Key Highlights:
– Home sales in a majority of Los Angeles Neighborhoods have seen a positive change

– South Inglewood, Brentwood, and Mid-Wilshire are the top 3 neighborhoods to have changed
– We can expect to see a steady growth in sales and volume for the remainder of 2017

As a L.A Real Estate Agent, whenever I meet with people the first question I always get is, “How’s the housing market?” That’s a legitimate question to ask for people who are either looking to buy or sell a home. Just like the stock market, people always want to know what the Los Angeles housing market is like as it is constantly changing, month to month and year to year.

The MLS (Multiple Listing Service), where most homes are listed for sale has released their data on home sales for the 1st quarter of 2017 compared to sales in the 1st quarter of 2016. Keep in mind that this data is only for Single Family Homes and does not include Condo/Apartment sales.

Here are the results:

 

The map breaks down home sales in the various Los Angeles neighborhoods.
Sales Volume – Refers to total home sale prices combined in the area. If you analyze this further you can see that in a majority of neighborhoods, sale prices of homes have gone up compared to 2016.

Sold Listings – Refers to how many homes were sold in that neighborhood. In a majority of the neighborhoods, you’ll see that home sales have gone up. There are still buyers out looking for homes!

Top 3 Neighborhood Market Report

The biggest changes we are seeing have been in South Inglewood, Brentwood and Mid-Wilshire

South Inglewood – Has seen the largest amount of change since last year due in part because of the Los Angeles Rams relocating to Southern California. Their new stadium is being built in Inglewood so a lot of their employees, athletes, and fans are purchasing in the area. There has also been quite a bit of redevelopment going on with developers purchasing homes in the area and renovating them.

Brentwood – We can examine from the data that there’s been a 98% change in Brentwood. The number of homes sold has only gone up by 2 (From 42 homes to 44 homes sold) but the biggest change is the home sales volume. The sales volume in the area has almost doubled going from $115,961,363 to $229,365,511. This is due to a large amount of home renovations, record home sale prices, and movement away from busy Santa Monica to the calmer neighborhood of Brentwood.

Mid-Wilshire – For a while, Mid-Wilshire was overlooked by many, in recent years developers have been quietly purchasing homes in this area knowing that with the growth happening in bordering areas, like Hollywood, that the market would expand. Homes in this area are affordable and are still centrally located within the city, close popular work areas like Hollywood and Downtown.

What to expect for the following quarters of 2017

We can expect to see steady growth through the rest of 2017 with the more developments happening in neighborhoods like Brentwood, Mid-Wilshire, Playa Del Rey, Westchester, Playa Vista, and Culver City.

We are seeing multiple offers being put on homes requiring buyers to offer their best and most competitive.

Some sellers have been overestimating the strength of the market and have been pricing their homes higher than the market value, some are getting lucky with buyers and others are sitting on the market for more than the average days on market.

 

If you’d like to discuss the housing market, whether its buying or selling a home, contact me today Ash@Vividagent.com or (323) 673-0041.

Ashraf Spahi is a Los Angeles Real Estate Agent specializing in buying, selling and investing in residential homes.