REAL ESTATE NEWS — The Los Angeles real estate market continues to cool, including urban condos.
As the L.A. Loft Blog warned two years ago, property prices do not always go up reliably. Home values dive periodically. As the number of people moving has dropped precipitously, Downtown L.A. is officially in a buyer’s market. #realestate #market #homeprices #dtla
Most Downtown LA homes have come down in price recently compared to the same period in 2018. The local real estate market has contracted — what was hot a few years ago is now lukewarm. Let’s take a look at the actual numbers for Downtown Los Angeles, Metropolitan Area and Lincoln Heights. In the first half of last year, 247 properties sold, while only 189 have transacted successfully in the same period of 2019. That’s more than a 30% drop in the number of transactions. The median price has declined from $615,000 to $605,000 (a price drop of 1.65%).
Those who are thinking about making a move want to put more thought and strategy into making the most of L.A.’s shrinking real estate market.
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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.
