REAL ESTATE NEWS — The Downtown L.A. real estate market for condos and co-ops in November 2023 exhibits significant differences compared to the same period in 2022. Here’s an analysis, comparison, and contrast of key metrics:
- Number of Listings: There was a decrease in the number of listings from 23 in November 2022 to 16 in November 2023. This suggests a tighter market with fewer properties available for sale.
- Days on Market (DOM): The average and median DOM increased notably from 44 and 29 days in 2022 to 86 and 68 days in 2023, respectively. This indicates that properties stayed on the market longer before being sold in 2023.
- Pricing Trends:
- Low Price: The low-end prices dropped from $385,000 in 2022 to $299,000 in 2023.
- Median Price: The median price decreased slightly from $695,000 in 2022 to $530,000 in 2023.
- High Price: The high-end market also saw a decrease from $1,599,900 in 2022 to $965,000 in 2023.
- Average Price and Square Footage:
- Average Price: The overall average price saw a decrease from $777,426 in 2022 to $561,743 in 2023.
- Average Price per Square Foot: The average price per square foot decreased from $740.93 in 2022 to $602.56 in 2023.
- Average Square Footage: Remained constant at 915 square feet for both years.
- Lot Size (LSZ): The average and median lot size remained roughly the same, but the average price per lot size decreased from $18.29 per LSZ in 2022 to $12.72 per LSZ in 2023.
- Sales Performance:
- Average SP/Avg. LP (Selling Price vs. Listing Price): There was a slight decrease in the average selling price compared to the listing price, from 98.64% in 2022 to 97.76% in 2023.
- Total Volume: There was a significant decrease in total sales volume, from $17,880,800 in 2022 to $8,987,900 in 2023.
- DOM and Average % of List Price Received on Solds Statistics:
- There was a more even distribution of sales across different DOM ranges in 2023, with a notable portion (37.5%) selling after 120+ days.
- The percentage of the list price received was relatively high and consistent across different DOM ranges in both years.
Overall Summary:
- The Downtown Los Angeles condo and co-op market in November 2023 was characterized by fewer listings, longer sales durations, lower prices across the spectrum, and a significant drop in total sales volume compared to November 2022.
- The decrease in prices and increase in DOM might indicate a buyer’s market in 2023, where buyers had more negotiating power due to less competition and a greater supply of properties available for longer periods.
While October showed a notable improvement over the same month last year, suggesting a potential upturn, it now appears that this uptick was an anomaly, with the overall trend still indicating a falling real estate market for the urban L.A. city center. Most home prices are holding strong due to overall inflation concerns.
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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.