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What has happened in the Los Angeles market so far this year?

Let’s take a look at the averages:

January

2,531 single family home sales

List price of $933,971 and Sale price of $904,153

Days on Market: 53

Over 40% of homes sold in the first 30 days, with a sales price of 100.14% of list price


February

2,567 simgle family homes sales

List price of $938,951 and Sale price of $920,349

Days on Market: 54

Over 43% of homes sold in the first 30 days, with a sales price of 100.34% of list price


March (through the 15th)

1,671 single family home sales

List price of $1,022,570 and Sale price of $1,000,189

Days on Market: 51

Over 41% of homes sold in the first 30 days, with a sales price of 101.64% of list price


As you can see, the averages show a high list/sales price and if you are able to get your home sold within 30 days, you are likely to see a number above the list price. Why does it seem like everything is so expensive? Well, for one, it is expensive to live in LA, but remember the numbers above are the averages for all of LA county. If there is even one high priced sale, say $18 million for example, that will skew the numbers higher. If you take a look at the median numbers, there’s a different story. The median list prices for January and February were $629,888 and $639,900, respectively; the median sale price for January and February was $625,000 and $636,500, respectively.


The median is the value separating the higher half from the lower half of a data sample (a population or a probability distribution). For a data set, it may be thought of as the "middle" value. For example, in the data set {1, 3, 3, 6, 7, 8, 9}, the median is 6, the fourth largest, and also the fourth smallest, number in the sample. The basic advantage of the median in describing data compared to the mean (often simply described as the "average") is that it is not skewed so much by extremely large or small values, and so it may give a better idea of a "typical" value.” (Wikipedia)


The mean shows a better representation for LA County, at least, because there are some HIGH priced homes in certain parts of LA. Just one or two will change the average in a positive direction. No matter which metric you use, the trend is showing that home prices are rising, but the sale price is still lower than the listing price. A good point for all you buyers out there! Are you ready? Contact me today and lets get started! 2019 is a great year to buy!!!


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