Published June 5, 2023

Los Angeles May 2023 Market Update

Written by Ana Mendoza

Los Angeles May 2023 Market Update header image.

Hi everyone. Hope you're having a fantastic day. Ana Mendoza here. I'm super excited to give you your year-over-year market update for the month of May. Now that it has come and gone. So happy June 1st. Summer is around the corner. This is the time to make moves, to make things happen because it's going to get very, hopefully, no June gloom and sunny weather here in California. That's what we're like shooting for. And so your year-over-year market update is for homes that have sold in the city of Los Angeles under a million dollars, and so that pulls like a general pool of information. If you want specifics on a specific city where you're living, send me a private message. I'm happy to pull that information for you. Right now, it is a fantastic time to buy and sell equally.

If you're priced accurately, your home is 100% getting multiple offers. If it's not priced accurately and you don't have the right team on your side to help you with the process, fire them and hire us and then we'll help you with that and tell you what to do to get your home sold with multiple offers and the timeframe that you need for it to be done. When it comes to the buy-in process, I'm sure that you guys are seeing everything that is going on with the media, and rates are fluctuating. However, they have dropped a little bit just with this whole debt situation that we have going on in the market, but it doesn't really affect... has not really affected real estate. We are still in a market where it's a great time to invest and also to either if you're buying a second home or if you're going to be downsizing or upsizing, or just even consider selling, now's the time to do it.

We still have low inventory in the city of Los Angeles. So for homes that have sold under a million dollars, the numbers have shown that houses are sitting on the market a little bit longer compared to last year. Okay, so if you're an escrow, basically you are going into the longer escrows. If you don't hire the right lender on your team, so you're going from 20 days to 42 days, the average sales price did drop on average. Again, this is for homes that have sold for under a million dollars, and if they have been seated on the market because of whatever circumstance, so the average sales price did drop by 28,000. That gives a lot of opportunity. For those of you that are looking, that see properties that are sitting on the market a little bit longer than average and would like to negotiate to make it a win for yourself. We have several buyers that are getting multiple offers accepted.

Just a tip, you don't necessarily have to submit an offer on one specific property. You can submit multiple homes at a time just to make it more efficient, and then you sit down with us to pick the home that you want. And that has happened most recently and with most of our clients where they're actually getting four out of the six offers accepted and they're in a very positive situation, so that's a blessing for them.

The listings on the market still have low inventory, so lots of opportunities. There's a lot of equity out there still, and yes, you are seeing a market drop, but there's way more equity, so there's not that many foreclosures, not that many short sales. There are not that many distressed homes, at least not in California. So those are your market numbers for homes that have sold under a million dollars in the city of Los Angeles. Don't forget about our home buyer seminar in Spanish this upcoming Saturday at 11:00 AM. If you want to join us, please private message me or comment below, and I am happy to send you the link so you can join us. If you happen to know anyone that would benefit from us, learning about the home-buying process, it is going to be a Spanish home-buying seminar, so we will see you there. Hope that this video was helpful to you and have a fantastic June.