August 2023 Downtown L.A. Real Estate Market Report

Trends and Analysis

REAL ESTATE NEWS (Los Angeles, CA) — Understanding the current market trends, including home values, rental rates, and inventory levels, is crucial for making informed decisions. The real estate market is always in flux, subject to a myriad of influences ranging from economic conditions to consumer sentiment. For investors, brokers, and homebuyers alike, understanding these market dynamics can be critical to making informed decisions. Here, we compare and contrast real estate market reports from August 2022 and August 2023 to identify key trends and shifts. This report is based on local real estate professional Multiple Listing Service data from Downtown Los Angeles and nearby lofty neighborhoods TheMLS areas 23, 42 and 1375.


Overview of Key Metrics: August 2022

Sold Properties

  • Number of Sold Properties: 57
  • Sold Price Range: $360,000 – $5,500,000
  • Average Sold Price: $872,473
  • Average Price per Sq. Ft.: $738.17
  • Average Lot Size (LSZ): 86,967.79 Sq. Ft.
  • Average SP%LP (Sold Price as a percentage of List Price): 96.67%

Overview of Key Metrics: August 2023

Sold Properties

  • Number of Sold Properties: 25
  • Sold Price Range: $278,500 – $4,202,500
  • Average Sold Price: $684,692
  • Average Price per Sq. Ft.: $669.83
  • Average Lot Size (LSZ): 60,222.38 Sq. Ft.
  • Average SP%LP (Sold Price as a percentage of List Price): 99.70%

Comparative Analysis

Volume of Transactions

One of the most noticeable differences is the volume of transactions. In August 2022, there were 57 sold listings, whereas in August 2023, the number decreased to 25. This represents a significant contraction in the market’s activity level, which may suggest lower demand or supply constraints.

Price Metrics

  • Average Sold Price: The average sold price decreased from $872,473 in 2022 to $684,692 in 2023. This decrease of approximately 21% suggests that property values may be declining.
  • Price Per Square Foot: The average price per square foot also showed a decrease, from $738.17 in 2022 to $669.83 in 2023, indicative of less competitive pricing.

Lot Size Metrics

The average lot size also showed a decline from 86,967.79 Sq. Ft. in 2022 to 60,222.38 Sq. Ft. in 2023. This reduction could be due to a shift in market preference toward smaller properties or a decrease in available larger lots.

Efficiency of Sales

Interestingly, despite the market appearing to cool off in terms of price and volume, the Sold Price as a percentage of the List Price increased from 96.67% to 99.70%. This may indicate that the properties are being priced more accurately in the current market, resulting in sales that closely match the listing price.

Days on Market (DOM) and % of List Price

In both years, properties sold more quickly as the DOM decreased. The percentage of the list price received on sold properties was higher in almost all categories in 2023 compared to 2022, suggesting that sellers are getting closer to their asking price.


Comparative Analysis of Key Financial Metrics Between August 2022 and August 2023

When comparing the two periods, several financial metrics stand out as particularly indicative of market trends. Below, we examine the total sales dollars, total sales transactions, and average and median sold prices for the real estate market in August 2022 and August 2023.

Total Sales Dollars

August 2022:

  • Total Sales Dollars: $49,731,000

August 2023:

  • Total Sales Dollars: $17,117,302

Comparison: There’s a drastic decrease in the total sales dollars between the two periods. The 2023 figure is approximately 34.4% of the 2022 figure, showing a significant contraction in total sales revenue. This could be indicative of a weakening market, reduced demand, or perhaps fewer high-end property transactions.


Total Sales Transactions

August 2022:

  • Total Sales Transactions: 57

August 2023:

  • Total Sales Transactions: 25

Comparison: The number of total sales transactions also saw a substantial decrease, from 57 in 2022 to 25 in 2023. This represents a decline of about 56%. This drop in sales transactions aligns with the decrease in total sales dollars and could indicate a less active market.


Average Sold Price

August 2022:

  • Average Sold Price: $872,473

August 2023:

  • Average Sold Price: $684,692

Comparison: The average sold price decreased from $872,473 in 2022 to $684,692 in 2023. This represents a decrease of approximately 21.5%. This could be due to a variety of factors, including reduced consumer purchasing power or a shift in the types of properties being sold (e.g., smaller homes, less luxurious features).


