Published September 13, 2023

Los Angeles August 2023 Market Update

Written by Ana Mendoza

Los Angeles August 2023 Market Update header image.

Hi there, Ana Mendoza here. I'm here to give you your year-over-year market update for homes that have sold under $1 million in the city of Los Angeles. So, the year-over-year market update is for August 2022 through August 2023. We are still in the low inventory market with lots of buyers looking, with lots of sellers that have a lot of equity so, we're going to talk about that. And then we'll talk about other things.

The listings that came on the market went, basically, 121 less listings came on, or 121 less homes sold compared to last year. So, we are in the low inventory market where you have a lot of opportunity if you're a seller. And you want to take advantage of this because buyers are, depending on the property, how long it's been sitting on the market, and of course the things that fit their criteria, are paying good money for the house. Average sales price went up $17 thousand compared to last year. So, equity on homes also throughout the country, most homes that have mortgages have over 50% of equity in homes. Lots of opportunities for sellers.

Also, lots of opportunities for buyers. If you're looking to buy, there's a lot of programs out there. With our lending partners that think outside the box that are going to connect you and set you up with things that are going to be to your benefit. The rates keep going up and down. Everybody's in a frenzy with rates, but a lot of things affect the rate. And some of those things are do you have a good credit score? What is your employment history? What is your debt-to-income ratio? So, just being educated and not only just thinking and looking at what is out there in the media is really important.

For us, we take the educational approach. So we love educating ourselves and also bringing that value to you. That's one of the reasons that we found it extremely important to invest in ourselves and we went out to Dallas to go to Tom Ferry, which is the number one coach in the industry, so we can give you some more insight on the market and be of value always. We will continue to do that because this is our full time job and this is also our passion.

The average days on market did go a little bit higher. You basically are going into this past August was back to school. They needed a little bit more time. Homes did sit on the market a little bit longer with the fluctuation of the rates. But, the information that I'm providing doesn't mean necessarily that it actually it is something that is affecting you. Every situation is very unique. It's very different. And so in order for you to actually get accurate information it would be efficient for you to ask the questions, reach out to us, schedule your tailored consultation, which is absolutely free, and pick our brain just to see what you can do to get from A to Z in an efficient way.

So, we hope that this information was of value. Look out for our Starbucks gift cards and also a couple of scenes that we're launching and we're working on. And always feel free to reach out. We are happy to help. Have a fantastic September.