Tag: real estate market

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Real Estate Market Crash Trends Los Angeles California

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Real estate market report for November 2019 – Crash trend in L.A.

REAL ESTATE NEWS

November numbers show a sustained down trend for lofts and condos in and around the Downtown Los Angeles area, including loft neighborhood Lincoln Heights. The number of listings fell slightly, properties took longer to sell, average and median prices dropped and the entire real estate market dollar volume plunged. Here are this year’s November numbers compared to the same month in 2018.

Buyers and sellers are both staying put longer, as the number of listings fell by 2.4%.

Homes are taking longer to sell, 18 days slower on average. While it only took 36 days last year, most home sellers found that their condos took 50 days to sell in November of 2019. Today’s home sellers must usually anticipate taking a couple weeks longer to sell their loft. | VIDEO

Fewer dollars are trading hands. The area saw about $4 million less in total real estate volume in November compared to the same period last year.

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LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.

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Real Estate Recession Downtown Los Angeles – October Home Prices Down 4%

Property Market Update  #realestate #market #dtla

Downtown L.A. —  Median home price dropped significantly in October, adding to a weak real estate market for more than a year, and demonstrating a solid three month down slide. The city’s urban center is feeling a real estate recession as nearly all of the numbers prove a slumping market in most every way, including falling home prices, declining number of transactions, smaller total volume and slower speed of sales in Downtown and the surrounding loft communities.

The median home price has slipped from $601,500 for October 2018 to $576,000 for October 2019.  That’s a significant drop of $25,500 for the month as compared to the same month last year.  Total October sales volume is down by more than $4 million. Most sellers now find that they must reduce prices and demonstrate more patience as properties move much slower.  The average home stagnated on the market for 70 days, which is 18 days longer to sell.   |   VIDEO

There’s always a silver lining in every economic storm cloud.  Lower prices bring new opportunities for prospective home owners and investors to get a better deal on an amazing loft, condo or house with lofty character, and with less competition from other home buyers and more motivated sellers.  More condominiums have opened up to FHA/VA 3.5% down and zero down payments. New first-time buyer programs offer lower down payments, as low as 0% to 2% down for moderate income home buyers. That’s good news for those who want to own and grow their wealth instead of facing a future of rising rents.

To further help lift spirits, the L.A. Loft Blog is hosting a special fun event with free virtual reality games in the Arts District. Just free tickets remain for food, fun and games at the world’s first indoor amusement park Two Bit Circus.  The event is for Corey Chambers Team clients, but all readers of the L.A. Loft Blog may request free tickets while supplies last.   |   Facebook   |   VIDEO

Get a free list of FHA, VA and low down payment lofts. Fill out the online form:

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | Popular | Luxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

 

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.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.   |   PDF 2018   PDF 2019 market-oct-2018-p market-oct-2019-p