Los Angeles November 2024 Market Update

Hey, there. Hope that this video finds you amazing. Ana Mendoza here. I'm here to give you your year-over-year market update for the month of November, now that we have those numbers. Happy December. I hope that you guys are enjoying your holiday season, you had a great and fantastic Thanksgiving. I know that I did. I love Thanksgiving. It's my favorite holiday. And now we are in December. 

So, we have the year-over-year market update for you for homes that have sold under a million dollars in the city of Los Angeles, and the numbers are revealing that less homes came on the market compared to last year. So, it's from November 2023 through November 2024. So, less homes came on the market, but they have more equity, though, homes that actually sold this 2024 compared to last year. 

And then the days on market are a little bit longer. So, they're over 35 days. They're closer to almost 50 days, actually, compared to last year. So, homes are sitting on the market a little bit longer, and it's not that there's something wrong with them or that they're not priced accurately. That is just the season, and with the rates and everything that's going on in our economy and just the holidays in between. But there's still a lot of opportunity out there for those of you that want to talk shop when it comes to selling. How do you want to get your house prepared? What do you need to do to get it prepared for potentially considering downsizing, upsizing, or selling it to move out of state, which is happening a lot?

When it comes to first time home buyers, there's an excellent program with HouseAmerica Financial, who are one of our preferred lenders here at our office in Studio City. And there is a 30,000 grant that you can use towards your down payment or your closing costs. Or you could split it if you don't necessarily need to use the entire amount for one or the other. And what you can do with those funds is a lot, and it will give you opportunity to become a homeowner. You don't have to repay it back if you live in the property for over five years, or you have to live in the property for about five years in order for you not to repay it back. So, most people live in their homes for over five years unless there's major change in circumstances, and even then, there's a lot of perks. And, of course, I can connect you with our HouseAmerica partners, who can give you more insight when it comes to that.

So, lots of thing going on in our market, but you know what? We're in December. This is the time to just celebrate, give back, and just be grateful. So hopefully, you guys had a fantastic November and this video finds you great. Let us know if you have any questions. Reach out to me. I'm happy to answer and be of service. Have a fantastic day.