REAL ESTATE NEWS
The June numbers are in, and the DTLA area property market continues to flounder. The number of motivated sellers continues to rise. 10% more sellers listed their Downtown condos for sale. They’re in more of a hurry to sell the properties. Sellers are willing to take less money, selling for less than asking price, in order to quickly unload their homes. Fewer buyers are looking to buy the declining properties amid soaring city blight and California Exodus. #realestate #market
The declining numbers support previous reports of a falling urban property market in Los Angeles. 34 sellers attempted to sell their Downtown area lofts and condos in June 2020, compared to 31 last June. The median price fell from $639,000 in June of 2019 to just $567,500 in June of 2020 as reported by real estate data from Downtown and nearby neighborhood MLS areas 23, 42 and 1375. Sellers have been willing to accept 4% less of their listed asking price as panic prevails, seller motivation budges toward desperation, the unstable economy sinks, and big city living loses its luster.
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Of course, declining prices can present an opportunity for prospective home buyers and investors. For now, most are opting for defensive positions, or even paralysis, a sign that falling home prices may continue.
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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.