Los Angeles December '23 Real Estate Update Ascend RE

Inventory

The Los Angeles real estate market had 7,006 homes for sale in November 2023, a 3.2% increase compared to October 2023. A total of 1,182 homes were sold or pending in Los Angeles in November 2023, down by 13.2% month-over-month.

Sales Price

The median home sold price in Los Angeles was $970,149 in November 2023, down 2% from last year, and the median price per square foot was $618. Of the 1,182 sold homes, 47% were sold under asking, 12% were sold at asking, and 42% were sold over asking.

Days on Market

Homes in Los Angeles had an average of 33 days on market in Nov 2023, down by 5.6% compared to last year. During November 2023, 1182 homes were sold in Los Angeles; 66% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Conclusion

Overall, 2023 has followed similar trends as what we’ve historically seen. The market expanded when we normally expected it to and contracted a bit as it normally does. However, inventory and sales have been down all year. Sellers are more hesitant to sell at lower price points and buyers are more hesitant to buy due to the higher interest rates on mortgages. Going forward though, we believe 2024 is going to change. Neither Buyers nor Sellers can hold off making a major life decision forever. Some people move simply for a change of scenery but most people buy or sell because of life events. Upsizing or downsizing, job change, school change, retirement, health issue, divorce and death. At some point we figure out a strategy forward despite the market. Anecdotally, I've connected with many families over the past 3 weeks about a move in 2024. It has been one of the busiest holiday months that we can remember and many are targeting 2024 as their year to Buy or Sell! If you are thinking to buy or sell in 2024, now is a great time to start the conversation. If you have a friend, colleague or family member needing help, we always appreciate an introduction.