Home Values Plummet in Los Angeles Amid Sprawling Squalor
REAL ESTATE MARKET UPDATE #homeprices #losangeles
The March 2020 numbers are in, and we are not surprised by the statistics. We expected to see an apocalyptic dive, and we see a substantial dip indeed. The market moved briskly, as the number of sold property listings shot up from 33 sold in March 2019 to 56 transacted in March of 2020 (good news for real estate agents). Lofts and condos sold on average 33 days faster this March, compared to the same period last year. Most homes dropped in price from $615,000 last March to a median price of just $580,000 this March. The average Downtown Los Angeles home buyer paid about $35,000 less than the same period last year in the loft neighborhoods around Downtown Los Angeles MLS areas 23, 42 and 1375. This confirms that 2020 continues the recessionary deflation of urban home values that we reported last year. | Blog Video
Coronavirus crash, along with the long term economic cycle, seems to be the most likely culprit in the market, but new rent control bureaucracy, along with homeless tent cities and insufficient law enforcement may be contributing to falling housing values. Due to the largest economic shutdown in history, a major real estate crash across the country, and world-wide, is inevitable. #realestate #dtla #lofts
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