, indicating a potential slide to a buyer's market.
Should these trends continue, buyers in the luxury market will find themselves with more options and likely increased negotiating power.
Rodeo Realty's Jimmy Heckenberg is the listing agent for the top home under contract that features high-end amenities in Beverly Hills.
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