Los Angeles County Housing Market Update June 2020
For those in the Greater Los Angeles market asking, “How's the market doing?”, today I'm going to give an overview of where we stand as of June 2020, compared to one year ago.
Some key takeaways from the data:
Median sales price: this is A value that separates the upper half of prices from the lower half of prices. It can be interpreted like an average, however the extreme prices (high and low) don’t hold undue influence.
As you can see, in June of 2019, the average sales price was $675,000, while today we are seeing $706,750 for an increase of over 4.5%.
Average price per square foot or the price of each property divided by their respective square footage then averaged across all properties sold in the area for a given time period. We see that los angeles county went from a $495 price per square foot, to $532, for a 7.5% increase.
And finally, days on market (pending sale), or the number of days that properties currently in escrow were on the market. This dropped from 44 to 34 days, as we are seeing a strong seller’s market, with tight inventory.
For a current market snapshot, we can again see our median sales price, price per square foot, and our month’s supply of inventory at 4.7%, this would be The number of months it would take to sell all the properties listed for sale at the current pace of sales and if no new listings entered the market. This number was the exact same in June of 2019.
These reports are broken down into specific micro markets across Los Angeles County, so if you would like information about your neighborhood, send me an email or a text and I’ll send one right over!