REAL ESTATE NEWS | Home Prices Take Giant Leap in DTLA
While global real estate prices begin to level off, the Downtown Los Angeles property market launches skyward at great velocity. With more than $100,000 gain over the same month last year, DTLA shows the world how a sudden recovery can really get up and go! For the local and global economy, stagflation is the name of the game. With government printing presses on overdrive, and a beginning demise of the U.S. Dollar, Downtown L.A. only needs to commit to a modicum of improvement in order to see unprecedented gains in home prices. Lofts and other condos are selling much faster: 15 days faster on average, and most homes selling 58 days faster than last November!
Nov 2020:
29 Listings; 71/71 Avg/Med Days on Market; $620,000/$653,981 Med/Ave Sold Price
Nov 2021:
31 Listings; 56/18 Avg/Med Days on Market; $725,000/$775,677 Med/Ave Sold Price
Based real estate professional Multiple Listing Service for Downtown and nearby loft neighborhoods MLS areas 23, 42 and 1375.
This rapid improvement in Downtown marks an enormous change in what was mostly a falling market for the last several years. November’s price increases also reinforce and confirm the price increases that we reported for October. The pricier, higher-quality homes are doing the best, as the rich get richer, giving first-time home buyers a little time to scrape up the pennies and take advantage of Downtown LA real estate prices while they are still historically low.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. 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.