Los Angeles October 2021 Market Update

Hi everyone! Hope you're having a fantastic November 2nd. Anna 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. Let's check out what has been going on. October came and went. I hope that you had a super fun Halloween. We had a great time and it was so nice to just be out and see all the costumes and actually go trick or treating this year. The kids had such a great time and I hope yours or yourself did as well.

So market update for the month of October, now that it's gone year over year under a million dollars I have sold in the city of Los Angeles. We are still seeing low inventory. October 2020, 422 homes came on the market. This year only 287 homes came on the market and so you are seeing that substantial gap there, which gives a lot of opportunity to those of you that are trying to sell your home, get a good price, get a good family in your home and be in a positive situation.

The average sales price did increase a little bit. So from October 2020 was 677. This year, 695. So an $18,000 increase. You're not seeing the insanely crazy 75, $200,000 over unless it's a extremely fantastic home like we did in the beginning of the year or during summer. So things are slowing down a little bit, but not too much. The average days on market went from 29 days to 27 days. So only a two day difference. We are still seeing, if you notice, under 30 day escrows.

So it's important for you to partner with a mortgage company that can set you up in a positive situation where you are competitive. Most likely maybe you may not be the highest offer, but if you have the strongest terms, it always makes you look good to the seller. Hope that that information was helpful to you guys. I'm always happy to answer any questions. Please reach out to me and hope that you have a fantastic November. This is my favorite month. There's a lot to be grateful for and I'm definitely grateful for the support and the continued just cheering on of my business. Yeah, so market update. Let me know if you have any questions. Have a fantastic November. We'll be in touch.