REAL ESTATE NEWS (Los Angeles, CA) — Urban home prices continued to plummet in December, confirming a real estate recession in L.A. The end of 2022 saw less than half as many loft condos sold, properties taking about 50% longer to sell. The average DTLA home price dropped by nearly $100,000 as compared to the same month of the previous year, according to MLS Multiple Listing Service statistics in Downtown and nearby loft neighborhoods, areas 23, 42 and 1375.
In December of 2021, 45 properties sold. 57 days on market average, 41 days median. Median price $630,000 and average price $724,000. Total volume $33 million.
Last month, only 22 sold. 84 days on market average, 72 days median. Median price $563,000 and average price $625,000. Total volume only $14 million.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 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 subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.