Los Angeles May 2022 Market Update

Hi everyone! Anna Mendoza here, 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, single-family dwellings in the city of Los Angeles under a million dollars. So there has been a lot going on in the market. We have been having a busy spring, and now we're heading into summer. Kids are out of school. We're officially enjoying the summer camps, and there's a lot going on at home as well as here at the Mendoza Group.

So your year-over-year market update is again for the city of Los Angeles, homes that have sold under a million dollars. So we focus on that number predominantly because most people that are purchasing or first-time home buyers essentially end up purchasing within those price points. So the market is still a seller's market and a buyer's market, given that the interest rates, yes, they are higher, but they are still low compared to the overall analytics and overall historic numbers.

So you are having 306 new listings that came on the market in 2021 for May now that it came and went,, so we're focusing on numbers that have closed in May. In May, you had 306 new listings come on the market. This May of this year, 2022, only 299. So we are right piggybacking compared to last year. And last year, we're still in the pandemic with the... you have to wear the face mask and everything. Things are easing a little bit more now.

The average sales price increased from 676 to 687, and the days on market, or basically from when it goes into escrow and it closes, did decrease from 22 days to 20 days. So you are still seeing the under 30 day escrow. So it's very important for buyers to partner with a lender that is going to be very efficient with their process and can get it done essentially within a guarantee of getting it closed within 21 days or under, 16, 15 days or under like the lenders that we work with that give great products and packages to the client, the consumer.

So if you have any specific questions about the analytics that I just provided or any other city that you live in, or you just want to be a nosy neighbor, want to know what's going on in your neighborhood, give me a call. I'm happy to answer any questions, or send me a private message. I'm happy to help and happy to answer and be of service. Hope you're having a fantastic day, and we'll chat soon. Bye.