Published February 7, 2023

Los Angeles January 2023 Market Update

Written by Ana Mendoza

Los Angeles January 2023 Market Update header image.

Hi everyone. Hope you're having a fantastic Monday. Ana Mendoza here. I am excited to give you your first year over year market update from January, 2022 to January, 2023, now that it came and went. So the market update that I normally talk about is four homes that have sold under a million dollars in the city of Los Angeles. So we'll just go through it and then we'll talk about other important things that we have going on. The average sales price went from 679 to 665, so $14,000 less. What does that mean? That means that houses are adjusting. We're not seeing that crazy inflation where you're getting a million offers to a home. They are sitting on the market a little bit longer if they're not priced accurately, but if they're priced accurately, they are getting multiple offers. So don't think that we don't have a little bit of both things going on because we do okay.

Listings on the market, we went from 223 to 213, so 10 homes of a difference compared to January 2022 to January 2023. So not that much of a difference of what you expect in a month of January now that it closed, since we're in February now. Houses are sitting on the market a little bit longer. So from 32 days to 45 days, escrows are a little bit longer and it can be because a lot of people are moving out of state and you need that extra little time. Or with so many changes happening in the mortgage industry and rates rising, they did drop again. So we are in the sixes and above. You can speak to our mortgage partners that can give you accurate numbers on that, and all of those things are factored by your specific situation. So if you reach out to us, we'll connect you with somebody that can educate you and give you better answers when it comes to that.

Okay, tax season is around the corner. We're going to be posting a video about the importance when it comes to your taxes and how they play a big part of when you're purchasing a property. We have the giveaway for Valentine's Day. So we're going to be announcing the winner on Thursday. Please go on our bio and the links that we posted on our social media, so then that way you can... Or share it with anybody that you think that would want the giveaway. We are happy to have them on board and add them to the list that we already have, which is substantial.

And there's a lot of changes that are happening in our industry. We just came back from a very amazing and exciting retreat that we went to, that I went to just to get on top of things. I love coming from an educational approach. I love teaching my clients about real estate and what the market is doing and how it's shifting. So if you're not part of our newsletter, please private message me. I'm happy to add you to our newsletter that we send out on Fridays, just giving you insight on the changes that are happening in our industry. And then the value, if you're a homeowner on how to stay on top of it.

If you're buyer, it's a fantastic time to buy. Houses have been sitting on the market. You have leverage. You have leverage where you can ask for closing costs. As compared to last year, there was none of that. So buyers have a lot of leverage right now. If you reach out to me, I'm happy to set up a consultation with you, and then that way we can kind of give you more insight on how our buyers are taking advantage of that, the closing costs, the grants that are out there. I believe one of our partners, Jovi Whelan, talked about that with House America Financial.

And sellers, the same thing. We have to be very smart and strategic about when we put your home on the market to make sure that it doesn't sit on the market for that long and that you make it a win to a successful outcome, whether you're selling because you want to downgrade or upgrade or move out of state. So lots of things going on. I hope that you found this information of value. Reach out to me if you have any questions. I hope that you have a fantastic Monday. We are excited because today's my son's eighth birthday. My birthday was on Friday, so thank you to those of you that reached out to me and said happy birthday and texted me and messaged me. So it was really nice of you guys. So have a fantastic day. Bye.