Published October 9, 2023

Los Angeles September 2023 Market Update

Written by Ana Mendoza

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Hi, everyone. Hope you're having a fantastic day. Ana Mendoza here. Happy October. We are here on a Monday, on a holiday, grinding while everybody else is sleeping. That's how you take advantage of the market and how you run a true business. So, we are excited to be here and to give you your year-over-year market update. I know I'm a little behind, but better late than never.

So, the year-over-year market update is for the month of September, now that we have those numbers, from September 2022 through September 2023. We are still in the low inventory market. So, there's a lot of opportunity for those of you that are looking to get an equity report, find out what your home is worth, come up with a game plan for this fall or winter, potentially, because 86 less homes did come on the market, so we still have low inventory, which means a lot of opportunity for you to take advantage of that. There's a lot of opportunity, as well, when it comes to, you know, people being distracted for these upcoming holidays, and it's your time to put it out there, be seen, and also, as a buyer, as well, to get into escrow and purchase something.

The average sales price did drop 30,000, which means that if your house is not priced accurately, and you are not meeting with somebody that's giving you true numbers, it's not, you know, this is what I want for your house, um, it's not just based on, you know, the condition of the property, the price per square footage. There's a lot of factors when it comes to pricing, the feedback that people are giving you, the condition of the house. You're comparing apples to oranges. As professionals, we're predicting to see and trying to see what your home may sell eventually for, but in this market, you are going ... There's a lot of opportunity for buyers, a lot of opportunity when it comes to first-time home buyer programs that are giving buyers incentives to purchase by paying their closing costs, buying down the rates.

What does that mean to you as a seller? It means that sometimes you're going to get offers that are going to be requesting credits toward closing costs. You didn't see that last year. You're seeing that this year. So, there's a lot of changes in this industry, and having a professional on your side to educate you, to guide you of the red flags that may come ahead of time is very important.

The average days on market are a little bit higher, from 36 days to 40 days. That doesn't mean anything. It just means that sometimes sellers want a little bit longer time in order for them to potentially sell their house, rent out the house, or a buyer needs a longer escrow, or the property is not really selling in as quick as it should, because of certain factors. It doesn't mean there's something wrong with it. It just means that this is the market that we're in. There's never a dull moment in real estate. There's so many ups and downs, and so, hiring somebody like us that is in it, that does this full-time, that's here during a holiday, and educating you, that is key.

So, that's your market update for homes that have sold under a million dollars for the month of September, from September 2022 through September 2023. I'm excited to find out who the winner is for this year's gingerbread haunted house contest. I will be dropping those off today. I'm sorry, I know I'm late. There's been a lot going on, but I will be dropping them off, I promise. So, anyway, let's see if somebody can beat Penny, because Penny's participating this year, so watch out for her.

Anyways, so, have a fantastic day. Happy Monday. Happy October. Happy birthday to my Lily. Happy birthday to my Ariana. Her birthday's at the end of the month. So, lots of mom stuff going on and business stuff going on, and I hope that, yeah, this video finds you well. Have a fantastic day.