Downtown L.A. — Median home price dropped significantly in October, adding to a weak real estate market for more than a year, and demonstrating a solid three month down slide. The city’s urban center is feeling a real estate recession as nearly all of the numbers prove a slumping market in most every way, including falling home prices, declining number of transactions, smaller total volume and slower speed of sales in Downtown and the surrounding loft communities.
The median home price has slipped from $601,500 for October 2018 to $576,000 for October 2019. That’s a significant drop of $25,500 for the month as compared to the same month last year. Total October sales volume is down by more than $4 million. Most sellers now find that they must reduce prices and demonstrate more patience as properties move much slower. The average home stagnated on the market for 70 days, which is 18 days longer to sell. | VIDEO
There’s always a silver lining in every economic storm cloud. Lower prices bring new opportunities for prospective home owners and investors to get a better deal on an amazing loft, condo or house with lofty character, and with less competition from other home buyers and more motivated sellers. More condominiums have opened up to FHA/VA 3.5% down and zero down payments. New first-time buyer programs offer lower down payments, as low as 0% to 2% down for moderate income home buyers. That’s good news for those who want to own and grow their wealth instead of facing a future of rising rents.
To further help lift spirits, the L.A. Loft Blog is hosting a special fun event with free virtual reality games in the Arts District. Just free tickets remain for food, fun and games at the world’s first indoor amusement park Two Bit Circus. The event is for Corey Chambers Team clients, but all readers of the L.A. Loft Blog may request free tickets while supplies last. | Facebook | VIDEO
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