Downtown Los Angles Real Estate Market Report January 2024

REAL ESTATE NEWS (Los Angeles, CA) — The numbers are in. Did urban L.A. property market go up or down last month compare to the same month last year? A mixture of both, as the more affordable units get more affordable, while the more expensive units get more expensive. It’s been taking longer to sell Downtown condos lately. These add up to signs of economic stagnation and price inflation, strongly affected by higher interest rates.

The Pulse of Progress: Downtown L.A.’s Real Estate Evolution

In the heart of Los Angeles, the real estate market has always been a beacon of change, reflecting the city’s ever-evolving skyline and the dreams of its residents. As we dive into the Downtown L.A. real estate market, a comparison between home sales in January 2024 and the same period in 2023 reveals a fascinating narrative of growth, challenges, and the unyielding pulse of progress.

A Year of Transformation

January 2023 set the stage with 15 condo and co-op properties changing hands, showcasing an average days on market (DOM) of 38 days. The listings ranged from a modest $373,000 to a lavish $1,568,000, with an average selling price slightly above the listed, indicating a market of close matches between buyer expectations and seller demands. The average price per square foot stood at $760.62, a figure that bespoke the premium on downtown living space.

Fast forward to January 2024, and the narrative took on additional layers. The number of listings sold rose to 19, a subtle yet telling increase reflecting the market’s resilience and appeal. However, the average DOM jumped to 64 days, hinting at a market that required more patience from sellers and more deliberation from buyers. The price brackets expanded as well, with the high reaching $1,645,000, although the median selling price remained steady, suggesting a consistent core market value amidst a widening range of options.

Analyzing the Numbers

The slight dip in the average selling price to list price ratio from 97.36% in 2023 to 97.01% in 2024 indicates a market that’s becoming slightly more favorable to buyers, offering them a tad more negotiation room. Yet, the decrease in the average selling price over the original list price ratio from 107.87% to 93.10% signifies a shift towards a market that’s aligning more closely with initial pricing expectations, possibly reflecting sellers’ adaptation to more accurate market valuations.

Notably, the average price per square foot experienced a decline from $760.62 in 2023 to $633.58 in 2024. This adjustment could reflect a variety of factors, including changes in the types of properties sold or variations in market demand. Yet, the increase in the average square footage from 775 to 1,035 underscores a trend towards larger living spaces, reflecting a market evolution that caters to a diverse range of buyer preferences and lifestyles.

Beyond the Numbers

The story of Downtown L.A.’s real estate market is not just told through numbers but through the lives that animate its spaces. The increase in the average lot size, from 80,283.50 square feet in 2023 to 92,249.11 square feet in 2024, hints at a broader canvas for the city’s architectural creativity and the residents’ aspirations.

As Downtown Los Angeles continues to morph, with its blend of historic charm and modern luxury, the real estate market mirrors this dynamism. The market’s shifts and trends are more than mere statistics; they are a testament to the area’s resilience, its capacity for renewal, and its unwavering attraction for those seeking to write their own stories within its vibrant landscape.

The Downtown Los Angeles real estate market’s journey from January 2023 to January 2024 is a microcosm of the city itself: diverse, dynamic, and ever forward-moving. It’s a market that demands attention, not just for its economic indicators but for what it signifies about urban living and the enduring appeal of calling Downtown L.A. home.

The most dramatic differences between January 2023 and January 2024 in the Downtown Los Angeles real estate market are seen in the significant increase in the average days on market (DOM) from 38 to 64 days, indicating a slower pace of sales, and the notable expansion in the average square footage of sold properties from 775 to 1,035 square feet, reflecting a shift towards larger living spaces. Additionally, the average price per square foot saw a decrease from $760.62 to $633.58, suggesting a market adjustment that potentially offers more value per square foot for buyers. These changes highlight a market in transition, adapting to evolving buyer preferences and market dynamics.

