Los Angeles July 2021 Market Update

Hi, everyone! Ana Mendoza here. Hope you're having a fantastic Monday. I'm here to give you your year over year market update for the month of July. July's gone. It came and went. And now we are in August. So happy August. Here's your market update for the City of Los Angeles. Homes that have sold under a million dollars year over year. So it will be for July, 2020 to July, 2021.

We are still seeing the low inventory. The numbers show that. We are still seeing people getting into escrow and closing quickly. So working with a mortgage broker, lender, whoever you want to work with that is going to be very competitive with their terms and with the product. And we are still seeing homes that are selling substantially over asking. So keep those three things in mind when you're there shopping or when you are considering to sell.

So this is what the data's showing. The average days on market compared to last year. So July, 2020 to July, 2021. July, 2020 was 36 days. And this year is only 23 days. So houses are, basically, you get your offer accepted and you close escrow. They're closing quickly. So it's important for you to partner with a realtor that is going to be with us. That is going to set you up for a winning situation.

Listings, we are still seeing a gap in the market. 68 less listings this year compared to last year. So last year was 396. This year is 328. So less homes on the market. Low inventory. So if there's a lot of opportunity right there for sellers. The average sales price last year was 645. This year is 690. So a 45,000 average increase for homes under a million dollars in the City of Los Angeles. So those are your analytics. If you want specific for your specific home or for an area that you're looking to purchase, or just want to know more information about that, reach out to me. I'm happy to pull that data for you. Otherwise, there it is. I hope that information was valuable.

Happy Monday. Happy August. Let's make it a great month. And have a blessed day.