A Comparative Analysis of Downtown Los Angeles Real Estate Market: March 2022 vs. March 2023
In this blog post, we will analyze and compare the Downtown Los Angeles real estate market for March 2022 and March 2023. By examining the data from both periods, we aim to provide valuable insights into the performance of the market and the trends that emerged over the course of a year. Let’s dive into the data and draw some conclusions.
Market Overview:
March 2022:
Number of Sold Listings: 69
Average Days on Market (DOM): 34
Median DOM: 20
Low Price: $225,000
Median Price: $600,000
High Price: $6,600,000
Average Price Total: $784,886
Average Price/Sq.Ft.: $683.94
Median Price/Sq.Ft.: $627
March 2023:
Number of Sold Listings: 30
Average Days on Market (DOM): 53
Median DOM: 23
Low Price: $300,000
Median Price: $612,500
High Price: $1,400,000
Average Price Total: $729,276
Average Price/Sq.Ft.: $651.35
Median Price/Sq.Ft.: $650
Key Comparisons:
Number of Sold Listings: In March 2023, there was a significant decrease in the number of sold listings, with only 30 sales compared to 69 in March 2022.
Average and Median Days on Market (DOM): The average DOM increased from 34 days in March 2022 to 53 days in March 2023, while the median DOM saw a minor increase from 20 to 23 days.
Prices: The low price increased from $225,000 in March 2022 to $300,000 in March 2023, while the median price experienced a slight increase from $600,000 to $612,500. The high price, however, dropped significantly from $6,600,000 in March 2022 to $1,400,000 in March 2023.
Average Price/Sq.Ft. and Median Price/Sq.Ft.: The average price per square foot decreased from $683.94 in March 2022 to $651.35 in March 2023, and the median price per square foot also decreased from $627 to $650.
Conclusion:
The Downtown Los Angeles real estate market experienced some noteworthy changes between March 2022 and March 2023. The most significant of these was the decrease in the number of sold listings and the drop in the high price. Additionally, the average DOM increased, indicating that properties took longer to sell in March 2023. Prices saw both increases and decreases, with the low and median prices rising and the high price declining. The numbers are based on real estate agent Multiple Listing Service statistics for Downtown Los Angeles and nearby loft neighborhoods MLS areas 23, 42 and 1375.
These varying numbers are consistent with previous Loft Blog projections of stagflation, which is continued consumer price inflation combined with economic stagnation. The median price increased slightly, while the average price dropped more substantially. The numbers reinforce the notion of bifurcation in the market, where the rich are getting richer while the poor are getting poorer. Overall, the market is affected by rising interest rates, which slow the overall real estate market nationwide.
HOW MUCH DID THE LOFT DOWN THE STREET SELL FOR?
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I read that we are working from January 1st through June 30th of each year to pay all of our taxes. Before that, 100% goes to the government in some form or fashion. It pays for some kind of government worker, work program, social program, defense, project, health care, common good. Whatever you want to call it, April 15th is TAX day, the deadline for filing your federal income taxes.
So in celebration of this particular time of year, let’s talk TAX relief. If you received last month’s letter from me, you would recall our goal of trying to raise $25,000.00 for Children’s Hospital of Los Angeles, CHLA. But – we need your help, and I believe you can benefit from the TAX relief.
Just down the street from where I am typing this, Children’s Hospital of Los Angeles has a whole house of kids fighting for their lives. For them and their parents’ taxes are not “top of mind,” health is. Living is. Surviving is. As you may have heard, Children’s Hospital of Los Angeles is front and center in the fight against nasty diseases that destroy or cut short the lives of Children. We are thankful to have such a fantastic facility close by, doing such great work to help heal and save young people. So even though we are trying to figure out how much we owe the taxman, many are simply hoping they can be here to actually pay taxes. So we here at Entar have resolved to do what we can to help.
Please know that my team and I are eager to help anyone you know wanting to make a move. So much so that we are willing to make an offer that your referrals will LOVE – AND – the Kids at Children’s Hospital Los Angeles will love too.
Your referrals help the kids!
If you or a friend are thinking about selling, make sure to choose a real estate company you can trust! A real estate company with experience, proven results, and a give-back philosophy!
AND REMEMBER… Your referrals help the Kids…
We are on a mission to raise $25,000 for CHLA. We do this by donating a portion of our income from homes we sell. As you know, Children’s Hospital of Los Angeles does great work in helping kids fight through and survive nasty life-threatening diseases like cancer, Non-Hodgkin’s lymphoma, leukemia and others. They also lead the way in helping kids come back from spinal cord injuries as well as early diagnosis of autism. Last year alone, Children’s helped over 1,000,000 kids right here in Los Angeles. BUT, Children’s relies on sponsorships and donations to provide their elite level of care, and to keep families’ expenses to a minimum. So YOUR REFERRALS REALLY DO HELP THE KIDS…
Who do you know considering buying or selling a home you could refer to my real estate sales team?
