Socal’s & Los Angeles Home Sales Jump 7.3 Percent
Sales in January of new and existing homes and condos in Los Angeles and the remaining SoCal counties jumped 7.3 percent from a year earlier to 14,619 homes, the highest level since 2013.
January sales reflect deals that, in many cases, began during the November-December holidays, but then closed in January. Some people prefer not to buy and sell during the holidays or in the middle of winter, so January and February tend to be relatively weak months for closings and, as such, they’re not especially predictive of what’s to come for the rest of the year.
The median price paid for all Southern California homes sold in January was down 1.8 percent from December but up 6.7 percent from a year earlier. The median sale price has risen year over year for 46 consecutive months.
Specifically for the West LA region, Santa Monica home values have gone up 15.4% over the past year with a median home value of $1,300,600. Pacific Palisades home values have gone up 10.0% with a median home value of $2,651,700. Brentwood home values have gone up 0.4% with a median home value of $2,280,400. West Los Angeles home values have gone up 12.0% with a median home value of $1,097,700.
First-time buyers and others scouring the region’s more affordable housing markets continue to struggle with several issues, including higher prices, moderately tight credit conditions, a relatively thin inventory of homes on the market and very low levels of new-home construction in the lower price ranges.
In Los Angeles County, January home sales rose 6.7 percent from a year earlier to 5,035 homes, while the median price grew 6.5 percent.
For more information on the latest Los Angeles real estate trends, contact Premiere real estate agent Linda Lackey of Coldwell Banker Santa Monica at (310) 429-1185.