How’s the L.A. real estate market? Oh would that there was a simple answer.
You read about the market around the country. This area is hopping. This area is slow. It’s a sellers’ market, it’s a buyers’ market. But as we all know, real estate is local and can be drilled down to anything from a city to a neighborhood, to a property or type of property.
Let’s look at a couple of areas as an example:
SANTA MONICA
Single Family Homes
97 homes sold over the past six months which is 48 less than the previous six months.
The median price increased 31.74%
Average days on the market increased by 17 over the previous six months.
Single family homes only have roughly 3.46 months of inventory which is a strong sellers’ market.
Condos
192 units sold over the past six months, 90 less than the previous six month period.
The median price decreased 4.3%.
Average days on the market for remained about the same at 55.
Condos have around 2.34 months of inventory which is a very strong sellers’ market.
Let’s look at condos along OCEAN AVENUE which are low turnover and more expensive.
There were 17 less sales than in the previous six months.
The median price increased 10.44%.
Average days on the market for that area were 129.
With 5.27 months of inventory, that neighborhood is stable. Balanced between buyers and sellers.
And if you go deeper by a specific building like 201 Ocean Avenue……
6 units sold, 3 more than the previous six months
The median price decreased by 2.94.
Average days on the market increased by 80.
With 10 months of inventory, 201 Ocean is definitely a buyers’ market.
WESTWOOD is home to the Wilshire Corridor luxury condo market. So let’s see how that breaks down:
Single Family Homes
30 homes sold over the past six months, 12 less than the previous six months.
The median price increased 16.35% over the previous six months.
Average days on the market increased by 24 days to 65.
The number of months inventory is less than two months. Severely low inventory and a strong sellers’ market.
Condos
135 units sold, 59 less than the previous six months.
The median price increased by 6.80%.
Average days on the market decreased by 9.
The number of months inventory is 4 which is a sellers’ market.
Now let’s look at the WILSHIRE CORRIDOR
77 units sold, 42 less than the previous six months
The median price decreased by 4.84% over the previous six months.
Average days on the market decreased by 20.
With 5.54 months of inventory, the Wilshire Corridor market is stable.
So asking how is the L.A. real estate market is not a simple question. The answer depends on many factors, and when it comes time to buy or selling, really digging deep.
| Need Help? Have questions? Fill out the CONTACT FORM or call Jane at 310-351-9208 |