Published March 13, 2024

Los Angeles February 2024 Market Update

Written by Ana Mendoza

Los Angeles February 2024 Market Update header image.

Hey there. Ana Mendoza here. Hope you're having a fantastic March. I'm here to give you your year-over-year market update for the month of November now that it came and went. So, lots of things happened including Family Reunion, which was our annual Keller Williams convention. I got to see Tony Robbins, I was so excited about that, Mel Robbins, and I went to a lot of classes where I was able to just keep up with the market, keep up with what's going on throughout the country because everybody throughout the country basically go to that convention. And also, I just got an idea of potential protections when it comes to real estate. So, if you want specifics and want some insight on that, reach out to me. I'm happy to discuss.

So, your year-over-year market update is for the month of February, now that we have those numbers. So, it's actually for homes that have sold under $1 million in the city of Los Angeles specifically. Low inventory. But it's interesting because we had 210 houses this year, new listings come on the market compared to 219 last year. So, about nine houses less, which is not bad, about there. A ton of the equity on homes, 42,000 of equity on average for homes that are under $1 million in the city of Los Angeles. So, if you are like, "Let me see what my home is worth. I'm wondering how much equity I have," every house is very unique. We have to look at what kind of upgrades, location, and all of those things factor into the equity and the potential. And you have to also understand that your home is also only worth what a buyer is willing to pay. So, pricing it, if you want to go that route, accurately is also very important. And coming up with the strategy, hiring us on your team, is also very important. So, a ton of equity in homes, 42,000 more this year compared to last year. So, that's your cue if you're looking to prepare for the spring and summer. A great time to do it.

Average days on market, about the same, 42 to 41. And then when it comes to buyers, we are still in similar inventory. And a ton of homes are going to continue to come up, just like the listing, by the way, I'm doing open house from 4:00 to 7:00, on my Vineland listing in North Hollywood, so stop by for that this weekend. And we'll be able this Saturday, Sunday, from 1:00 to 4:00. Andrea or myself will be there. So, stop by.

But when it comes to buyers, there's a ton of programs out there right now where for first-time home buyers, tax season is almost over, so if you're self-employed, talk to us before you file your taxes, so we can help you structure in a way where you are able to purchases. If you're a W-2 employee, it's probably self-explanatory. But then there's also unique things that you can do. And then, that way, you can position yourself to take advantage of those, and that was the light here in my office, to purchase.

So, lots of things going on. Happy March. Hopefully, you got my little mailer with the scratcher and you won some money. I know last year, we had a couple of winners. So, those were exciting calls to get. Have a fantastic day, and I hope that this video finds you well. We will be in touch. Reach out to us if you need anything.