July Los Angeles Market Report: June Data
Los Angeles Real Estate Market Trends
It’s been a wild ride for Q2 Los Angeles County real estate! What started with just 695 new listings for single family homes in April has surged to 5,097 new listings in June.
The quarter ended on a resilient note in June with THE JUNE SURGE: The California Association of Realtors announced that existing home sales surged 42.4% in June from May’s sales totals. And this surge was mirrored in Los Angeles County where sales of single family homes increased 11% over last month, but still down from 28% from last year (understandable given the global pandemic).
Here’s my assessment of what’s been happening
#1: With interest rates at record lows, more buyers are entering the market
#2: This combined with low inventory means that properties are receiving multiple offers if priced well
#3: Low inventory is contributing to an increase in all key metrics including:
- Median listing price
- Median selling price
- Average listing price
- Average selling price
#4: List/sell price ratio (asking price to what it actually sells for) is at 100% which is amazing given the circumstances.
#5: Days on market remains unchanged from last year and month over month which is surprising given social distancing measures. Most underwriters/loan processors are working remotely which hasn’t slowed the transactions....until recently. But I predict next month will be a different story as loan processing is starting to grind to a halt given the overwhelming volume of business. I expect days on market to increase due to the time it will take to close an escrow.
#6: Listing volume is starting to stabilize with 5,097 new listings in June 2020, which is down from 6,457 listing in May but still up significantly from 695 new listings in April (like I said, a crazy Q2! For April and May housing data, click here and here).
The LA housing market has proven to be extremely resilient and The California Association of Realtors expect sales to be back to pre-pandemic levels by July or August.
Here is the Market Report for Single Family Residences based on June housing data in Los Angeles.
If you would like a market report for a specific zip code or neighborhood, let me know!
The statistics presented in the Market Report are compiled based on figures and data generated by IDC Global and Datafloat for the benefit of Rodeo Realty. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of appreciation should be used to analyze trends only. All information should be independently reviewed and verified for accuracy. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Data maintained by the MLSs may not reflect all real estate activity in the market. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.