REAL ESTATE NEWS
Urban home prices continue to drop. January 2020 numbers are in, and Downtown L.A. real estate prices have continued to drop again from last year’s already fallen numbers. This decline of 4.3% confirms earlier projections, and portends another down year, an omen of two falling years in a row for Downtown LA real estate. #realestate #losangeles #market
January number of transactions increased slightly to 32, up 2 from last year as a small number of DTLA home owners realize that they want to exit at relatively high prices, potentially to get out before it’s too late. Average days on market increased from 75 last January to 79 this January, so sellers can expect lofts, condos and houses to take about 4 days longer to sell than last year. Median price dropped from $605,000 last Jan to $580,000 this Jan, for a $15,000 loss. The average total also dropped significantly, reinforcing the certainty of declining home prices. Average price per square foot dropped from $703.96 to $621.45. More homes are taking a very long time to sell, as 57% more properties took longer than 90 days to sell, according to data MLS for L.A. areas 23, 42 and 1375. #homeprices #dtla #homeworth | VIDEO
The down figures for January lead the L.A. Loft Blog to re-affirm its projection of another down year for Downtown Los Angeles real estate with an average expected decline of around $23,000 per loft in 2020.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker. | VIDEO