NEWS — Property Price Collapse Accelerates
April L.A. urban property market delivered expected abysmal sales figures with total sold listings down by more than 50% from the same month in 2019. The median sold price fell by $15,000. The average price per square foot is down by 4.14%. Home sales total dollar volume fell 64%. Fear has hit the Greater DTLA home transaction arena with 72% more failed listings. Take a look at the falling market:
| 2019 | 2020 | |
| Listings Sold | 38 | 17 |
| Median Sold Price | $660,000 | $645,00 |
| Avg Price/Sq Ft | $667.41 | $639.80 |
| Total Volume | $33 Million | $12 Million |
| Failed Listings | 36 | 62 |
We have not received data about days on market because that metric is not being reported, having been temporarily suspended by TheMLS due to coronavirus. We can presume that the days on market is likely equal or greater than the 80 days average that the L.A. Loft Blog reported last month, based on data from Downtown and nearby loft neighborhoods MLS areas 23, 42 and 1375. | Blog Video
The number of expired, cancelled and withdrawn listings has increased dramatically. The number of failed listings has also shot up, nearly doubling from 36 failed listings in April of 2019 to 62 failed listings in the same month of 2020.
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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.