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Real Estate Recession | Home Price Reductions in Downtown Los Angeles

As the Loft Blog recently reported, the average condo has dropped in value by around $100,000 in just the last few months. Rent prices, on the other hand are going up in response to continuing inflation, interest rates increases and purchase reluctance. In addition to price reductions, we can likely soon expect to see more motivated sellers, distressed properties, foreclosures and short sales. In the current market of active listed L.A. urban properties for sale, 53 home sellers have recently reduced asking prices:

1155 S Grand Ave #412

1130 S Flower ST #123

880 W 1st St #805

257 S Spring St #PENTC

315 E 8th St #401

1100 Wilshire Blvd #3104

416 S Spring St #809

130 S HEWITT ST #20

629 Traction AVE #209

400 S BROADWAY #3202

645 W 9th ST #740

1100 S Grand AVE #a208

>> MORE

Get a free list of distressed properties for sale in Downtown Los Angeles. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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Downtown Los Angeles Property Market Report December 2022 | Real Estate Recession as Prices Continue to Fall

Mixed use live/work residential commercial triplex with street retail for sale Lincoln Heights by DTLA

REAL ESTATE NEWS (Los Angeles, CA) — Urban home prices continued to plummet in December, confirming a real estate recession in L.A. The end of 2022 saw less than half as many loft condos sold, properties taking about 50% longer to sell. The average DTLA home price dropped by nearly $100,000 as compared to the same month of the previous year, according to MLS Multiple Listing Service statistics in Downtown and nearby loft neighborhoods, areas 23, 42 and 1375.

In December of 2021, 45 properties sold. 57 days on market average, 41 days median. Median price $630,000 and average price $724,000. Total volume $33 million.

Last month, only 22 sold. 84 days on market average, 72 days median. Median price $563,000 and average price $625,000. Total volume only $14 million.

How much is your home worth? Get a free list of recently sold comparable properties, along with an updated list of home currently on the market nearby. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

Live/work residential duplex and retail complex for sale in Lincoln Heights near Downtown

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.