Los Angeles July 2022 Market Update

Hi, everyone! Hope you're having a fantastic day. Anna Mendoza here. We are at the end of summer almost, and I'm really excited for autumn and winter. Mainly the autumn season is my favorite so I'm really excited and I am eager to pull my Halloween and Thanksgiving stuff, just to be honest. I'm sure everybody else, just go to Home Goods and then you're going to see everything is showing up with holiday stuff already. So a little sad, bittersweet, but that's just the way that it is unfortunately.

I hope that you are having a fantastic day today, and 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. So the year-over-year market update is for homes that have sold in the month of July since we have those numbers.

So it will be from July 2021 to July 2022. So it is still a seller's market. There is still low inventory. 63 less homes came on the market compared to last year, so 332 versus 269. 63 less homes, which means that there is a lot of opportunity for those of you that are interested in meeting with us, trying to take advantage of this market. There are still buyers out there looking to try to take advantage of becoming homeowners and they don't want to pay somebody else's mortgage anymore. They want to look into home ownership and building wealth for their family in that way. So we are happy to meet with you in regards to that and provide you a market analysis to give you some perspective what's truly going on in this market. I'm sure everybody is paying attention.

There are shifts happening. There are a lot of properties that are coming back on the market that are being dropped in price points. There is a shift, but hiring somebody on your team that prices the homes accurately or gives you just true perspective on what's really going on in the market, not what other websites say, because they're not going into your home, is really important.

So as far as the equity, there is equity compared to last year, $6,000 more. So we went from 688 to 694. So there is equity out there. You can still sell for top dollar, and this is just averages, it's not specific on, "Oh my God, I've done these upgrades and I've done these things." So if you want a specific and more thorough analysis, we're happy to meet with you about that.

In regards to days on market, so we are still going from 22 days to 23 days, you are seeing longer escrows. You are seeing the strategy of years ago, where somebody would submit an offer and then you would request for the seller to pay for closing costs. I am seeing a lot of that coming back again. So pay attention. So there is opportunity for a buyer just depending on their situation and on the specific property that they're looking at for you to strategize with your realtor, with our team, and to come up with something that is to your benefit and we'll make it a win for you.

So those are your numbers from July 2021 to July 2022. I hope that you found this information valuable. Please reach out to me if you have any specific questions. Hope you have a fantastic ... for us last week of summer. Our kids go back to school next week. So we are excited about that. We're excited to meet the teachers. We're excited to be involved in that sense as well. I'm sure that a lot of parents out there are in the same boat and so have fun with that. In regards to real estate, reach out to us if you have any questions. Have a fantastic day.