Real Estate News – Page 37

Downtown Los Angeles Real Estate Market Report February 2023

REAL ESTATE NEWS — The urban L.A. property sector continues to drop following 5 months of softening market numbers. February this year brought less than half as many listings sold, as properties take about 300% longer to sell compared to the same period in the previous year. Here are the numbers for Feb.:

2022 saw 63 listings sold; average DOM 40; median DOM 14; median price $540,000; average price $834,000; total volume $53 million

2023 only 28 listings sold; average DOM shot up to 55; median DOM up to 46; median price $600,000; average price $666,000; Total volume dropped to under $19 million.

The real estate market in urban Los Angeles is continuing to decline, with February 2023 showing a significant drop in listings sold and properties taking 300% longer to sell compared to the same period in the previous year. In 2022, there were 63 listings sold with an average of 40 days on the market, while in 2023, only 28 listings were sold with an average of 55 days on the market. Median and average prices also increased in 2023. Statistics based on real estate professionals multiple listing service data for DTLA and nearby loft neighborhoods MLS areas 23, 42 and 1375.

Get a free list of live/work lofts for sale or lease in LA. Fill out the online form:

<a href="https://laloft.wufoo.com/forms/zt4jbw80gideiq/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

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.

REAL ESTATE NEWS (Los Angeles, CA) — The urban Downtown L.A. property market has been in a serious funk since October of 2022. Things were ok 12 months ago: January of 2022 showed a healthy 54 properties sold, while 2023 gets off to an extremely anemic start with only 9 properties sold in the Downtown Los Angeles area. Last January, most properties took less than 14 days to sell. So far this year, they’re taking closer to 43 days to sell. A year ago, DTLA condos were selling for $638,000. Now, they’re $530,000 on average. Times are getting tough for sellers, as money has been getting tight for buyers lately. The above statistics were from real estate agent professional Multiple Listing service for Areas 23, 42 and 1375.

Find out how much your loft might sell for. Get a free list of recently sold homes, and receive a free report with information that can cause your home to sell faster, for more money, and with less hassle. Fill out the online form.

<a href="https://laloft.wufoo.com/forms/qbg942419l39cs/" target="_blank" rel="noopener noreferrer">Fill out my Wufoo form!</a>

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]