Los Angeles November 2021 Market Update

Hi everyone! Hope you're having a fantastic day. Happy December 1st. We survived. We had a fantastic November.

I am here to report some fun numbers, and really actually interesting numbers, and really encouraging for buyers and encouraging for sellers because it's going to give you a little nudge. This is your year-over-year market update for the city of Los Angeles, homes that have sold under a million dollars year-over-year from November 2020 to November 2021, given that November is done.

The average sales price decreased this year. It was 656 last year. This year was only 654. $2,000 less, but $2,000 less is still $2,000 less. So pay attention to that.

The days on market were the same; 25 days last year, 25 days this year. So we are getting into the market where it's starting to be a little bit more of an average market where you're going into the 25 to 30 day escrows instead of the 14 to 17 day escrows. Although you still have the 14 to 17 day escrows, but the numbers show that sellers are getting a little bit more realistic, maybe because we're going into the holiday season and they need a little bit more time to pack up, move out of state. There's a lot of moving out-of-state going on. That's my thoughts on that.

The average listings or new listings that have hit the market last year, November 2020, were 303, this year 256. So 47 homes less this year. So we are still seeing a slight gap in the market, which means that there's a lot of opportunity for those of you that are looking to take advantage of the market still and potentially get multiple offers, a good price point for your home.

So there is a little shift going on. Those of you that are looking to purchase, you notice that. That's encouraging. It means that you can take advantage of the low interest rates. Potentially get into a little bit longer escrow than average. Maybe not pay full price for the home, because that seems to be the trend lately, by the way. A lot of homes are coming back in the market if they're not priced accurately. A lot of homes are falling out of escrow because of circumstances. That's your opportunity for you to swoop the home off the market.

For those of you that are looking to sell, I just reported there is still a slight gap in the market. So try to take advantage of that. Take advantage of being a homeowner, the tax benefits to that and the low interest rates.

Lots of opportunity out there. I hope that this information was valuable to you. If you want specific information on your neighborhood, I'm happy to provide that to you. You're welcome to reach out to me. Happy December 1st. Have a fantastic day. Have a fantastic month. And we'll be in touch.