Median Sold Price

August 2022:

  • Median Sold Price: $630,000

August 2023:

  • Median Sold Price: $470,000

Comparison: The median sold price dropped from $630,000 in 2022 to $470,000 in 2023, showing a decrease of about 25.4%. The sharper decline in the median price compared to the average price suggests that the middle segment of the market might be experiencing a more significant slowdown.


The data suggests that the real estate market experienced a contraction between August 2022 and August 2023. Notably, there are fewer transactions and lower average and median sales prices in 2023 compared to 2022. These changes may signify a variety of economic and market factors, including potential economic downturns, shifts in buyer behavior, or external variables such as interest rates and regulations.

The comparative analysis reveals a market undergoing shifts. While the volume of transactions and average prices have decreased, the efficiency of sales in terms of SP%LP has improved, suggesting better pricing strategies by sellers. These shifts can have various interpretations, from an economic downturn affecting purchasing power to changes in consumer preferences. For any stakeholder in the real estate market, staying updated with such data and trends is crucial for making informed decisions.

Find out how much your neighbor’s loft sold for. Get a free list of recently sold condos in Downtown Los Angeles. Fill out the online form:

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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.

Corey Chambers Real Estate Newsletter September 2023 | The SoCal Home


The SoCal Home — Your Personal Guide in Shaky Times

Labor Day Approaches—Let’s Reflect

Redefining Labor Day  —  Labor Day has often been a day of rest, but given the current climate of stagflation, high-interest taxes, and union strikes, this year it serves as a call to reflection more than relaxation. You might be among those who are feeling the pinch and questioning what the future holds when it comes to homeownership or selling. I understand the complexity of the decision you’re facing, and it’s why I’m dedicating myself more than ever to guide you through these unpredictable times.

Life throws us into seasons—some of comfort, others of challenge. The one we’re in now can feel like an economic winter, but as we both know, seasons are temporary. What remains constant is our ability to navigate them, learn from them, and emerge more resilient. #CoreyChambers

This is where you come in…

For September, if you or anyone you know is considering making a move to a new home, we will GUARANTEE a minimum of $10,000 Savings for every $200,000 in sales price on the home purchase, or I will pay the difference*. You read it correctly – my labor saves you, and those you know considering making a move, a nice chunk of change. The reason why I can make such a special offer is simply that our long track record of selling homes and specialized knowledge allow us to negotiate the best deal on the best home for our best clients.  #realestate #newsletter

IN THIS ISSUE: 

  •  HAPPY LABOR DAY
  •  How Your Referrals Help Kids
  • And Much More   #realestate #newsletter

Even if YOU are not moving, you can still benefit

Each month in my special SoCal Home Newsletter, I ask, “Who do you know that may be considering a move?”

This is because YOUR referrals help the kids…

Anyone you know considering making a move or wanting to buy or sell their home, please refer them to me without hesitation. They will receive the guarantee I detailed above, and you can rest assured your referrals will help the kids at Children’s Hospital Los Angeles.

With a guarantee like this, you, your friends, neighbors, work associates, and family members who may be considering a move can now do so and avoid the uncertainties in the marketplace.

If you missed last month’s SoCal Home Newsletter, we are on a mission to raise $25,000 for the Children’s Hospital Los Angeles Helping Hands Fund, so we are donating a good portion of our income from home sales to them. As you know, Children’s does a tremendous job of helping kids fight through and survive nasty life-threatening diseases like Cancers, Leukemia, and non-Hodgkin’s Lymphoma: stuff that often robs young people’s lives.

Kids under their care are 300% more likely to enter into remission IF they can get into the recovery center. But the Recovery Center survives on Sponsorships and Donations. So YOUR REFERRALS REALLY DO HELP THE KIDS…

Who do you know considering buying or selling a home you could refer to my real estate sales team?

Not only will they benefit from our award-winning service, but we donate a substantial portion of our income on every home sale to Children’s Hospital Los Angeles Helping Hands Fund.

Your Referrals Really Do Help the Kids…

I want to make it easy to refer your friends, neighbors, associates, or family members considering making a move.

You can go to www.ReferralsHelpKids.com and enter their contact info online or forward the link to who you know considering a move.

