The State of the Los Angeles Real Estate Market for Q-1

The first quarter of 2023 has been a mixed bag for the real estate market across the country. While some areas have seen a correction, others have remained stable. As a result, buyers and sellers have been adjusting their expectations and approaches. In this blog post, we'll take a closer look at the real estate market in different areas of the country and discuss what it means for buyers and sellers.

From a boots-on-the-ground perspective, it seems that buyers in the first quarter of 2023 are less frustrated than they were in the previous year. Real estate interest rates have stabilized, and buyers are getting pre-approved and ready to buy a home. They are not burdened by the baggage of the past year, such as the fear of interest rates doubling and mortgage payments becoming unaffordable. Let's dive into the numbers for different areas throughout Los Angeles. We'll start with the West Side, where the number of sales in the first quarter of 2023 was down year over year. The median sales price and price per square foot were also down. South L.A. saw a 30% drop in the number of sales, but the days on the market increased significantly, as did the median sales price and price per square foot. The South Bay, which includes Torrance, Palos Verdes, Redondo Beach, and Manhattan Beach, experienced a 36% drop in the number of sales in the first quarter of 2023. The days on the market also increased, while the median sales price and price per square foot were down. Moving on to the hipster neighborhoods of Los Feliz, Silver Lake, and Northeast LA, the number of sales in the first quarter of 2023 was down significantly, while the median sales price and price per square foot were up. The Hollywood Hills saw a 31% drop in the number of sales, but the median sales price and price per square foot were up. In Glendale, the number of sales was down, but the days on the market were shorter. The median sales price and price per square foot were also down. Burbank saw a 40% drop in the number of sales, but the median sales price was up, and the price per square foot was down. The City of Pasadena experienced a 36% drop in the number of sales, with the median sales price and price per square foot also down. Finally, the San Fernando Valley saw a mixed bag of results, with some areas experiencing drops in the number of sales and median sales price and price per square foot, while others saw increases.

Overall, these numbers are broad and can vary significantly depending on the neighborhood. If you are serious about buying or selling a home, it's important to speak with a real estate agent who can give you a more in-depth understanding of what's happening in the area you're interested in. In conclusion, the first quarter of 2023 has been a mixed bag for the real estate market across the country. While some areas have seen a correction, others have remained stable. If you're looking to buy or sell a home, it's essential to have an understanding of the market in your desired area to make informed decisions.