DTLA Home Prices Report May 2023
REAL ESTATE NEWS (Los Angeles, CA) — Here’s a detailed overview of the downtown L.A. real estate market as of May 2023, as well as a comparison to the situation a year ago in May 2022. The data have been sourced from the MLS reports, providing accurate insights into the dynamics of the real estate market in downtown LA.
May 2023 Overview
In May 2023, the total volume of sold properties accounted for $24,415,800, with a total of 38 listings sold. The prices for the sold listings ranged from a low of $306,000 to a high of $1,310,000, with a median price at $559,000. The average selling price was around $642,521. The average price per square foot (considering listings with a square footage greater than zero) was $622.02.
When looking at the average days on market (DOM) for each listing, it is clear that most properties were sold within 0-30 days (34.21%), closely followed by those listed for 31-60 days and 120+ days (both 23.68%). Properties listed for 61-90 days and 91-120 days made up a smaller portion of sales, with 10.53% and 7.89%, respectively.
May 2022 vs May 2023
When comparing the real estate market of May 2023 to May 2022, we can see some distinct changes. The total volume of sold properties decreased from $54,858,888 in May 2022 to $24,415,800 in May 2023. The total number of listings sold also decreased significantly from 71 in 2022 to 38 in 2023.
The median selling price decreased from $640,000 in May 2022 to $559,000 in May 2023. However, the lowest price increased from $290,000 in 2022 to $306,000 in 2023. The highest price also saw a drop, going from $3,600,000 in May 2022 to $1,310,000 in May 2023.
The average selling price decreased from $775,512 in May 2022 to $642,521 in May 2023, indicating a softer market. The average price per square foot decreased from $731.78 in 2022 to $622.02 in 2023, following the trend of overall price softening.
The number of listings sold within 0-30 days increased slightly from 59.15% in May 2022 to 59.34% in May 2023, indicating a slightly faster turnover rate.
Market Down
Based on this data, it seems that the downtown Los Angeles real estate market has softened in the year from May 2022 to May 2023. The total market of sold homes in May 2023 was less than half the size of the same period last year, according to market data of MLS areas 23, 42 and 1375. The average and median selling prices, as well as the highest price, have all seen reductions. The average price per square foot has also reduced, aligning with the general trend of a softening market. The number of listings sold decreased significantly, but the turnover rate remains healthy, with a large portion of properties being sold within 0-30 days. This market report indicates a possible buyer’s market in downtown Los Angeles, providing excellent opportunities for prospective homebuyers looking to invest in the area.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.