Published April 12, 2023

Los Angeles March 2023 Market Update

Written by Ana Mendoza

Los Angeles March 2023 Market Update header image.

Hi everyone. Hope you're having a fantastic day. Ana Mendoza here. So I'm here to give you your year-over-year market update for the month of March now that it came and gone. First, I hope that you guys had an absolutely fantastic Easter with your friends and your family and that you're enjoying this California sunny weather if you're here in LA because it's been really nice to be in the 80s without rain. I know that we needed it, but you know what? I'm tired of the rain and so I'm super excited to just have the kids play in the water and go swimming and we're looking forward to this spring. So year-over-year market update is for homes that have sold in the city of Los Angeles under a million dollars from March 2022 through March 2023 because those numbers are available and we can provide you the accurate data.

So homes have been sitting on the market a little bit longer compared to last year. It doesn't mean that the market is crashing, it just means that we're going through a shift and the market is adjusting and we are not seeing the crazy seven-day escrows and people rushing and things like that. You are seeing them though. If your house is priced accurately, then your house will get multiple offers because we just did put one of our clients in escrow and that property had 20 offers. So you are seeing it. If you hire the right team to give you the right analytics and give you the right strategy for how you should position your home in this market, you will get multiple offers. Okay? So I don't think that's ever really going to go away if you hire the right team. If you want to shoot for a price and hope that the target lands then and maybe have false expectations and ignore the data that is there, then most likely your house, it will sit on the market a little bit longer.

So the days on market went from 26 days to 43 days, and it's also a combination of people moving out of states or just requesting rent backs and wanting quicker escrows, et cetera. Okay? We still have low inventory, so there's a lot of opportunity for those of you that are interested in getting a market update and maybe making a move this upcoming spring and summer. So the houses that came on the market were 72 less compared to last year. So lots of opportunities for those of you that are looking to sell your home, and I know that there are a ton of buyers out there that are happy to pay top dollar for your home. The average sales price is less compared to last year.

So you are seeing the shift in the market, but it's not detrimental. It's only 47,000 less on an average of a million dollars and less in the city of Los Angeles. Okay? So if your house is priced accurately, you are seeing probably 47,000+ more. If your house is not priced accurately, you are seeing 47,000K less. So it just kind of works both ways. Hiring the right person on your team is very important. So if you want further information on us, go to our bio and schedule your consultation. We are always looking to bring on new clients and are never busy to just take on and educate you, even if it's just a consultation that you just want to learn about the process. So we hope that this information was of value. I hope that you have a fantastic rest of the month and we will be in touch. Have a fantastic day.