Flippers’ Paradise: The massive jump in list prices for Culver City. Median list price up almost 100 percent from two years ago. Record low inventory. Distressed properties 3 times the amount of MLS listed homes.

doctorhousingbubble.com / February 6, 2013

Desirable areas in Southern California have always carried some sort of premium.  Yet the days of bidding wars and having to make offers with limited contingencies are back.  Agents have told buyers that unless they make a bid that day with a cushy reserve, they are likely to lose out.  Culver City is another prime example of how insane the current market has become.  How crazy are things?  Inventory is down by a stunning 75 percent from two years ago and the median list price is up over 100 percent.  There is obviously no sustainability to this current market trend and the story continues to be the dwindling inventory causing people to lose their sanity and dive into homes with no contingencies and fighting over a home as if they were bidding on a baseball card on eBay.  It is important to see what is going on in Culver City currently since this is a desirable area that is seeing some fascinating trends.

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