Not only will they benefit from our award-winning service, but you can rest assured we are also donating to a very worthy cause.
Go Serve Big!!! Investing in the Children of Los Angeles.
A Real Estate Company that Gives Back!
Children’s Hospital LA leads the way in serving kids one patient at a time.
We are still boldly on a mission to raise $25,000 for Children’s Hospital of Los Angeles, and we are making progress! We do this by donating to them a portion of our income from homes we sell. As you know, CHLA does AMAZING work in helping kids fight through and survive nasty diseases like cancer, Non-Hodgkin’s lymphoma, leukemia, and others. They also lead the way in many other fields.
They can provide this care and keep patient costs to a minimum due to donations and sponsorships. We are proud to support the Children’s Hospital of Los Angeles!
As in the attached story, Children’s Hospital of Los Angeles provides the best pediatric medical care available anywhere in the country. To do that, CHLA needs donations to continue its leading-edge care. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in our Los Angeles!
Who do you know considering buying or selling a home you could refer to our real estate sales team? Not only will they benefit from our award-winning real estate service, but a very worthy cause will also benefit as well. To refer anyone considering buying or selling a home just give me a call or pass on my number. 213-880-9910.
Thank you in advance for your referrals!
You and your referrals mean more than ever to my team and me. As we move forward thru this winter, please know we are extremely thankful for you and you being a special part of our business.
Go Serve Big!!! — Corey Chambers
Entar® Real Estate and Investment Technologies!
P.S. I copied and pasted the story below from the CHLA website. It better tells the story of the work they are doing.
MAKING A DIFFERENCE
As a leading charitable hospital, CHLA depends on sponsorships and donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in Los Angeles!
A real estate company with experience, proven results, and a give-back philosophy!
Over the years of helping many families sell their homes and/or buy another, we have met some wonderful, loving, caring people. People like you! So your referrals can rest assured that, not only will they get the award-winning service we are known for and the guarantee to back it up, but that a solid portion of the income we receive will go toward helping the kids.
Refer your friends, neighbors, associates or family members considering making a move:
You can go to www.ReferralsHelpKids.com and enter their contact info on line or forward the link to someone you know considering a move.
Of course, you can always call me direct as well at 213-880-9910
Why I support Childrenʼs Hospital Los Angeles
I grew up right here in the Greater Los Angeles Area, born in Los Angeles County at St. Francis Hospital. I remember when I first heard about a young person close to our family suffering from a nasty disease and getting treated for that at Children’s Hospital Los Angeles. It was then that I began to pay closer attention to the work they do at that hospital. Since then, I have learned that it is a collection of hard-working health care professionals, most making their home right here in the Los Angeles area, all coming together for a common cause. That cause is to help young people overcome unfortunate health issues that life sometimes throws our way. Being a Los Angeles Area California native, I take pride in supporting in a way that I can do the good work these people do at Children’s. My team rallies around our annual goal of raising money and donating portions of our income to help Children’s in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Children’s Hospital Los Angeles shares a similar commitment to their patients. And since their services survive on sponsorships and donations, we are happy to contribute and proud to support them.
Sincerely,
Corey Chambers
A Lifesaving Bridge—Then a New Heart—for Baby Ciara
Too fragile to wait for a heart transplant, the 4-week-old needed a breakthrough to survive. Shortly before Christmas 2021, she became the first patient born with a single ventricle to receive a ventricular assist device at CHLA—and continues to beat the odds.
By Eunice Wallace
Every time Candace cradles her daughter, Ciara, she sees the small scar on the right side of her neck, and has a flashback.
“I go straight to that moment when she was on ECMO and just how tiny she was being hooked up to all those wires,” she recalls. “I will never get that image out of my head.”
At just 4 weeks old, Ciara was placed on extracorporeal membrane oxygenation (ECMO), a process by which a machine takes over the functions of the heart and lungs when the organs are failing, or need extra support. When she was born, the right side of her heart was severely underdeveloped, and minutes after her birth at a local hospital, Ciara was transported to Children’s Hospital Los Angeles via helicopter.
“Very early on we noticed that not only did she have congenital heart disease, but the muscle in her heart just didn’t seem to be normal,” says Jennifer Su, MD, a cardiologist in the Heart Institute at CHLA, who suspected Ciara had pulmonary atresia and cardiomyopathy. “Either of those things can cause heart failure, and she had both.”
