June Los Angeles Market Report: May Data
Los Angeles Real Estate Market Trends
April 2020 will be remembered as the first full month of Los Angeles Real Estate where stay-at-home orders were in place, and we saw this show up in the May sales numbers.
May sales consist mostly of homes that went under contract and in escrow in March and April when it was not permitted to even show homes in some cities. Fortunately, those ordinances changed in the third week of April, and in person, showings became permissible with safety restrictions statewide. Once that happened pending sales increased sharply. On a regional basis Los Angeles County saw a 1.4% increase in the median price, Ventura County saw a 3.1% increase, and Orange County saw a 1.2% drop in the median price from last May’s level. We are expecting the median price increases to be higher next month judging by the pending sales.
California Pending Home Sales – Leslie Appleton Young the chief economist and VP of The California Association of Realtors announced that pending sales increased 67% in May from April’s pending sales figures. Pending sales are new contracts signed and reported to MLS systems. They take on average 30-60 days to close. May’s existing-home sales marked a historic low number, down over 41% of the number of homes sold last May. Fortunately, judging by the number of pending sales, June and July’s existing sales numbers will be significantly higher, and much closer to last year’s figures.
In a nutshell:
For all the turmoil and uncertainty, prices have not been negatively impacted.
1- Year to date, Average and Median Listing and Sales Price are UP
2- Average Days on Market is DOWN both month to date and year to date
3-List/Sell Price Ratio is UP year to date
4-We are expecting the median price increases to be higher next month judging by the pending sales.
5-Compared to April 2020, May had almost 10 times more listing volume (695 new listings in April compared to 6,457 in May) and the List/Sell price ratio stayed strong at 99.6%.
6-Despite the surge in listing volume in May, both median and average Days on Market are down month to date and year to date - homes are selling at a faster clip.
Here is the Market Report for Single Family Residences and Condominiums based on May 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.