What about average sold price and median sold price? The average and median sold prices between January 2023 and January 2024 in the Downtown Los Angeles real estate market also reflect noteworthy shifts. The average sold price increased from $625,400 in January 2023 to $661,842 in January 2024, demonstrating a growth in the overall value of properties being sold. In contrast, the median sold price remained consistent at $578,000 across both years, indicating stability in the market’s central tendency despite the overall increase in average values. This consistency in the median sold price, paired with the rise in average sold price, suggests a broadening in the range of property values sold, with high-value sales driving up the average while the bulk of transactions centered around a steady median price point.

Did average price per sq ft go up or down? The average price per square foot in the Downtown Los Angeles real estate market went down from $760.62 in January 2023 to $633.58 in January 2024. This decrease suggests a market adjustment where buyers could find more value per square foot, indicating a potential shift in the balance between buyer demand and available property characteristics.

These numbers sound like stagflation, as the rich get richer and the middle class gets poorer. The trends observed in the Downtown Los Angeles real estate market from January 2023 to January 2024 indeed present a nuanced picture that could be interpreted through various economic lenses, including aspects reminiscent of stagflation. While the term “stagflation” is traditionally used in the broader economic context to describe a period of slow growth and high unemployment accompanied by inflation, some parallels can be drawn with the real estate market dynamics.

  1. Slowing Market Velocity: The increase in average days on market (DOM) from 38 days in 2023 to 64 days in 2024 suggests a slowing velocity in property transactions, akin to slowed economic growth.
  2. Price Inflation: The rise in the average sold price, despite a decrease in the average price per square foot, indicates that while there might be more value per square foot, the overall price levels are increasing. This could suggest a form of price inflation where higher-value properties (potentially appealing to wealthier buyers) are driving up average prices.
  3. Disparity in Value: The consistent median sold price alongside the falling average price per square foot could reflect a growing disparity in the market. This scenario might indicate that while the median (representative of the “middle class” of properties) remains stable, the average is skewed by high-end sales, suggesting that wealthier individuals are still investing in more expensive properties, potentially widening the gap between different market segments.

These dynamics can reflect a form of economic divergence within the real estate market, where the experiences and opportunities differ markedly between segments of the market. This interpretation aligns with concerns over economic disparities, where the benefits of certain economic conditions are not evenly distributed. However, it’s important to note that real estate markets are influenced by a multitude of factors including interest rates, supply and demand dynamics, and broader economic conditions, making the comparison to stagflation a conceptual rather than a direct correlation.

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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 January 2024 | The California Home

The California Home
The California Home

Exciting New Year’s Resolution…

As a fellow lover of the holidays, I’m writing you this personal letter to share some exciting news for the New Year. Most people establish New Year’s resolutions, but fall short of keeping them for whatever reason. So each year, I highlight an excellent book that helped my team improve our follow-through on achieving important goals. I wanted to share with you GETTING MORE. Author Diamond offers a revolutionary approach to negotiation, emphasizing emotional intelligence and understanding others’ perspectives over traditional logic and power tactics, to achieve more successful and mutually beneficial outcomes in both professional and personal settings. 

Some of your friends, neighbors, associates, or relatives may have a New Year’s resolution to make a move. Well – we can help them with that, help you and help the kids at Children’s Hospital of Los Angeles at the same time.

Your referrals help the kids!

Go Serve Big!!! Investing In Our Southern Californian Kids

If you or a friend are thinking about selling, make sure to choose a real estate company you can trust! A real estate company with experience, proven results and a give-back philosophy!

For the month of January, anyone you know wanting to sell their house — I will guarantee the sale of their home for 100% of Market Value, or I’ll Pay the Difference.*

They outline the goals, I agree to deliver. If I don’t, I pay the penalty. Who do you know considering selling their home that would benefit from that kind of peace of mind? Just let me know, and we’ll give them a call!

AND REMEMBER… Your referrals help the Kids…

We are on a mission to raise $25,000 for CHLA. We do this by donating a portion of our income from homes we sell. As you know, Children’s Hospital of Los Angeles does great work in helping kids fight through and survive serious life-threatening diseases like cancer, Non-Hodgkin’s lymphoma, leukemia and others. They also lead the way in helping kids come back from spinal cord injuries as well as early diagnosis of autism. Last year alone, Children’s helped over 1,000,000 kids right here in Los Angeles. BUT, Children’s relies on sponsorships and donations to provide their elite level of care, and to keep families’ expenses to a minimum. 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 you can rest assured we are also donating to a very worthy cause.

