Los Angeles May '23 Real Estate Update Ascend RE
Ascend RE May 12, 2023
Ascend RE May 12, 2023
New inventory has remained fairly stable since February. Typically, March - May yields a bump in new properties, but this year we’ve seen less new inventory on average. On a more positive note, the total number of available homes for sale this Spring has been comparable to historical numbers. Homes are taking longer to sell (20 days) when compared to past Spring market stats and the amount of listings sold is more than 27% less than 2018/2019 levels. Though lower than historical numbers, pending sales are rising. This is an indication that May and June may be good months for increasing the number of homes sold. Months supply of available homes is approximately half a month longer than in the past, despite historically low levels of inventory.
In welcome news for sellers, home prices have been slowly trending upward but have held a steady range since March. With home prices increasing, price per square foot has also increased. In more positive news for sellers, home prices are selling for 1-2% above list price on average. However, only 46% of homes are selling over asking when normally we’d expect this rate to be 60% or more.
Let’s get the bad news out of the way: there is less inventory on the market and it isn’t moving as quickly when compared to years past. Overall, sales for the Spring season are lower than they were in prior years. Now the good news: pending sales are rising quickly along with prices. This indicates that inventory won’t sit as long and an increase in prices may inspire more owners to sell their homes (increasing the available inventory of homes for sale). This could mean an elongated Spring market that alters the pace of the normally slow Summer months. It could also mean an even busier Fall Market. Reach out anytime for a chat and expert guidance on your real estate decisions!
Recent
Browse our blog posts to be in the know.
Help Support Foster Youth in San Francisco One of the best things I’ve done in the past year was to become a CASA (Court Appointed Special Advocate) for a foster youth… Read more
February is Black History Month. Paying tribute to the generations of African Americans who struggled with adversity to achieve full citizenship in American society. W… Read more
It’s May Already! How did that happen? We came back relaxed after a spring break trip to Hawaii, and we had so much fun at Bodega Bay’s Fisherman’s Festival and Salmon… Read more
Looking for a Home for You and Your Furry Family? You’ve probably heard the line: There are more dogs than children in San Francisco. Well, it’s actually true. Accordi… Read more
It’s that time of year again where your local farmers market is loaded up with fresh fruits and vegetables. Below are some of our favorite local farmers markets throug… Read more
We were very excited to get in some winter fun with the kids in Tahoe, where we skied, played in the snow, and went sledding. How lucky we are to have so much beauty t… Read more
Local Spotlight – Dumpling Time DumplingTime.com Love Dumplings? Check out Dumpling Time on 11 Division St in San Francisco. MODERN CAL-ASIAN EATERY — WHERE VISITORS C… Read more
2025 Upcoming Events
Navigating Airport & Freeway Noise in San Francisco
A Guide for Locals and Visitors
Full Guide to 79 different farmers’ markets in San Francisco and beyond.
Where Curiosity Meets Creativity – Top Early Learning Centers for Your Child’s Bright Beginning
A Parent’s Guide to Quality Childcare
Top Scenic Parks Near San Francisco for Nature Lovers
Discovering Your Perfect Bay Area Escape
Top Biking Trails Near San Francisco
Embrace the Ease of Travel Across the Bay Area
Unveiling the Best Amenities Near San Francisco
Your Guide to Fresh Finds and Specialty Foods in the Bay Area
A Creative Guide to the Top Schools Near San Francisco
Discover the Best Asian Markets Near San Francisco
Top Taquerias Near San Francisco
Best Hiking Trails Near San Francisco
Top Dog Parks Near San Francisco
Top 10 Must-Try Restaurants Near San Francisco
You’ve got questions and we can’t wait to answer them.
