A Comparative Analysis of Downtown Los Angeles Real Estate Market: March 2022 vs. March 2023
In this blog post, we will analyze and compare the Downtown Los Angeles real estate market for March 2022 and March 2023. By examining the data from both periods, we aim to provide valuable insights into the performance of the market and the trends that emerged over the course of a year. Let’s dive into the data and draw some conclusions.
Market Overview:
March 2022:
- Number of Sold Listings: 69
- Average Days on Market (DOM): 34
- Median DOM: 20
- Low Price: $225,000
- Median Price: $600,000
- High Price: $6,600,000
- Average Price Total: $784,886
- Average Price/Sq.Ft.: $683.94
- Median Price/Sq.Ft.: $627
March 2023:
- Number of Sold Listings: 30
- Average Days on Market (DOM): 53
- Median DOM: 23
- Low Price: $300,000
- Median Price: $612,500
- High Price: $1,400,000
- Average Price Total: $729,276
- Average Price/Sq.Ft.: $651.35
- Median Price/Sq.Ft.: $650
Key Comparisons:
- Number of Sold Listings: In March 2023, there was a significant decrease in the number of sold listings, with only 30 sales compared to 69 in March 2022.
- Average and Median Days on Market (DOM): The average DOM increased from 34 days in March 2022 to 53 days in March 2023, while the median DOM saw a minor increase from 20 to 23 days.
- Prices: The low price increased from $225,000 in March 2022 to $300,000 in March 2023, while the median price experienced a slight increase from $600,000 to $612,500. The high price, however, dropped significantly from $6,600,000 in March 2022 to $1,400,000 in March 2023.
- Average Price/Sq.Ft. and Median Price/Sq.Ft.: The average price per square foot decreased from $683.94 in March 2022 to $651.35 in March 2023, and the median price per square foot also decreased from $627 to $650.
Conclusion:
The Downtown Los Angeles real estate market experienced some noteworthy changes between March 2022 and March 2023. The most significant of these was the decrease in the number of sold listings and the drop in the high price. Additionally, the average DOM increased, indicating that properties took longer to sell in March 2023. Prices saw both increases and decreases, with the low and median prices rising and the high price declining. The numbers are based on real estate agent Multiple Listing Service statistics for Downtown Los Angeles and nearby loft neighborhoods MLS areas 23, 42 and 1375.
These varying numbers are consistent with previous Loft Blog projections of stagflation, which is continued consumer price inflation combined with economic stagnation. The median price increased slightly, while the average price dropped more substantially. The numbers reinforce the notion of bifurcation in the market, where the rich are getting richer while the poor are getting poorer. Overall, the market is affected by rising interest rates, which slow the overall real estate market nationwide.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.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.