Published March 13, 2023

Los Angeles February 2023 Market Update

Written by Ana Mendoza

Los Angeles February 2023 Market Update header image.

Hi everyone, hope you're having a fantastic day. Ana Mendoza here. I'm here to give you your year-over-year market update for homes that have sold in the city of Los Angeles under a million dollars from February 2022 through February 2023. Now, the month has closed, and I can actually give you true and correct numbers. The information is for average sales price, listings, and days on market, okay? So, we're still in the low inventory category where you had 81 less homes come on the market from 269 to 188. That gives a lot of opportunity for those of you that are interested in getting a free market analysis from us and, look, if you are a current client, look out for that in your mail because we are going to be sending that out to you. But, it gives you a lot of opportunity to know what your home is worth.

If you're encouraged and want to potentially get your home ready to sell this upcoming spring, now's the time. Reach out to us by going on our bio. Now, this general information doesn't really touch on town homes and condos, so if you want that information, reach out to us again and go on our bio and we are happy to give you that tailored information. We're only focusing on single families, so just general update. Average sales price went from 671 to 675, so $4,000 more, which means that homes do have equity Now, they're not selling for 3 or $400,000 over asking anymore. If they're priced accurately, they are getting multiple offers. They are selling for over asking, but they're not getting hundreds and thousands of dollars unless you're basically pricing it at zero to get what you want. So, that market is not there. That gives a lot of opportunity and a lot of hope for buyers, okay?

The average days on market went from 30 days to 41 days, so houses are sitting on the market a little bit longer and they're going into escrow and going into escrow for a little bit longer on this. You're purchasing a vacant house and they just want you to close whenever you're ready. So, that's the market update. I hope that information was of value. If you're a buyer, look out for our home buyer seminar coming up, virtual home buyer seminar. And also, we are going to be doing a Spanish-speaking home buyer seminar because we are bilingual in Spanish and we want to be able to also give opportunity to our Latino friends and family and potential future clients to also have a good understanding of what the market is doing. So, look out for that as well.

Mortgage trades, I'm not a mortgage lender and I let them do their job, but I will share with you what I learned at Family Reunion, which was our annual convention that I went to this month, and it was, in my opinion, me being in the business with Keller Williams since 2004, the best one for me. I learned a lot. Ed Mayette was our guest speaker. He was absolutely amazing. If you're not following him on IG, you should. If you have a chance to ever watch him in person, you should. But anyway, so when it comes to mortgage rates, the mortgage rates, if you're a buyer and if you think that they're going to be in the three or fours, that's most likely never going to happen again. So, you didn't take an opportunity of that. It doesn't mean that there's not other opportunity for you and that there's not programs that lenders are coming up with to give you that chance to be homeowners, to be at a place where you have ...

Now you are not going to be paying 300, 400, 200, even 50, 75,000 depending on your price point over asking. There are opportunities for you to get grants, for you to ask for closing costs, for you to even ask for repairs. And so, those are things that we're going to be going through on our home buyer seminar to give you more insight on that, and we're going to have our lender partner also explain to you what's going on in their world because we do partner with amazing professionals, but we also allow for them to do their job, and we focus on the real estate side because that's what we're really good at. So, I hope that this information was of value. Reach out to us if you have any questions. Hope you have a fantastic March. I hope that you get lucky in every way needed this month, and we're happy to answer questions. Have a good one.