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June 17, 2019

Compass SoCal May 2019 Real Estate Market Update

June 17, 2019

Compass SoCal May 2019 Real Estate Market Update

Overall
median home prices remained virtually unchanged in 2019. About half of communities
observed saw increases while the other half saw declines. The rate of increases
was relatively lower than seen at the same time last year. Generally, most of
the increases in home prices are driven by areas than remain relatively more
affordable while higher priced areas saw some declines from last year’s cyclical
peaks.

In
addition, the number of homes sold in Los Angeles communities showed some
improvement in recent months bringing the number of sales on par with last
year’s April-May period. Slower sales continue to characterize West Side
communities, while communities north, west and east of Pasadena saw some annual
pick up in sales. 

There
are generally more homes for sale available across the region and across price
ranges, however the rate of increase in available inventory has slowed some.
Availability of relatively more affordable homes has helped with increase in
sales over the last few months. Malibu continues to be impacted by lack of
homes for sale following last year’s fires.

Homes
are also selling at a faster pace than earlier in the year, though still slower
than at this time last year when strong buyer demand fueled faster sales. In
May, homes generally sold in 31 days, up from 24 days last May, though still
equaling historical averages. Relatively slower sales pace continues West of
405, but also within some markets that were relatively busy last year, such
DTLA and NELA.

Again, while buyers remain relatively more hesitant than last year, April and May have showed renewed enthusiasm among buyers who would love to make a purchase but are worried about a correction. Sellers who are willing to negotiate with buyers are having better luck selling their homes. An increasing number of homes were under contract over the last two months as well, compared to the same period last year.

Click here to see more Los Angeles region market statistics for May.

BEVERLY HILLS – HOLMBY HILLS


BRENTWOOD – SANTA MONICA – PACIFIC PALISADES


HOLLYWOOD HILLS


MALIBU BEACH COMMUNITIES


SILICON BEACH – MARINA AIRPORT


SUNSET EAST


WEST LA


WEST SIDE CENTRAL / MID-CITY


BALDWIN HILLS


SOUTH LA


EASTERN CITIES


FOOTHILL COMMUNITIES


GREATER PASADENA


SOUTH OF 210


EASTSIDE


NORTHEAST LA


DOWNTOWN LA


EAST VALLEY


NORTH VALLEY


WEST VALLEY


SOUTHBAY WEST

Click here to see more Los Angeles region market statistics for May.