Published July 6, 2023

Los Angeles June 2023 Market Update

Written by Ana Mendoza

Los Angeles June 2023 Market Update header image.

Hi everyone, hope you're having a fantastic day. Ana Mendoza here. I'm here to give you your year-over-year market update for homes that have sold in the city of Los Angeles from June 2022 through June 2023, under $1 million. The market is revealing a lot of things, but first of all, I hope that you guys enjoyed your time with your friends and family. Happy July, it's beautiful out, and finally, we're getting some good weather here in LA. Happy belated 4th of July to you guys.

Okay, market update, homes under $1 million, City of Los Angeles, which actually pulls a large amount of homes because City of Los Angeles has a lot of cities within the City of Los Angeles. We have low inventory still, 113 less homes came on the market compared to last year, which means that there's a lot of opportunity for those of you that are looking to potentially make a move this summer, take advantage of the fact that your kids are out for the summer, or if you want to just know what your home is worth, great time to reach out to us because there are a lot of buyers out there looking to purchase your home specifically or within your neighborhood. If you happen to know anyone that is looking, connect with us and let us know and be the nosy neighbor that we love.

The average sales price went down by $34,000 less, so that is about a 5% drop on the market, or less than 5% drop on the market. What does that mean? That means that there's a lot of opportunity for those of you that are looking to buy as well. You are seeing multiple offers on homes if they're priced accurately, but if the houses are sitting on the market a little bit longer there is some flexibility there. There's times where you can get credits towards your closing costs, and there's a lot of programs out there right now that lenders are offering that are literally paying a substantial amount, like $25,000 grants, which I believe that one expires on August 1st and it's going to go down to $15,000. You don't have to pay that back.

We can give you more specifics about that so reach out to us and we can connect you with our partners that can give you more specific and tailor a consultation with you to see if that is something that you qualify for. I believe that you have to make about $180,000 or less in order for you to qualify, which is a big pool of those that are looking to buy for the first time.

The average days on market went up from 20 days to 42 days. You are seeing properties that are sitting on the market a little bit longer or longer escrows, because it is summertime and sometimes you're moving out of state or making two moves at a time and you need a little bit of longer time to make that happen and have a successful outcome.

With that, I hope that this information was of value. Reach out to us if you have any specific questions in regards to the information I just provided or any general real estate questions. Have a fantastic July and we will be in touch in August.