The January 2014 DQNews real estate report is out and Norwalk is looking strong. 50 single family homes sold in January, which is a lot for a single zip-code city. Sale prices are up 15.4% from January 2013, which is wonderful news. Not only is the local market improving, but Norwalk is still relatively affordable (the median sales price was $338,000). This combo should keep the local real estate market strong for months to come.
It's worth noting that the rate of price increase is slowing down. More specifically, in November 2013 Norwalk prices were up 31.1% from the previous year. In December 2013, they were up 17.7% from the year before. The slow down is apparent but it's nothing unexpected; nor is it something to be worried about. Drastic price increases cannot continue forever, nor do we want them to. This is how "bubbles" are created and we know all too well what happens when bubbles pop! What I see happening is stabilization, which is a good thing.
If you've been thinking about selling, strike while the iron is still hot. As a homeowner, it's easy to get a little greedy when you see such radical price increases (we all do it). I foresee 2014 being a strong year for Los Angeles real estate, but I don't think we will experience price hikes like 2013. Best of luck!