Published December 2, 2022

Los Angeles November 2022 Market Update

Written by Ana Mendoza

Los Angeles November 2022 Market Update header image.

Hi everyone. Happy December. I am on time to do this video. So I'm very excited to just share several things that are going on with our team and also just to give you your year-over-year market update for the city of Los Angeles homes that have sold under a million dollars for the month of November now that it's closed. Thanksgiving is my absolute favorite holiday. I'm personally really sad that it's no longer with us, but we're looking forward to the holiday. We do the Elf on the Shelf Christmas elves with our kids so that has been a lot of fun to just be waking up to several different sneaky things that are going on in our home. I would love to hear about your holiday traditions, if you want to comment below and tell us about that. But here's your market update for the month of November now that it closed, for the homes that have sold in the city of Los Angeles under a million dollars.

First of all, we are still in the low inventory category. So you went from 257 homes to 172 homes. So low inventory, which means a lot of opportunity for those of you that are thinking about making a move potentially before the end of the year or getting your house ready and talking to us about what it is that I need to do to sell my house this winter or just get it prepared to launch it the first of the year. So we are looking forward to those conversations. Look out for your market update. We keep sending those out. That will give you some insight on your potential home worth.

The average equity. The average sales went from 659 to 669, so there's $10,000 more of equity. What does that mean? For the houses that did sell basically within the month of November, they're selling for a little bit more if they're priced accurately. Pricing is extremely important right now. You do have those buyers that think that they can just come in and swoop the houses 100, 200,000 under market just because we are in a shift. That's not happening just yet. So for those of you that think that you can get away with that, it just depends on the property. We're not there yet. Rates are really affecting the whole market right now. But right now as of today and just speaking to one of our preferred lenders, Jobe Whelan with House America, she said that they're in the low sixes.

With that said, also, when it comes to Jobe, I'm going to be sharing a video where she specifically talks about what's going on in the mortgage industry. So look out for that video. The dates on market are a little bit longer, so they went from 24 days to 35 days. That means that houses are sitting on the market a little bit longer. So if you're getting anxious of why your house isn't selling, it doesn't mean that there's something wrong with it. It just means that people are taking a little bit longer to make a decision to pull the trigger. Houses are going into escrow and they're going into escrow, 35-, 45-day escrows. It's not uncommon for that to happen during the holidays. So that's your market update for homes that have sold under a million dollars for the month of November.

Look out for the one for December, first week of December. And we are also happy, very excited to announce that we were nominated and also interviewed by Voyage LA Magazine. And so we are going to be sharing that with you guys and giving you some insight on how I got into real estate, how real estate became my passion, what triggered all of that, and some insight on just our business and myself and my story. So hope that you enjoy reading that and thank you so much for your continued support. Let us know if you have any questions. We are happy to answer any questions that you have, and have a fantastic weekend.