Los Angeles November '23 Real Estate Update Ascend RE
Ascend RE November 15, 2023
Westlake Village
Ascend RE November 15, 2023
Westlake Village
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%.
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.
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!
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