Los Angeles September 2022 Market Update

Hi everyone. Hope you're having a fantastic day. Ana Mendoza here. I'm here to give you your year over year market update for the month of September. So happy October. September came and went. We had a fantastic and fun month and we are really excited for Halloween. We had my daughter's birthday celebration. We have my other daughter's birthday celebration and we are really excited to have a little competition for the Mendoza kids, AKA everybody else's kids that we take on.

We're going to be dropping off a very special box of haunted... A haunted box of whatever it is that you're going to make and we are going to just get into the competition mode and there will be a surprise for those cute kids out there. So just look out for a text message for me to reach out to you about that. I've already started reaching out to some of you and we are always very competitive and like to have fun and we like to make our clients part of that.

So your market update is for homes that have sold under a million dollars in the city of Los Angeles for the month of September, from September 2021 to September 2022. There's a lot of things going on in the market. We still have 56 less homes compared to last year. So it's still a low inventory, 345 versus 289. So there's a lot of opportunity for those of you that are looking to sell for you to still get multiple offers if you are priced accurately.

You're not seeing crazy multiple offers on houses, they are sitting on the market a little bit longer. The average days went from 22 days to 36 days. So the houses are sitting on the market a little bit longer compared to last year. But it doesn't mean that there's something wrong with them. It just means that people are being a little bit more cautious with the shift and they are taking their time and they want to make a good financial decision. Buying real estate is always a good financial decision because it gives you good equity. For example, the average sales went from 665 to 719. That's $54,000 more of equity in homes compared to last year, and this is just for average houses. This is not me going into your house to give you some insight based on all the upgrades that you have done. So essentially you could have more equity in it.

We are seeing just from speaking to appraisers, for buyers specifically, where appraisals are coming in over what you have it in escrow. What does that mean? It means that you just purchased a house with equity. So the interest rate is fluctuating, but there are... We partner with great lenders that can give you options and basically packages and offer you... Just educate you on the process of the lending world so you can make a good informed decision for yourself to get into this market.

So that is your market update. So 56 less homes, 44,000 more of equity and the average day on market went from basically 22 days to 36 days. So we hope that you found that information of value. We are very excited for annual pumpkin drop off. We're really excited to do our competition for the kids and there's a lot of things that are going to be coming up that we will be sharing. So we're happy to answer any questions. We're always looking for more opportunities, so any friends and family or anyone that you know of that has any real estate questions, we're happy to answer them. Hope you have a fantastic rest of the month. Reach out to us if you have any questions. Chat soon.