Los Angeles Home Market Still A Buyer's Market
According to Altos Research the MAI measures the balance between supply and demand as a function of the current rate of sales versus current inventory. An MAI value greater than 30 typically signals a “Seller's Market” in which the demand is high enough to quickly absorb available supply, while an MAI value below 30 signals a "Buyer's Market" in which the available supply is sufficient to satisfy demand, as measured by the current sales rate, for several months. The Altos Research MAI for the Los Angeles home market as of October 18, 2009 was estimated at 19.76, clearly indicating that it is still a buyer's market. Other market metrics estimated by Altos Research as of October 18 2009 for LOS ANGELES include the median single family home price which was $422,323 and the median home price per square foot which was about $276. In terms of home sales and demand trends Altos Research estimates that the average property in Los Angeles as of October 18 2009 had been on the market for about 188 days and that there were about 3,530 properties on the market as of that date.
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