LA Region Update For Q2
This news spotlight is going to be especially brief as I will just be providing a quick overview of some 2nd quarter fundamentals. It’s always good to have an idea of what the realty climate is like around you, so I hope you find this helpful in staying informed of the market.
– Average days on market across Greater Los Angeles declined from 84 down to 79 days, while there was a 13% increase in average sales price against Q2 of 2017;
– Homes in the West Hollywood and the combined Silver Lake/Echo Park areas saw the heaviest declines of days on market down to 54 days, that’s 25% and 28% quicker than last years Q2;
– Among the high socio-economic areas, Malibu saw the strongest quarter with median sales price increasing 32.6% to $3.2 million, while days on market saw a decrease of 32% down to 105 days;
– Overall the region saw a 7.3% increase in median price to $536,000 which is a new record.
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