Published January 4, 2024

Los Angeles December 2023 Market Update

Written by Ana Mendoza

Los Angeles December 2023 Market Update header image.

Hi, there. Happy New Year. I hope that you're having a fantastic January. Ana Mendoza here, and I am here to give you your last, or basically for December 2023, from December 2022 through December 2023 market update. Now that we have those numbers, I hope that you had an amazing holiday with your friends, family, loved ones, and that you have an amazing 2024, and that all your wishes come true.

Market update is for homes that have sold under $1 million in the city of Los Angeles. We still have low inventory. 39 less homes came on the market. This is a fantastic time for you to get a market update from us. We are going to send equity updates to our past clients and our current clients, to just let you know what's going on in your neighborhood and educate you when it comes to that, so look out for that in the mail. And if you are not part of our network, please reach out to us. We are happy to add you, and also provide you a free market update on your neighborhood, or just to see, come up with a game plan if that's something that you want to consider looking into for this 2024.

The average sales remained leveled, which is very interesting, so with 684 for December 2022 as well as December 2023. What does that tell you? The market is leveling. So, although we're having the crazy interest rates and then the good interest rates, and that just continues to be up and down, which by the way, this 2024, we are hearing that the markets, the rates are going to continue to fluctuate and drop. Now, we're not going to see the 3 and 4% rates, so if you're one of those buyers that are hoping that that happens, it probably will not happen. That's not what we're hearing. But you know, becoming friends with the between 5 and 7, that's going to be the averages.

If you're a buyer right now that is looking to wait for... and you are rate driven. What that means is, "I want to wait until the rates drop so I can purchase something," just understand that that is not only your mindset. That's everybody else's mindset, and what happens with that is that you go into multiple-offer situations, and there's a lot of competition on homes compared to if you don't wait, you go out and find the house that you want at a rate that is comfortable, and then lock it in, get it done, and eventually when the rates drop, you can consider refinancing, and then adjust in your rate when it comes to that. Because you can renegotiate the rate, but you cannot renegotiate the price point.

So, when it comes to average sales price, that's what it was. Days on market is still 34 days, and so we are seeing homes that are selling with multiple offers if they are priced accurately. If they're not priced accurately, then it's basically the opposite, and you are seeing them sit on the market a little bit longer. There is much more flexibility when it comes to giving back credits, or also getting creative when it comes to submitting your offer so you can make it a win situation for both buyer and seller.

That's your market update. Happy New Year. We're literally in boxes. We are packing away and we are moving to another location, so you will be getting a newsletter from us in regards to that. Be on the look out for information in regards to that. We're super excited about that, and hopefully you come and visit us at our new location in the next couple months, once the construction is done, but although we're in boxes, we're happy about that, and we're just grateful, and we're excited for this 2024, what it has to bring for us. I hope that you have a fantastic rest of the month and continue to have a prosperous, healthy, and just very, very happy year. Have a good day.