Downtown Los Angeles — Properties have hit a plateau as the average price has dropped a bit in the last six months compared to the same period last year. Fewer buyers and sellers are motivated to transact at today’s home prices. L.A.’s urban real estate market stagnates while more people hunker down and spend more years living in the same old home.
REAL ESTATE NEWS
CNBC today reported that pending home sales fell 2.6% in October (6.7% for the year) as more buyers are priced out. The number of homes on the market in Downtown Los Angeles shrank a significant 20%. #dtla #realestate #market
In Downtown L.A., recent home prices and speed of sale (Days On Market) stayed about the same as 2017. Median DTLA home price is up 9% to $675,000 while average price is down 2% to $790,000.
The biggest news is the shrinking overall market. Fewer sellers and fewer sellers are making a move while more people are staying put.
The news is bad for many real estate professionals who are seeing reduced annual income. Housing supply is improving for buyers in some areas across the nation, but supply remains tight in Downtown Los Angeles as loft owners and investors remain comfy and confident with their investments.
Some landlords are feeling a pinch as fewer renters are seeking pricy Downtown loft apartments. “Whereas a few years ago, we were swamped with renters and buyers who needed our help, today the excited new urbanites, both renters and loft buyers, have all but dried up,” says loft specialist real estate broker Corey Chambers. The Chambers Team is now busy helping many sellers who are moving out of the area. Most, however, are staying, very satisfied with Downtown loft living.
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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.
