The real estate market is a dynamic entity, constantly evolving and influenced by a myriad of factors. Downtown Los Angeles, a hub of commerce, culture, and residential living, is no exception. In this report, we will delve into the data from October 2023 and compare it with the same month from the previous year, October 2022.
Overview:
The data provided offers a comprehensive look into various aspects of the real estate market, including listings that were withdrawn, canceled, expired, sold, pending, on hold, under active contract, and those that are currently active. For the sake of brevity and relevance, our analysis will focus primarily on the sold listings and the duration on the market (DOM) statistics.
Sold Listings:
October 2023:
- Number of Listings Sold: 38
- Lowest Selling Price (SP): $353,000
- Median SP: $550,000
- Highest SP: $1,555,000
- Average SP: $685,202
- Average Price per Sq.Ft.: $683.55
- Total Volume: $26,037,687
October 2022:
- Number of Listings Sold: 27
- Lowest SP: $360,000
- Median SP: $560,000
- Highest SP: $1,132,000
- Average SP: $648,685
- Average Price per Sq.Ft.: $699.40
- Total Volume: $17,514,500
Analysis:
- Volume of Sales: There was a noticeable increase in the number of properties sold in October 2023 (38) compared to October 2022 (27). This indicates a more active market in 2023.
- Selling Price: The lowest and median selling prices saw a slight decrease in 2023 compared to 2022. However, the highest selling price in 2023 ($1,555,000) was significantly higher than in 2022 ($1,132,000). This suggests that while the general market might be slightly more affordable, luxury properties or those in prime locations are fetching a higher price.
- Price per Square Foot: The average price per square foot decreased marginally from $699.40 in 2022 to $683.55 in 2023. This could indicate that buyers are getting slightly more space for their money in 2023.
- Total Volume: The total volume of sales increased substantially from $17,514,500 in 2022 to $26,037,687 in 2023, further emphasizing the heightened activity in the 2023 market.
Duration on Market (DOM) Statistics:
The DOM statistics provide insights into how long properties typically stay on the market before being sold. A shorter DOM can indicate a seller’s market, while a longer DOM might suggest a buyer’s market.
October 2023:
- 0-30 Days: 44.74% of listings sold, with an average of 99.03% of the list price received.
- 31-60 Days: 21.05% of listings sold, with an average of 97.62% of the list price received.
October 2022:
- 0-30 Days: 33.33% of listings sold, with an average of 99.15% of the list price received.
- 31-60 Days: 33.33% of listings sold, with an average of 97.96% of the list price received.
Analysis:
In October 2023, a larger percentage of properties (44.74%) were sold within the first 30 days compared to 2022 (33.33%). This suggests that properties in 2023 were moving off the market faster, possibly due to increased demand or more competitive pricing. The numbers pertain to Downtown Los Angeles and nearby loft neighborhoods in MLS Areas 23,42 and 1375.
Market Improving for Home Sellers:
The Downtown Los Angeles real estate market in October 2023 showed signs of increased activity compared to October 2022. With more properties sold, a higher total sales volume, and a shorter duration on the market for many listings, 2023 seems to have been a more dynamic year for real estate in the area. Whether you’re a buyer, seller, or investor, understanding these trends can offer valuable insights into the market’s direction and potential opportunities in the future.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker DRE 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. Text and photos created or modified by artificial intelligence. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.
