Los Angeles October 2024 Market Update

Hey, there. Happy November. Ana here. I am here to give you your Year-Over-Year market update for the month of October, now that it came and went. Congratulations to Penny again for winning our gingerbread house haunted house contest. We are very happy for you and your little brother, I'm sure that you had a blast going to Target and finding something, and also [Spanish 00:00:25]. Once again, congratulations, thank you for participating.

It's another month, a month that is absolutely my favorite. November is my favorite month, and a lot is going on. Finally, we know who the next President is going to be, so everybody can woosah when it comes to that. It has hardly affected the real estate market, just so you know. Rates are still steady, under five, under six, I apologize, if you're FHA, and then between six and seven if you are conventional financing. But this video is for your market update now that we have the numbers for October because it has come and gone, and now we are in November.

Okay, so days on market, basically you're going into the 30 to 47 days, a little bit longer, days on market. As you get into the holidays, that normally would happen, people will ask for longer Escrow with their properties to sit on the market a little bit longer. Especially because we did have a year of elections, so people just want to hold off to see what's going to happen and then make decisions and go from that. We have been seeing that, the market has been picking up.

You had less homes come on the market this year compared to last year, but the homes that did come on the market this year compared to last year sold for more. Exactly about $26,000 more compared to last year, for homes that have sold in the city of Los Angeles under $1,000,000. So that is the market up date when it comes to that.

As far as real estate goes, as I mentioned, now the elections have come and gone, the one thing that we're seeing is that it has affected the actual stock market in a very positive way when it comes to rates. Not yet, we will see what happens. We are expecting and hoping that the rates do drop, but again, there are so many options out there, and so many packages and also opportunity for sellers. Right now, if you want to even just prepare to get it done before the end of the year, just prepare for next year. 

So reach out to us if you want a market update, want to know what's going on, and this is the month of gratitude. Again, my favorite month. So thank you to those of you that continue to support me, to put your faith in me when it comes to real estate, and just allow for me to hold your hand and guide you through the home-selling and home-buying process. We are so grateful and we don't take any of your referrals for granted. And we always are open and happy to just have a discussion, guide you, even if you're not ready, even if it's just one year, two years, three years from now, which I've been having a lot of those conversations with my clients of, "What do I need to do to purchase investment properties or prepare for next year?" We love having those conversations, and are grateful to just talk shop and educate you.

So hope that this video finds you amazing, and that you have a fantastic rest of November.