Weekly Market Update for LA County
Here is what happened in the LA housing market for January 21 to January 28, 2019
468 single family homes sold, with an average sales price of $852,901 and average days on market of 55. While the number of units sold is down, the average sales price has risen over $25,000 and the average days on market have increased from 50. Over 39% of sold homes were on the market for less than 30 days and the average sales price was just above the listing price at 100.33%.
If you have been following my blog, you have seen that the overall number of single family homes sold has dropped significantly (from over 700). I think buyers are just starting to come back to the market after the worry over interest rates rising (which they ultimately didn't do).
As for condominiums, there were 163 sold units in the last 7 days (down from 217 the week prior), with an average sales price of $591,647 (down from $612,507) and an average days on market of 53. The statistics show that condo sales are slowing a little bit too, likely for the same reasons as single family homes.
Stay tuned to see what happens next week to the LA housing market!