Over the last two decades of helping thousands of families sell their homes and/or buy another, we have met some wonderful, loving, caring people. People like you! So your referrals, those you know considering a move, that we help – you can rest assured that not only will they get the award-winning service we are known for and the guarantee to back it up, but that a solid portion of the income we receive from the transaction will go toward a very worthy cause.

It’s easy to refer your friends, neighbors, associates, or family members considering making a move. Simply go to www.ReferralsHelpKids.com, or, of course, you can always call me directly at 213-880-9910.

I hope you and your family are well and this Independence Day brings you much joy and happiness. With all my appreciation.

Corey

Supporting_CHLA_logo

Corey Chambers, Broker   213-880-9910

 

P.S. We love honoring our past clients like you. Read all about that at www.ReferralsHelpKids.com

It’s easy to refer those you know considering buying or selling a home. You can go to www.ReferralsHelpKids.com and enter their contact info online or forward the link to who you know considering a move. You can also call me direct or pass my number on 213-880-9910.

Why I Support Children’s Hospital of Los Angeles

I grew up right here in Los Angeles. Born right nearby at St. Francis Hospital. I remember hearing about a young person close to our family suffering from a nasty disease and getting treated for that at Children’s Hospital Los Angeles. Then, I began to pay more immediate attention to their work at that hospital. Since then, I have learned that it is a collection of hard-working health care professionals, most making their homes right here in the Los Angeles area, all coming together for a common cause. That cause is to help young people overcome unfortunate health issues that life sometimes throws our way. Being a Los Angeles area, California native, I take pride in supporting in any way that I can the good work these people do at Children’s. My team rallies around our annual goal of raising money and donating portions of our income to help Children in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Children’s Hospital Los Angeles shares similar commitments to its patients. And since their services survive sponsorships and donations, we are happy to contribute and proud to support them.

Sincerely,

Corey Chambers 213-880-9910

Below is the story of a young patient whose life was turned around by Children’s Hospital Los Angeles.

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Caden, a Former Patient, Now Supporting Children’s Hospital Los Angeles

by Eunice Wallace

After receiving lifesaving care at Children’s Hospital Los Angeles, Caden was determined to give back. He’s now raising funds for the hospital as a Junior Ambassador—and hopes to inspire others. 

On Oct. 22, 2022, Caden McMullin walked up to the podium at the Witherbee Auditorium on the grounds of the Los Angeles Zoo. He was there to give the keynote speech at the Children’s Hospital Los Angeles Junior Ambassadors Conference, reflecting on a period of his life he doesn’t remember, because he was too young.

The story he shared was a remarkable one: Had Caden, as a fetus and newborn, not received treatment at the hospital, it’s unlikely he would have been standing there that day.

Before he was born, Caden was diagnosed with a fast-growing tumor called a cervical teratoma on his neck. At birth, the tumor was larger than his head and weighed one-third of his small 6-pound frame. But experts at Children’s Hospital Los Angeles were ready for him. While Caden was in utero, a multidisciplinary team of specialists had created a highly orchestrated plan to safely and swiftly move Caden from the nearby hospital where he was born to CHLA.

“There were probably no less than 20 providers in the operating room, ready to handle any contingency or emergency that could happen,” recalls Caden’s mom, Candace. “It was a very well thought out plan.”

A roller coaster of emotions

Candace and her husband, Eric, had several months to prepare for that moment. During a routine 20-week ultrasound, the technician noticed something unusual and urged the couple to see a specialist. They started asking around for recommendations and chose the Fetal-Maternal Center at Children’s Hospital Los Angeles, where a team led by Director David Miller, MD, diagnosed the teratoma and began to oversee and coordinate Candace’s prenatal care.

With the due date approaching and the tumor rapidly growing, it became clear Candace would need a special Caesarean section called a modified exit procedure. Two days before the Fourth of July in 2007, Caden was removed from the womb with the umbilical cord still attached to the placenta, which allowed oxygen to continue to flow as neonatology, respiratory therapy, and ear, nose and throat experts worked quickly to open the airway that was being compressed by the tumor.

“This type of multidisciplinary collaboration is something done at Children’s Hospital Los Angeles all the time. You have to plan for every possible scenario and be ready to act on a solution just right for that patient,” says Philippe Friedlich, MD, MSEpi, MBA, Chief of the Division of Neonatology and co-Director of the Fetal and Neonatal Institute, who was part of Caden’s care team. “It’s what we do best.”

