Los Angeles County Housing Summary
· The active listing inventory in the past couple of weeks increased by 157 homes, up 2%, and now sits at 8,367 homes, its highest level since December. It is still the lowest September reading since tracking began in 2012. The inventory has not yet reached a peak, moving past its typical peak between July and August. In September, 32% fewer homes came on the market compared to the 3-year average before COVID (2017 to 2019), 2,461 less. Last year, there were 10,868 homes on the market, 2,501 extra homes, or 30% more. The 3-year average before COVID (2017 to 2019) was 13,290, or 59% more.
· Demand, the number of pending sales over the prior month, decreased by 68 pending sales in the past two weeks, down 2%, and now totals 3,351. Last year, there were 3,839 pending sales, 15% more than today. The 3-year average before COVID (2017 to 2019) was 5,135, or 53% more.
· With supply rising and demand falling, the Expected Market Time, the number of days to sell all Los Angeles County listings at the current buying pace, increased from 72 to 75 days in the past couple of weeks. It was 85 days last year, slower than today.
· For homes priced below $750,000, the Expected Market Time increased from 47 to 49 days in the past couple of weeks. This range represents 27% of the active inventory and 41% of demand.
· For homes priced between $750,000 and $1 million, the Expected Market Time remained unchanged at 51 days. This range represents 17% of the active inventory and 26% of demand.
· For homes priced between $1 million to $1.5 million, the Expected Market Time increased from 72 to 78 days. This range represents 18% of the active inventory and 17% of demand.
· For homes priced between $1.5 million to $2 million, the Expected Market Time increased from 112 to 113 days. This range represents 11% of the active inventory and 7% of demand.
· For homes priced between $2 million and $3 million, the Expected Market Time in the past couple of weeks increased from 122 to 142 days. For homes priced between $3 million and $4 million, the Expected Market Time increased from 181 to 199 days. For homes priced between $4 million and $8 million, the Expected Market Time increased from 282 to 285 days. For homes priced above $8 million, the Expected Market Time decreased from 1,110 to 896 days.
· The luxury end, all homes above $2 million, account for 28% of the inventory and 9.4% of demand.
· Distressed homes, both short sales and foreclosures combined, made up only 0.6% of all listings and 0.9% of demand. Only 32 foreclosures and 16 short sales are available to purchase today in all of Los Angeles County, 48 total distressed homes on the active market, up four in the past two weeks. Last year there were 51 total distressed homes on the market, similar to today.
- There were 4,331 closed residential resales in August, 8% less than August 2022’s 4,706 closed sales. August marked a 14% rise compared to July 2023. The sales-to-list price ratio was 100.3% for all of Los Angeles County. Foreclosures accounted for just 0.5% of all closed sales, and short sales accounted for 0.02%. That means that 99.5% of all sales were good ol’ fashioned sellers with equity.
