Los Angeles August 2024 Market Update

Hey there. Ana Mendoza here. Happy September. I hope that this video is finding you amazing. I'm here to give you your year-over-year Market Update for the month of August now that it came and went. So from August 2023 through August 2024, 12th more homes came on the market, not that many compared to last month. And as the fourth quarter continues, we do see a minor slowdown. We are in an election year so there's a lot of things going there, but we are expecting for rates to drop a little bit and they have continued to drop, and so hopefully that also is going to be improving this 2024 market. When it comes to days on market, we are seeing the 39 days on market, 40 days on average. And then, also, when it comes to equity and homes, you are seeing 16K on average for homes that are in the city of Los Angeles under a million dollars. 

Every single neighborhood is very unique, it's very different, so this may not specifically apply to your neighborhood or your home, especially if you have done upgrades to your home. So if you want specific numbers when it comes to that, reach out to me so I can give you a more elaborate equity update to give you some insight. If you're a buyer, there's so many home buying programs out there to give you an opportunity for you to get into this market this fourth quarter. And if you are just considering even making a move this 2025, now is a good time to reach out to me as well and just prepare your home, also just come up with some type of strategy so you can actually either set yourself up this fourth quarter, save up more money if you're a home buyer, see what options you have as of right now. Let's see what your credit is doing, what you need to work on to get yourself ready so you can hit the deck running this next 2025. 

So that is your Market Update. I hope that this video finds you well. Thank you to those that contributed to our back-to-school donation. It was absolutely amazing. We got a lovely email from Camellia Elementary, so thank you for that. Look out for other things that we're going to be doing as a team and as an office that are just going to be good for the community. And if you have any ideas in regards to that, please reach out to me because we always love to be of service and love in our community. So, have a fantastic day.