Once an airway was secured, the umbilical cord was cut, and Caden was transported to Children’s Hospital Los Angeles to undergo surgery. The procedure to excise the tumor went smoothly, and a sample of the cells was sent to the laboratory for testing. Then, the pathology results came back.

“We were told it’s rare to have this type of tumor in the first place but then to find out it was cancerous? It was unexpected and just a roller coaster of emotions,” says Caden’s dad, Eric.

‘Overcoming cancer’

Head and neck teratomas occur in 1 out of every 40,000 to 50,000 births. “Only a small percentage of them are malignant,” says Leo Mascarenhas, MD, MS, Deputy Director of the Cancer and Blood Disease Institute at CHLA. “What made Caden’s case highly unusual was the tumor’s large size, its location and the dramatic way that he had to be delivered. Furthermore, targeting cancer in a newborn comes with extraordinary challenges of its own.”

Teenager with light skin tone and dark hair wearing a blue hoodie stands next to lush green fern and dark brown tree trunk
”I basically owe my life and overall good health to CHLA,” says Caden.
Dr. Mascarenhas started Caden on chemotherapy right away, developing a treatment plan that was strong enough to destroy the cancer but one that a tiny baby could tolerate.

Caden completed two rounds of chemo in the hospital—handling the treatment better than anyone expected—and was able to go home for the first time in his life shortly before Halloween.

To completely wipe out the cancer cells, two more outpatient rounds of chemotherapy followed before the lab work came back clean.

For years, the McMullins visited Children’s Hospital Los Angeles for Caden’s annual checkups. A decade went by without any complications, and when he was 10 years old, Caden was officially in remission.

Candace and Eric marvel at how far their son, now 16, has come. He’s an active high school sophomore at Loyola High School—just a few miles south from CHLA’s Sunset campus—who loves all sports, especially baseball, skiing and hiking. And they’re especially proud that he’s giving back to the hospital by raising funds and awareness in his community through the CHLA Junior Ambassadors program.

“The best part is representing Children’s Hospital Los Angeles and sharing my story to show what a special place it is,” says Caden. “I hope people will appreciate the one-of-a-kind care that results from so many different specialists working together, plus the cutting-edge research that happens at the same time.

“For me personally,” he adds, “I basically owe my life and overall good health to CHLA.”

Where amazing things happen

Supporting CHLA is a family affair for the McMullins. In 2022, they participated in the hospital’s community fundraiser Walk and Play L.A., and before Caden became a Junior Ambassador, Candace was a member of the hospital’s Spiritual Care Guild for several years. These days, she and Eric donate to two areas that hold a special place in their hearts: neonatology and oncology.

Family of four sit in front of bicycle on paving stone road
”To help an institution like this in your city … is a fairly easy thing to do,” Eric says of CHLA.
“To help an institution like this in your city, where these amazing things can happen, is a fairly easy thing to do,” says Eric.

“Had we not gone to Children’s Hospital,” says Candace, “I believe that would have diminished Caden’s chance at survival.”

Even after all these years and treating hundreds, if not thousands, of patients since then, doctors still remember Caden and light up at the mention of his name. Working at a pediatric medical institution means clinicians often watch families go home with their child, but they don’t always know how that patient is doing later on in life.

Seeing Caden in his purple Junior Ambassador shirt and out in the community on behalf of Children’s Hospital Los Angeles has been tremendously gratifying for his care team.

“It doesn’t get any better than that,” says Dr. Friedlich, who holds the Teresa and Byron Pollitt Family Chair in Fetal and Neonatal Medicine. “His family had so much courage during this frightening ordeal, and to know that Caden is now healthy and has a bright future, that is a true message of hope.”  

This article is featured in the Summer 2023 issue of Imagine magazine.

—  Story and photos courtesy Children’s Hospital Los Angeles

How you can help:

Refer your friends, neighbors, associates or family members who are considering making a move:

www.ReferralsHelpKids.com or call Corey at 213-880-9910

 

Copyright © This free information is provided courtesy of L.A. Loft Blog and LAcondoInfo.com with the information provided by Corey Chambers, Broker, BRE#01889449. We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit CoreyChambers.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker.

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