home prices – Page 2 – LA Loft Blog

REAL ESTATE NEWS — The Downtown L.A. real estate market for condos and co-ops in November 2023 exhibits significant differences compared to the same period in 2022. Here’s an analysis, comparison, and contrast of key metrics:

Number of Listings: There was a decrease in the number of listings from 23 in November 2022 to 16 in November 2023. This suggests a tighter market with fewer properties available for sale.
Days on Market (DOM): The average and median DOM increased notably from 44 and 29 days in 2022 to 86 and 68 days in 2023, respectively. This indicates that properties stayed on the market longer before being sold in 2023.
Pricing Trends:
- Low Price: The low-end prices dropped from $385,000 in 2022 to $299,000 in 2023.
- Median Price: The median price decreased slightly from $695,000 in 2022 to $530,000 in 2023.
- High Price: The high-end market also saw a decrease from $1,599,900 in 2022 to $965,000 in 2023.
Average Price and Square Footage:
- Average Price: The overall average price saw a decrease from $777,426 in 2022 to $561,743 in 2023.
- Average Price per Square Foot: The average price per square foot decreased from $740.93 in 2022 to $602.56 in 2023.
- Average Square Footage: Remained constant at 915 square feet for both years.
Lot Size (LSZ): The average and median lot size remained roughly the same, but the average price per lot size decreased from $18.29 per LSZ in 2022 to $12.72 per LSZ in 2023.
Sales Performance:
- Average SP/Avg. LP (Selling Price vs. Listing Price): There was a slight decrease in the average selling price compared to the listing price, from 98.64% in 2022 to 97.76% in 2023.
- Total Volume: There was a significant decrease in total sales volume, from $17,880,800 in 2022 to $8,987,900 in 2023.
DOM and Average % of List Price Received on Solds Statistics:
- There was a more even distribution of sales across different DOM ranges in 2023, with a notable portion (37.5%) selling after 120+ days.
- The percentage of the list price received was relatively high and consistent across different DOM ranges in both years.

Overall Summary:

The Downtown Los Angeles condo and co-op market in November 2023 was characterized by fewer listings, longer sales durations, lower prices across the spectrum, and a significant drop in total sales volume compared to November 2022.
The decrease in prices and increase in DOM might indicate a buyer’s market in 2023, where buyers had more negotiating power due to less competition and a greater supply of properties available for longer periods.

While October showed a notable improvement over the same month last year, suggesting a potential upturn, it now appears that this uptick was an anomaly, with the overall trend still indicating a falling real estate market for the urban L.A. city center. Most home prices are holding strong due to overall inflation concerns.

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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.

The real estate market is a dynamic entity, constantly evolving and influenced by a myriad of factors. Downtown Los Angeles, a hub of commerce, culture, and residential living, is no exception. In this report, we will delve into the data from October 2023 and compare it with the same month from the previous year, October 2022.

Overview:

The data provided offers a comprehensive look into various aspects of the real estate market, including listings that were withdrawn, canceled, expired, sold, pending, on hold, under active contract, and those that are currently active. For the sake of brevity and relevance, our analysis will focus primarily on the sold listings and the duration on the market (DOM) statistics.

Sold Listings:

October 2023:

Number of Listings Sold: 38
Lowest Selling Price (SP): $353,000
Median SP: $550,000
Highest SP: $1,555,000
Average SP: $685,202
Average Price per Sq.Ft.: $683.55
Total Volume: $26,037,687

October 2022:

Number of Listings Sold: 27
Lowest SP: $360,000
Median SP: $560,000
Highest SP: $1,132,000
Average SP: $648,685
Average Price per Sq.Ft.: $699.40
Total Volume: $17,514,500

Analysis:

Volume of Sales: There was a noticeable increase in the number of properties sold in October 2023 (38) compared to October 2022 (27). This indicates a more active market in 2023.
Selling Price: The lowest and median selling prices saw a slight decrease in 2023 compared to 2022. However, the highest selling price in 2023 ($1,555,000) was significantly higher than in 2022 ($1,132,000). This suggests that while the general market might be slightly more affordable, luxury properties or those in prime locations are fetching a higher price.
Price per Square Foot: The average price per square foot decreased marginally from $699.40 in 2022 to $683.55 in 2023. This could indicate that buyers are getting slightly more space for their money in 2023.
Total Volume: The total volume of sales increased substantially from $17,514,500 in 2022 to $26,037,687 in 2023, further emphasizing the heightened activity in the 2023 market.

Duration on Market (DOM) Statistics:

The DOM statistics provide insights into how long properties typically stay on the market before being sold. A shorter DOM can indicate a seller’s market, while a longer DOM might suggest a buyer’s market.

October 2023:

0-30 Days: 44.74% of listings sold, with an average of 99.03% of the list price received.
31-60 Days: 21.05% of listings sold, with an average of 97.62% of the list price received.

October 2022:

0-30 Days: 33.33% of listings sold, with an average of 99.15% of the list price received.
31-60 Days: 33.33% of listings sold, with an average of 97.96% of the list price received.

Analysis:

In October 2023, a larger percentage of properties (44.74%) were sold within the first 30 days compared to 2022 (33.33%). This suggests that properties in 2023 were moving off the market faster, possibly due to increased demand or more competitive pricing. The numbers pertain to Downtown Los Angeles and nearby loft neighborhoods in MLS Areas 23,42 and 1375.

Market Improving for Home Sellers:

The Downtown Los Angeles real estate market in October 2023 showed signs of increased activity compared to October 2022. With more properties sold, a higher total sales volume, and a shorter duration on the market for many listings, 2023 seems to have been a more dynamic year for real estate in the area. Whether you’re a buyer, seller, or investor, understanding these trends can offer valuable insights into the market’s direction and potential opportunities in the future.

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Tag: home prices

Downtown Los Angeles Real Estate Market November 2023