Go Serve Big!!! Investing in the Children of Los Angeles.

A Real Estate Company that Gives Back!

Children’s Hospital LA leads the way in serving kids one patient at a time.

We are still boldly on a mission to raise $25,000 for Children’s Hospital of Los Angeles, and we are making progress! We donate to them a portion of our income from homes we sell. As you know, CHLA does AMAZING work in helping kids fight through and survive debilitating diseases like cancer, Non-Hodgkin’s lymphoma, leukemia, and others. They also lead the way in many other fields.

They can provide this care and keep patient costs to a minimum due to donations and sponsorships. We are proud to support the Children’s Hospital of Los Angeles!

As in the attached story, Children’s Hospital of Los Angeles provides the best pediatric medical care available anywhere in the country. To do that, CHLA needs donations to continue its leading-edge care. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in Los Angeles!

Who do you know considering buying or selling a home you could refer to our real estate sales team? Not only will they benefit from our award-winning real estate service, but a very worthy cause will also benefit as well. To refer anyone considering buying or selling a home, just give me a call or pass on my number. 213-880-9910.

Thank you in advance for your referrals!

You and your referrals mean more than ever to my team and me. As we move forward thru this winter, please know we are extremely thankful for you and you being a special part of our business.

Go Serve Big!!! — Corey Chambers

Your Home Sold Guaranteed!

P.S. I copied and pasted the story below from the CHLA website. It better tells the story of the work they are doing.

MAKING A DIFFERENCE

As a leading charitable hospital, CHLA depends on sponsorships and donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to CHLA to help them continue serving the needs of those who most need it in Los Angeles!

A real estate company with experience, proven results and a give-back philosophy!

Over the years of helping many families sell their homes and/or buy another, we have met some wonderful, loving, caring people. People like you! So your referrals 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 will go toward helping the kids.

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 someone you know considering a move.

Of course, you can always call me direct as well at 213-880-9910


Why I support Childrenʼs Hospital, Los Angeles

I grew up right here in the Greater Los Angeles Area, born in Los Angeles County at St. Francis Hospital. I remember when I first heard about a young person close to our family suffering from a painful disease and getting treated for that at Children’s Hospital Los Angeles. It was then that I began to pay closer attention to the work they do at that hospital. Since then, I have learned that it is a collection of hard-working healthcare professionals, most making their home 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 a way that I can do 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’s 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 a similar commitment to their patients. And since their services survive on sponsorships and donations, we are happy to contribute and proud to support them.

Sincerely,

Corey Chambers, Broker

*seller and Corey must agree on price and time of possession. DRE#01889449

Afflicted with severe myocarditis as an infant, Sawyer beat the odds and got a second chance at life with a new heart.

Sawyer the Warrior

by Monica Rizzo

The squeals from the back seat of the family’s SUV are a delight to Robby and Caylin’s ears. Their two sons—Hunter, 5, and Sawyer, 15 months—can’t seem to get enough of each other.

“They are thick as thieves,” Robby says, laughing. “Hunter just looks at Sawyer and he cracks up! He is literally the happiest baby.”

The playfulness between their two sons is something the couple couldn’t imagine a year ago. During Caylin’s pregnancy, Hunter would ask if he could talk to his baby-brother-to-be through her belly. He could not wait to meet him in person. The couple received news during one of Caylin’s prenatal exams that Sawyer only had one kidney and that he would likely be a premature birth. At 34 weeks, Caylin delivered Sawyer and explained to Hunter that his new brother had to stay in the hospital for a few weeks before he could come home.

But that plan changed when days after his birth, Sawyer exhibited cold symptoms that rapidly escalated with high fevers. On his sixth day of life, Sawyer went into cardiac arrest.

