A Comparative Analysis: Downtown Los Angeles Real Estate Market Reports – April 2022 vs. April 2023
REAL ESTATE NEWS (LOS ANGELES, CA) — The Downtown L.A. real estate market is known for its dynamic nature, attracting investors and homebuyers alike. In this blog post, we will compare the real estate market reports from April 2022 and April 2023 to identify any significant changes, trends, and shifts that have occurred over the course of a year. By examining key indicators such as sold properties, listing prices, average days on market (DOM), and list price to sales price ratios, we can gain valuable insights into the evolving landscape of Downtown LA’s real estate market. Prices are down, and the market is down.
- Sold Properties: In April 2022, there were 78 sold properties, with an average sales price of $713,088 and a median sales price of $702,108. The lowest sold price was $380,000, while the highest reached $2,205,000. Fast-forwarding to April 2023, the number of sold properties decreased to 39. The average sales price dropped to $663,543, and the median sales price decreased to $655,334. Although the number of sales decreased, the market remained relatively stable, with a marginal decline in prices.
- Listing Prices: Comparing the listing prices in April 2022 and April 2023, we find a similar trend of slight decline. In 2022, the average listing price was $714,957, while in 2023, it decreased to $675,862. The median listing price followed a similar pattern, declining from $703,671 in 2022 to $667,925 in 2023. These changes reflect a moderate adjustment in listing prices within Downtown LA.
- Average Days on Market (DOM): The average DOM provides valuable insight into the pace of the real estate market. In April 2022, the average DOM was 70.51 days, indicating a relatively balanced market. However, in April 2023, the average DOM increased to 38.46 days, suggesting a faster pace and potentially higher demand for properties. This reduction in average DOM implies a more competitive market for buyers, with properties selling at a faster rate.
- List Price to Sales Price Ratio: The list price to sales price ratio is a crucial metric for determining negotiation power and market competitiveness. In April 2022, the average list price to sales price ratio was 99.78%, suggesting that properties sold very close to their list prices. However, in April 2023, this ratio increased to 98.11%, indicating a slightly more negotiable market.
2022: 78 sold. DOM 41. Median price $577k. Average price $702k
2023: 39 sold. DOM 62. Median price $549k. Average price $655k
Comparing the Downtown Los Angeles real estate market reports from April 2022 to April 2023, we observed several noteworthy changes. The number of sold properties decreased, while average and median sales prices experienced a slight decline. Listing prices also showed a similar downward trend. However, the average days on market decreased significantly, suggesting a faster-paced and more competitive market. The list price to sales price ratio also saw a slight decrease, indicating a slightly more negotiable market for buyers. These changes collectively indicate a market that remains attractive to investors and buyers, with a relatively stable yet competitive environment. Stagflation persists in the Downtown L.A. real estate market.
These numbers are based on data from real estate professional Multiple Listing Service MLS areas 23, 42 and 1375 in Downtown L.A. and nearby loft neighborhoods.
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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.