Published April 12, 2024
Los Angeles March 2024 Market Update
Hi there. Ana Mendoza here. I hope that this video finds you well. Happy spring. We are finally at the time where we can wear our cute dresses and enjoy this 80 degree weather here in LA. So sorry, Midwest and East Coast, if you're still freezing, come to LA for spring break. I think spring break ended, but time to make those plans to move out here this spring or summer. I'm here to give you your year-over-year market update for the month of March, because that finally finished. It was a very interesting month with a lot of changes to our industry, which I will be discussing at the end of the video. But this market update is for homes that have sold from March 2023 through March 2024. So the numbers show that there's still less inventory on the market. So compared to last year, 13 less homes came on the market under $1 million dollars in the City of Los Angeles.
What's interesting is that the homes that are on the market, if they're priced accurately, if you're making changes swiftly, and what that means is, look, you pick your price and let's try it out, see what happens. But then go ahead and make an adjustment to that so you don't lose days on market and people assume that there's something wrong with your house. If your house is not automatically priced accurately, then they are selling for substantially more than the average. So it's $64,000 more compared to last year. The days on market are on average about 37 days, which is less, compared to last year was 43 days. Now it's 37 days. So that's your market update for homes that have sold under $1 million dollars in the City of Los Angeles. Now, with the changes in our industry that are happening, and I'm sure that everybody's kind of paying attention, if you are interested in real estate in regards to the National Association of Realtors lawsuits and changes that are happening, my thoughts and my take on this is, listen, you're in this industry.
You chose this industry. I love this industry. I love my career. I love what I do. So we just have to adapt and make a change. So what happened with COVID, everybody was freaking out, and then we just learn to adapt and change and move quickly to learn that new market, how to work the market, how to deal with real estate safely, and then educate our clients on how we could still best service them when it came to that market. The same thing is going to happen here. There's a lot of misconceptions out there of what's going on with how this is going to affect sellers, how this is going to affect buyers. It's important for you to reach out to me so I can kind of educate you of how our team and how we are going to service you so this doesn't really affect you. Or come up with a game plan that is going to be the best game plan for you and your family, okay?
So don't freak out as we're not freaking out. And so there's no need for you to freak out. It's important for you to reach out, to ask your questions and be educated, which we love educating our clients, and then that way you make an informed decision on how you want to proceed with real estate moving forward. Okay? So I'm looking forward to you reaching out, just picking my brain so I can educate you. And I will be reaching out to many of you, most of you that are my past clients that I love and that trust me with their real estate services. So I can kind of keep you in the loop of what's really going with that, and nothing has been set in stone. So what you're hearing out there, it's not necessarily a fact. So that's my take. With that. I hope that this video found you well and that you're having a fantastic spring, and that we have an awesome summer and rest of the year. Have a fantastic day.
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