“He was taken to the local children’s hospital and his heart rate was in the mid- 300s,” Caylin says. “They told us if his heart rate didn’t come down, he wouldn’t survive for more than three days. His coloring was gray, he was swollen and he was in a medically-induced coma. Everybody believed he was not going to make it. A chaplain counseled us on end of life.”

A cardiac MRI revealed that Robby and Caylin’s newborn son had myocarditis, which is rare in infants and something physicians at their hometown hospital had not experienced. Sawyer’s doctors reached out to the Heart Institute at Children’s Hospital Los Angeles to see if they could help. 

“I’ve seen three newborns with this in the last 15 years of my career,” says Paul F. Kantor, MBBCh, MSc, FRCPC, Chief, Division of Cardiology and Co-Director of the Heart Institute at CHLA. “Thankfully Sawyer’s condition was recognized early and he was transferred to us.”

Sawyer was on a ventilator and received inotropic support (heart medications that help the heart function and survive).

“When he was admitted, the damage to Sawyer’s tiny heart was severe,” says Jondavid Menteer, MD, Medical Director of the Heart Transplant Program, at CHLA. “We knew he would need a heart transplant, but there just aren’t that many donors. When you put someone that young on the transplant list, it can be a really long wait.

Seven months, to be exact. The waiting, says Robby, was exasperating because they did not know if Sawyer’s heart would hold out until a donor was found, and exhausting because of the travel back and forth from their Orange County home to CHLA. Caylin and Robby established a schedule so that they could split their time with each of their sons.

“I was 50 percent of a person 100 percent of the time,” Caylin says. “I couldn’t be with both kids, so I chose to spend more time each week with Hunter because he was the one that was missing out and he was the one that would remember it. But then there were days when I was home with Hunter, I was so scared Sawyer’s days were numbered and I just missed one.”

Sawyer earned the nickname ‘Sawyer the Warrior’ because he somehow managed to preserve enough heart muscle to survive long enough to get a transplant. On Hunter’s fifth birthday, a donor match was found for Sawyer. The family gathered quickly at their home and for an impromptu party with cake and presents before Robby and Caylin rushed back to CHLA to be with Sawyer.

On March 3, the day of Sawyer’s heart transplant operation, “we had such a mix of emotions,” Caylin explains. “I had trouble wrapping my head around the fact that a family was saying goodbye to their child before they gave us their child’s heart. That family endured a tragedy, so we honor them and their little angel every day because of this gift of life they gave Sawyer.”

Just five weeks post-transplant, Sawyer went home and slept in his own crib for the first time. In the months since, Sawyer has adjusted beautifully to family life— and his prognosis is good.

“I expect him to learn to walk, play on the playground, and even do sports,” Dr. Menteer says. “I am very optimistic he will live a fruitful life.”

“Sawyer is the happiest little human in the world. He is a great sleeper, he loves watching ‘Moana,’ having us read books to him and going to the zoo,” Caylin says of her miracle baby. “And he loves his big brother!”

The feeling is mutual.

“Hunter is very protective of Sawyer and he has become my little helper,” Caylin says, explaining that Sawyer still receives nutrition via a feeding tube and has monthly cardiology checkups at CHLA. “Hunter helps prepare Sawyer’s formula in the morning and he brings diapers to me when Sawyer needs to be changed. Their relationship is incredible.”

“Last year, every single holiday was spent in the hospital,” says Caylin, noting that this year the family will all be together for the first time. “CHLA gave Sawyer a chance and saved his life. We are eternally grateful.”

The wonderful outcome fills Dr. Kantor’s heart with emotion.

“Seeing Sawyer now with his family, interacting with his big brother and so, so happy—it makes my life feel worthwhile,” Dr. Kantor says, noting that no one person at CHLA can take credit for Sawyer’s outcome. “It was a team effort that allowed this child a chance at life when by all accounts it looked like he had no chance. To deliver something like this for a family? Man, how worthwhile is that? There’s nothing better.”

How you can help more kids like Sawyer:

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

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

Story and photos courtesy Children’s Hospital of Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog with the 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. 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.