The Pulse of Los Angeles Real Estate: Q3 2023 Insights
Hey there, it's Dave Robbles from Think Real Estate, and we've got some eye-opening updates for you! The third quarter of 2023 has just wrapped up, and we've crunched the numbers to give you the latest on Los Angeles home values. Buckle up, because some of this info is downright shocking!
The Ritzy West Side: A Moderate Dip
First up, let's talk about the West Side of Los Angeles, from the ocean to La Cienega. Sales are down 17% compared to last year, with only 51 homes sold this quarter. The average price has also dipped by 19% to $3.383 million. Homes are staying on the market for an average of 31 days, a 29% increase. The verdict? We're seeing a moderate decrease in home values here.
Hollywood & Miracle Mile: Stagnant Waters
Moving inland to Hollywood, West Hollywood, and the Miracle Mile area, sales are down 14%, and the average price has dropped by 10% to $2.438 million. Homes are lingering on the market for 41 days, a 71% increase. So, what's the takeaway? Values are flat to slightly decreasing.
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Hollywood Hills: A Rocky Descent
Up next, the Hollywood Hills. Sales are actually up by 21%, but the average price has plummeted by 25% to $3.92 million. Homes are staying on the market for 41 days, a 40% increase. The conclusion? A moderate decrease in home values.
Northeast LA: Holding Steady
Let's head over to where all the hipsters hang—Northeast LA. Sales are down by 23%, but the average price has actually risen by 5% to $1.617 million. The market is pretty much flat with a slight increase in values.
Glendale: A Ray of Sunshine
Now, let's talk about my home, Glendale. Sales are down by 15%, but the average price has risen by 8% to $1.533 million. The market here is showing a slight increase in home values.
Burbank: Not Too Shabby!
In Burbank, sales are down by 27%, but the average price has risen by 8% to $1.39 million. The market here is experiencing a moderate increase in home values.
Pasadena: A Gentle Climb
In Pasadena, sales are down by 8%, but the average price has risen by 3% to $698,000. We're seeing a slight increase in home values.
Long Beach: On Fire!
Finally, let's talk about Long Beach. Sales are down by 29%, but the average price has skyrocketed by 10% to $1.55 million. Long Beach is experiencing a moderate to substantial price increase.
The Big Picture
The market is all over the place, making this a very intriguing time. Mortgage rates are hovering between 7.2% and 8%, defying our hopes for a decrease.
If you're wondering about the value of your home or your neighborhood, don't hesitate to reach out. We're committed to providing you with the most accurate and timely information. Before you go, hit that like and subscribe button to stay updated as the real estate market shifts. We're here to be your go-to resource!