Los Angeles August 2021 Market Update

Hi everyone! Hope you're having a fantastic day and you're enjoying this crazy weather. I came into the office and the heater was on, which was an interesting shift and that just tells us that we are headed to the end of summer. Happy September 1st. I'm here to give you your year over year market update for the City of Los Angeles homes that have sold under a million dollars from August 2020 to August 2021.

So there is still a shift in the market. Slight shift, the numbers show it, the numbers speak for themselves and here's your analytics. If you want specifics on your home or your neighborhood, reach out to me. I'm happy to give that information. But for now, city of Los Angeles homes that have sold to under a million dollars from August 2020 to August 2021, these are the numbers.

So 24 less homes came on the market this year compared to last year. Last year was 353. This year, 329. So we are still seeing that shift of basically still continuing to be a seller's market and that gap where it provides a lot of opportunity for those of you that are looking to take advantage of the market and want to be in a good position to cash out. Possibly cash out, move out of state or downsize or whatever it is that you want to do. You do have equity in your home, most of you do, and you can reach out to us and would love to help you with that and find out... Provide you with valuable information on that.

The average days on market is interesting because most of the time, or from the beginning of the year to now, it has been 15 days, 17 days. So we are headed into the almost 30 day mark you can say. So last year was 31 days from when you open escrow to closing escrow. Homes would be closing within 31 days. This year, 29 days. So it's a two day difference, but you are within the 30 day mark you can say. So that's interesting. You do still have the rarity of getting homes into escrow and then closing within 15 to 17 days. So don't think that that's gone away, but we are seeing the little bit longer escrows than the average.

The average sales price is less this year from August 2020 to August 2021. Last year was 668. This year is 663. So there is a $5,000 gap there and we are seeing... Or me, that I also work with buyers, are seeing a lot of homes come back on the market. My buyers have been able to swoop them off the market as soon as they hit back. Sometimes it's because the seller gets a little too excited and overprices the home, or there's things wrong with the property or whatever the case is. But we are seeing a lot of back on the market or price adjustments happening, and that is your opportunity to take advantage of the low interest rates and then swoop the home off the market.

So call me about that if you want to find out how we get that done as well. Would love to hear from you and get feedback. I hope that you found this information helpful. That is your market update for the city of Los Angeles homes that have sold under a million dollars from August 2020 to August 2021. Happy September. Hope you make this a fantastic month. Enjoy the last days of summer and I'm looking forward to fall. That's my favorite season. So have a blessed day.