We will discuss the latest Los Angeles housing market prices and trends. Due to coronavirus home sales dropped over the past couple of months but prices remained high and in June, we saw the first rebound in home sales. In September, all the six counties of the Southern California houisng market saw an increase in sales as compared to the previous year, with Los Angeles county recording a YTY sales growth of 16.4%.
The Metro Los Angeles housing market posted a year-over-year increase of 23.2% in single-family home sales. Compared to August 2020, sales increased by 5.8%. The median home price of the Los Angeles metropolitan region rose to $630,000, up 15.6% from last year. Compared to August 2020, the median price increased by 2.4%.
The rise in home prices and sales have shifted the market conditions to a balanced one. The inventory still remains tight. The Unsold Inventory in Los Angeles Metro Area is 2.2 months.
The September 2020 report by Realtor.com also shows that Los Angeles is a balanced real estate market, which means there is a healthy balance of buyers and sellers in the market. The low inventory level seemed to have equaled the low buyer turnout keeping the market temperature neutral — Sale-to-List Price Ratio: 100%.
In September, the median list price of homes in Los Angeles, CA was $950K, trending up 5.7% year-over-year while the median sale price was $850K. The median listing price per square foot was $552. On average, homes in Los Angeles CA sell after 58 days on the market. The trend for median days on market in Los Angeles, CA has gone up since last month, and slightly down since last year.
The real estate appreciation rate in Los Angeles is predicted to remain a bit modest throughout this year. The strong demand and tight inventory keep on pushing the prices higher in LA. According to several real estate experts, the home values in Los Angeles will continue to appreciate — the modest forecast hovers around 5% for the next 12-months.
Los Angeles County Housing Market Statistics (September 2020)
Los Angeles County saw high demand in the month of September. Homes are moving fast as compared to last year. The sales recorded double-digit growth of +16.4 from the previous year — the lowest among all the counties of Southern California. Single-family house prices rise by 8.1% to $1,665,000, $2000 more than August’s median price.
The condo market also showed an increased buyer turnout in September. Sales of condos jumped by 27.5% YTY and 14.6% MTM. The median Los Angeles condo price increased by 11.9% YTY to reach $490,000. As compared to the previous month, the median condo price took a jump of 2.3%.
Existing SFR sales in September 2020 were up by +16.4 YTY and +11.6% MTM.
Existing SFR Median Sold Price increased by 12.7% YTY to $747,380.
Active Listings dropped by 27.9%.
Median Days on Market equaled 9, a decline of -57.1% YTY & -25.0% MTM.
Sales-to-List Price Ratio: 100.9%
Percentage of Active Listings with price reduction: 25.5%
Los Angeles Housing Market Report
Infographic Courtesy of CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.)