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Los Angeles: January '23 Housing Update

Ascend RE January 10, 2023

Los Angeles

Los Angeles: January '23 Housing Update

Average Home Sale Price - Los Angeles


Average Days on Market - Los Angeles

Average Home Sale Price - Westlake Village

Average Days on Market - Westlake Village

Key Points

- Competition for buyers has decreased as the mix of holidays and higher interest rates dampen demand. Fewer buyers, however, means more opportunities to find the right home.
- Inventory rose unexpectedly across the country, bucking the typical seasonal trend. This again brings more opportunity to buyers.
- Buyers responded remarkably well to the financial incentive of 2020 and 2021 but will need to adjust to take a prospective view of the market in 2022.
 

The Bottom Line

Some media headlines may say the “sky is falling” for real estate, but our team has experienced this industry through many of its ups and downs and feels comfortable saying that 2022 was a pretty average year for most areas. Though we saw a rise in interest rates, the market has calmed from the Covid explosion of real estate sales. It will be interesting to see if 2023 sees another “normal” year despite higher interest rates. In our opinion 2022 was a year of transition, and 2023 is going to feel like previous years, especially for those that have kept a pulse on the market over the past 5 years.  

With real estate, slow, steady, and methodical is our approach. Be thoughtful in your purchases, don’t overreact when the market shifts, but be prepared to strike when the timing is good. As we've been saying for the past 4-6 months, right now is an ideal time to buy a home. Though conditions will likely remain good for buyers, they should be prepared for increased competition in the coming months. 

As always, we are your real estate resource in selling, buying, and investing in 2023, ready to advise you on your goals for the new year. Reach out anytime! 


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