‘Why me? Why my baby?’
Two months earlier, Candace had been on track with a normal pregnancy. Then at 34 weeks, her obstetrician noticed something unusual on a routine ultrasound and referred her to a specialist. Her baby had a defective heart—single ventricle disease—and was given a 50% chance to live.
“I was all over the place,” recalls Candace. “I have three other healthy children, so it was just a lot of fear, worry and doubt, and a lot of questioning, ‘Why me? Why my baby?’ But I knew I wanted to keep her, so I said, ‘Let’s do all that we can.’”
With a meticulous birth plan in place, which culminated in the baby being airlifted to Children’s Hospital Los Angeles, Candace welcomed Ciara a few weeks later. She held her daughter for 20 minutes before the infant was taken to the hospital’s neonatal intensive care unit, then transported to CHLA, where a team of specialists was waiting.
To reduce the total number of open-heart surgeries she would need throughout her life, Ciara was whisked to the Cardiac Catheterization Lab. There, a stent was placed in her heart to keep the blood flowing to her lungs. Soon after, however, it became clear that her heart muscle was incredibly weak. She needed a new heart—but could hers last long enough until a replacement was found?
A first at CHLA
The odds were stacked against Ciara. Approximately 35 to 40% of children with single ventricle disease die within the first year of life, and just 1 in 3 make it to transplant.
A ventricular assist device (VAD) can serve as a lifesaving bridge during the crucial waiting period. Tubes attached to the heart are connected to an external pump that can be dialed up or down to provide the right amount of blood flow that a patient needs. But children with single ventricles—especially infants—typically have not been considered good candidates because of the risks.
“It became very apparent that she had gone into acute heart failure and that she wasn’t going to be able to live without mechanical support,” explains cardiothoracic surgeon John David Cleveland, MD. “So we elected to place the VAD in sub-optimal circumstances.”
Five days before Christmas in 2021, Dr. Cleveland implanted the VAD, reversing the configuration of the device’s cannulas to create the most optimal blood flow for Ciara’s anatomy.
“It was so incredibly innovative, and this is something that our surgeons often have to do—look at the patient as an individual and tailor the surgical approach to what they feel is best for the patient,” says Dr. Su, the hospital’s Director of Cardiomyopathy and Ventricular Assist Devices.
The procedure marked the first time a patient with a single ventricle received a VAD at CHLA, which has since been performed at the institution once more.
Peace of mind
Almost immediately after receiving the VAD, Ciara stabilized. Her breathing tube was removed, and specialists focused on rehabilitation and nutrition over the next seven months as she waited for a transplant. Then came the call: There was a match. Baby Ciara got her new heart. A month later—having spent nearly the first year of her life in the hospital—Ciara finally went home.
Now 15 months old, Ciara is exceeding expectations. Ciara’s dad, Jamar, and Candace were told it could take her a while to hit certain milestones, but within the first week of being discharged, Ciara started eating solid foods. She’s able to drink out of a cup and stand up, too. But because of the transplant, she’s on several immune-suppressing medications and more vulnerable to getting sick. With three school-age siblings in the house, there’s never a shortage of Lysol wipes and hand washing.
“At first it was scary—extremely scary—but now we go day by day,” says Candace. “And she does not let anything stop her from being a typical baby. Ciara gives me hope and peace of mind because I see how happy she is.”
A Moment to Celebrate
VADs were originally designed for adults, with the first version for children approved by the Food and Drug Administration in 2011. Performing this landmark procedure at Children’s Hospital Los Angeles was a well-coordinated effort from the beginning.
“When you take on something that nobody has done at your institution, it requires a lot of buy-in from all the players involved in the case,” says Dr. Cleveland. “When it came down to recognizing that the only other option for Ciara was death, everybody agreed: This is what we have to do.”
“I’m incredibly proud of our entire team,” he says. “Her life is a testament to so many different people taking care of her and, not only that, dedicating years of their lives to train and be ready for something like this. It’s a moment to celebrate.”
Candace wholeheartedly agrees. If Ciara had been born five years ago her outcome would have been completely different. This fact has left Candace feeling full of gratitude and awe.
“Science has come so far,” she says. “When I think back to how tiny and sick she was and where she is now, it really is a miracle.”
Learn more about the Heart Institute at Children’s Hospital Los Angeles.
How You Can Help
Refer your friends, neighbors, associates, or family members considering making a move: www.ReferralsHelpKids.com or call Corey at 213-880-9910
