All we are hearing lately is that the number of Los Angeles homes for sale is down. Is this true? Is there something else going on? Let’s take a look at the City of Los Angeles itself and see the cold, hard facts. These statistics are for single family homes and exclude the cities of Santa Monica, West Hollywood, Culver City, and Beverly Hills.
You will see the monthly trend in the chart below, compared with January of 2012, last month the number of homes for sale was down 43% while sold properties were up. And compared with December, sales were down 33.38%.
New listings on the market have been dropping steadily and are down 23% over a year ago and the number of properties for sale has been dropping steadily on a monthly basis and is down 43% over January 2012.
The number of properties under contract is up 28% over January 2012 which will make for a good February.
The median sold price is up 9% and the median for sale price is up 36%
Both the number of expired listings and days on the market are down by 39% and 19% respectively.
All this indicates a strong sellers market.
And above, all, the months supply of inventory is down 66% over January 2012.
This is proof positive that we are in desperate need of new Los Angeles homes for sale. Interest rates are still low, prices are rising and there is buyer demand.