Published February 5, 2024

Los Angeles January 2024 Market Update

Written by Ana Mendoza

Los Angeles January 2024 Market Update header image.

Hi there. Happy February. I hope that you're having a fantastic month. Ana Mendoza here. I think we're in hurricane season here in LA, which is insane. But traffic was good for me and I'm here early at the office, ready to roll. We're in our temp space in Studio City, while the place downstairs is getting renovated, so we're very excited to see what's happening with that.

I'm actually here to give you your year-over-year market update for the month of January, now that we have those numbers. So, it's from January 2023 through January 2024 and the year-over-year market update is for the month of, again, January, and is for the city of Los Angeles, homes that have sold under a million dollars.

So, the numbers reveal that 21 more homes actually came on the market this January. So there's a lot of encouragement out there. There's a ton of equity in homes, more than the average, just like the COVID season. And if homes are priced accurately, you are getting multiple offers that are going substantially over asking, but there's also flexibility if they are not priced correctly, and we can definitely discuss that, which is a case by case basis. The average sales price went up by about 8,000 and the days-on-market did go up a little bit, about 40... or actually went down a little bit, 43 days to 40 days.

So you are seeing average days-on-market could be a combination of just mike at timeframe, launch time, and also it takes into consideration the circumstances of when the property's going to be closing escrow. It could be short escrow. It could be a long escrow. But basically, it's saying it's a little bit less than average for January. Which, most people wanted to get into their homes, or it was an outpour from you're trying to get into escrow in December, and then you're closing now in January.

So those were the numbers. We did launch our February giveaway which we will be announcing this upcoming Friday. Look out for that. And thank you to those that wished me a happy birthday. I had a very nice time with my family and loved ones and I'm super grateful for the outpouring of text messages, emails, and phone call. And I'm blessed to be one year older and just be surrounded by so much love. So thank you, hope that you're having a fantastic Monday. Stay dry if you're in LA and stay safe if you're somewhere else. Have a fantastic day.