Los Angeles March 2022 Market Update

Hi everyone! Hope you're having a fantastic Tuesday. Anna Mendoza here. So I'm here to give you your year over year market update for the city of Los Angeles homes that have sold under a million dollars in the city of Los Angeles for the month of March. We are in April, and I'm a couple days late, sorry, but it's been a crazy busy first quarter and it's been a good year so far and we are excited for spring. So market update for the month of March now that I close. So it's going to be a year over year update for homes that have sold in the city of Los Angeles under a million dollars from March, 2021 to March, 2022. Okay?

So we are still in the seller market, low inventory market. So 64 less homes came on the market this year compared to last year, 387 versus 323. So 64 less homes, which means that there's so much opportunity, especially right now during spring and summer approaching for sellers to go out there, cash out on their homes, get a market update, find out what's going on, how much your home is worth, and set up a plan for yourself to get that started or potentially take this opportunity to purchase something else with equity that you do have on your home because there is a lot of equity in homes at the moment. So that is for new listings that have come on the market year over year from March 2021 to March 2022.

As far as the price points and average sales price, only a $9,000 increase. So you're not seeing the crazy, insane 60, $70,000 or $211,000 increases unless the price, unless the home, is priced accurately and it's in a fantastic location, you're not really seeing that that much. It is shifting. The market is shifting, it's adjusting, and so the interest rates are also affecting it. So that's something to look at.

The average days on market are still under 30 days. You are still seeing the 16 day closings if you are qualified with a great lender that can set you up and close within under 30 days and make your offer competitive. So you're basically going from 24 to 27 days. There's a lot of opportunity out there for buyers as well. You do want to try to take advantage of the interest rates. The interest rates affect your buying power. And so last year we were still in the three and fours. Right now we are in the high fours, low fives. It is increasing. We are going to see more increases during the summertime and so if you are hesitant and want to just learn about the home buying process and need a helping hand, we are happy to help you. We're always looking for new business and new opportunity, always out there learning, thinking outside the box, just getting creative with our strategy to get your offers accepted.

So that is your market update for the city of Los Angeles and I hope that this was of value. If you have any questions, please reach out to us. Thank you so much for those that have supported our business throughout the year. We have so many things in the works for this year and yesterday was the award ceremony and that was just an exciting day overall. I'm driven by awards and I'm very competitive, so it was a fun day for me. We are grateful to just be in business even with the unforeseen times. So happy to say and reach out to us if you have any questions. Have a fantastic day.