Los Angeles November '23 Real Estate Update Ascend RE

Ascend RE November 15, 2023

Los Angeles

Los Angeles November '23 Real Estate Update Ascend RE

Housing Prices

The median home sold price in Los Angeles was $967,514 in October 2023, down 1.4% from last year, and the median price per square foot was $617. Los Angeles housing prices by bedroom type for October 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 1%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes decreased by 3.6%, and 5+ bedroom homes decreased by 9.5%.

Housing Supply

 The Los Angeles real estate market had 7,355 homes for sale in October 2023, a 11.1% increase compared to September 2023. The Los Angeles housing inventory by bedroom type for October 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 12%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes increased by 16.5%. A total of 1,318 homes were sold or pending in Los Angeles in October 2023, down by 2.6% month-over-month. Of the 1,318 sold homes, 43% were sold under asking, 11% were sold at asking, and 47% were sold over asking. Homes in Los Angeles had an average of 32 days on market in Oct 2023, down by 7.7% compared to last year.

 

 

Bottom Line

Overall the market over the past 9 months has remained very stable. This in itself is highly unusual! We typically have strong markets in the Spring and Fall, but those markets didn't really materialize this year. We have built up some higher inventory levels, but as we go into the holiday season those are likely to decrease as homes are pulled from the market. Anecdotally, we are seeing more buyers come into the market. This could be due to pent up demand or more stable job prospects, but buyers do seem to be preparing for buying in the Spring. We’re fairly optimistic that 2024 may start turning back into a normal market cycle. Schedule a consultation if you are considering making your real estate moves  in the new year, let’s get the ball rolling!

 

Median Home Sale Price - Los Angeles County

 

Median Days on Market - Los Angeles County

Median Home Sale Price - Westlake Village

 

Median Days on Market - Westlake Village

 

Median Home Sale Price - Thousand Oaks

 

Median Days on Market - Thousand Oaks

 

Median Home Sale Price - Pasadena

 

Median Days on Market - Pasadena


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