Los Angeles May 2021 Market Update

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 May. May is gone. Spring is basically gone. Summer is here because it's 90 degrees outside and it's only 10:00 a.m., but it's a great time to take advantage of this crazy real estate market here in L.A. So May is the month that just flew by and closed. And so the Year Over Year Market Update is going to be for the month of May 2020 to May 2021. Let's check out and see what has been happening for homes in the city of Los Angeles under $1 million. Houses are still sitting on the market for under 30 days. This year, 2021 of May, we're only 21 days. Last year, it was 33 days. So less days on the market. If you're a buyer out there and you're noticing homes that are flying, you go check, and then they're no longer there. That's probably why, they are getting multiple offers.

They are selling for more. The average sales price from May 2020 was 649. This year, it increased to about 673, or higher depending on location, et cetera, in the city of Los Angeles under $1 million dollars. Listings, we still have low inventory. Last year, 326 new homes came on the market. This year was only 314. So there is still a lot of opportunity out there for those of you that are trying to take advantage of this hot market. If you want your home to go on the market, have an easy process with no headaches, and sell quickly, now's the time to give us a call and we would love to help you with that process. So that's your market update. Congratulations to those of you that have been getting promotions to next grade levels, graduating, or getting awesome awards like our son, Joseph. So happy Pride Month and have a fantastic day.