The Los Angeles real estate market continues to be somewhat competitive even in these days of pandemic partial shutdowns. Moving to the Los Angeles area is more attractive because of the work-from-home opportunities being afforded many employees. Up until now residents could expect to spend a lot of time in their cars given that LA was named the 5th worst city for traffic in the United States. Now that many workers can settle into a home office, commuting becomes less of a problem.
According to Realtor.com here are some Los Angeles, CA market statistics for the end of September 2020:
- Median List Price: $950,000 (up 5.7% over 2019)
- Median Price per Sq. Ft.: $552.
- Median Sales Price: $850,000
- Sales to List Price: 100%
- Average Days on Market: 58
When you look at some of the more desirable neighborhoods in LA County a different picture emerges:
Brentwood:
- Median Sales Price: $2,600,000
- 306 homes for sale
Westwood:
- Median Sales Price: $1,400,000
- 258 homes for sale
Sherman Oaks:
- Median Sales Price: $895,000 (12% down from 2019)
Silver Lake:
- Median Sales Price: $1,210,000 (up 41.8% from 2019)
(Note to explain the extraordinary uptick in price: This is a neighborhood that saw an influx of Millennials recently, although it has been a cultural destination for at least a decade. New hotspots and restaurants have made this especially enticing to a new demographic.)
If you are looking to purchase or refinance in the LA area, but find that you fall short of qualifying for the more restrictive Covid-19 mortgage regulations, give Sun Pacific Mortgage a call at 707-523-2099. Although we are located in Northern California, we are licensed for all of California and lately have been helping many Southern California clients with their hard money loans.