Los Angeles September 2021 Market Update

Hi everyone! Hope you're having a fantastic day and enjoying this insane weather. I'm sure that you were part of the crazy thunderstorms that happened on Monday, and that was a little exciting and scary at the same time for us LA people. When all technology fails, my little setup got so here I'm taking a selfie video for you guys to give you your market update for the City of Los Angeles homes that have sold for the month of September so it's the year over year market update for September 2020 to September 2021. So bear with me because my hand may get tired. So a lot of things are happening in the market. I'm sure those of you that are actively just searching online wondering what is going on, you're noticing that a lot of homes are coming back on the market. They're not selling for what they normally would if they're not priced accurately.

Homes are still getting multiple offers. They are still closing in a short amount of timeframe. But we are going through a shift and normally that happens during the fall, winter season. It's not abnormal for this to happen, but it gives great opportunity for those that want to take advantage of the sellers market, the low interest rates, and the inventory. So the year over year market update again is for the city of Los Angeles homes that have sold from September 2020 to September 2021 since we are now in October. And so this will give you a good overview of what is happening on the market and we'll give you a little insight of what to expect in the next coming months.

So new listings on the market in September 2020, 379 homes were on the market compared to this year, 354. So 25 less homes so we still have low inventory. The average sales price was 676. This year, it was 666, so $10,000 less. So there is opportunity for those of you that want to take advantage of the still low interest rates and they are creeping up a little bit and so pay attention to that. The average days on market are still 10 days less. So it's 33 days for September 2020 and September 2021 is basically 22 days, so 10 days less, which means that the moment that you get your offer accepted, you close escrow on average within basically 22 days, so 10 days less compared to 2020. So there is still low inventory. So those of you that are interested in taking advantage... I had to switch hands, it's heavy.

Those of you that are interested in taking advantage of the market, now's the time. Interest rates are creeping up and so pay attention to that. Those that are interested in getting low interest rates while they're so low, contact your mortgage lender, give me a call. Would love to help you set up a strategy in place to help you purchase something before the end of the year and take advantage of this fall market that is looking really good for buyers. So that's your market update again year over year for the city of Los Angeles from September 2020 to September 2021. Hope you found this information valuable and have a fantastic October. Bye.