L.A. Homebuyers Continue to Struggle as Inventory Declines

L.A. Homebuyers Continue to Struggle as Inventory Declines for Fifth-Straight Month

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Updated on October 5th, 2020

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Home prices in the city of Los Angeles rose 8.1 percent in July from a year earlier to $575,000 as inventory fell for the fifth-straight month. Sales were up 6.2 percent. Across the broader Los Angeles metro region, the median sale price rose 5.4 percent to $490,000.

New listings rose slightly from July 2014, but not nearly enough to keep up with the pace of demand. As a result, the inventory of homes for sale fell more than 16 percent year over year, the largest decline so far in 2015. That left L.A. with a paltry 2.3-month supply of homes for sale, well below the six months of inventory that signals a healthy market.

Bidding wars cooled slightly since last month. Less than 63 percent of properties that Redfin customers placed offers on had multiple offers in July, down from 69 percent in June. About 38 percent of homes sold in July went for above asking price.

LA home sales

Area Trends

The Westside and Eastside housing markets of L.A. were in the highest demand this July. On the Westside, the most expensive area of L.A., the median sale price was $1.1 million, up 10 percent from last year. While the Eastside’s median sale price of $582,500 seems modest by comparison, both areas were embroiled in tough buyer competition.

“I’ve had several customers who were intent on buying in Venice or Culver City,” Redfin agent Nikki Kilmer said. “In order to ensure their success, I have been encouraging them to broaden their search so they have more homes to choose from. These buyers often find what they are looking for in Playa Vista or Mid-city, and usually at a more reasonable price.”

The typical home on both the Eastside and Westside sold within 15 days, five days quicker than homes in South L.A. and about three days faster than the Valley. Among homes sold on the Eastside in the past 90 days, more than 53 percent went for above asking; 46 percent sold above list on the Westside.

 

LA home sales

Hot Neighborhoods

The Westside’s Fox Hills, where you can still buy a condo for less than $500,000, was one of the city’s fastest markets, with the typical home selling within 12 days. The Valley also was bustling in July: home sales were up 36 percent in Valley Village, 30 percent in Lake Balboa and 25 percent in Pacoima compared to the prior year. Venice is now as expensive as the tony Beverly Hills Post Office neighborhood with a median sale price of $1.72 million, up 19 percent from last year.

Here’s what’s happening in your neighborhood:

Neighborhood Median Sale Price Year-Over-Year Homes sold Year-Over-Year Inventory Year-Over-Year
Beverly Glen $1,499,000 29.8% 21 110.0% 45 25.0%
Beverly Hills Post Office $1,775,000 4.1% 61 24.5% 160 8.8%
Brentwood $1,444,500 -9.2% 150 8.7% 218 -5.2%
Central LA $789,000 8.8% 891 -1.5% 1,374 -7.2%
Century City $875,000 -11.6% 95 6.7% 161 3.9%
Chatsworth $588,000 23.9% 144 14.3% 189 -23.8%
Cheviot Hills $1,703,000 7.7% 25 4.2% 25 4.2%
Crenshaw $460,000 0.4% 55 27.9% 47 -20.3%
Downtown (Los Angeles, CA) $619,500 9.6% 106 -15.2% 173 -4.4%
Eagle Rock $675,000 0.9% 73 -1.4% 97 3.2%
The Eastside $582,500 8.9% 516 -5.5% 620 -9.8%
Echo Park / Edendale $630,000 -4.5% 30 -11.8% 60 0.0%
Encino $790,000 10.0% 229 15.7% 357 9.5%
Fox Hills $427,500 7.1% 36 24.1% 22 -47.6%
Glassell Park $645,500 21.8% 48 11.6% 56 -11.1%
Hancock Park $2,110,000 0.5% 15 -21.1% 30 -16.7%
Highland Park $578,500 8.7% 116 9.4% 109 -11.4%
Hollywood $650,000 10.5% 89 -2.2% 102 -17.1%
Hollywood Hills $1,200,000 11.6% 209 8.3% 387 5.2%
Holmby Hills $975,000 -5.9% 10 -28.6% 16 -57.9%
Koreatown / Wilshire Center $522,500 8.6% 100 0.0% 168 -15.2%
Lake Balboa $481,500 12.6% 121 30.1% 111 -19.6%
Marina Del Rey $850,500 11.9% 77 -17.2% 100 -23.7%
Mid-City $831,000 23.1% 103 -2.8% 133 -22.7%
Mid-Wilshire $798,000 13.9% 342 3.6% 496 -12.8%
Mount Washington $682,500 11.9% 66 10.0% 64 -23.8%
North Hills $440,000 7.3% 126 3.3% 128 -32.3%
North Hollywood $450,000 6.3% 154 0.0% 167 -15.2%
North Valley $457,500 9.1% 1,408 9.2% 1,727 -16.7%
Northridge $560,000 6.1% 145 15.1% 214 -2.7%
Northwest San Pedro $470,000 10.1% 105 50.0% 114 40.7%
Pacific Palisades $2,465,176 -1.1% 121 -7.6% 190 8.0%
Pacoima $347,500 5.3% 80 25.0% 104 -20.0%
Panorama City $406,500 11.5% 52 -7.1% 54 -28.9%
Sherman Oaks $751,250 6.9% 282 14.2% 369 -11.5%
Silver Lake $867,000 2.0% 66 -16.5% 72 9.1%
South Central LA $315,000 10.5% 164 -0.6% 257 -7.9%
South LA $342,000 18.0% 685 4.3% 965 -4.2%
South Valley $535,000 9.2% 1,878 10.9% 2,465 -7.7%
Studio City $960,000 -2.0% 178 0.6% 276 2.6%
Sun Valley $417,500 9.2% 81 -14.7% 105 -13.2%
Sylmar $400,750 7.6% 171 14.8% 197 -25.7%
Tarzana $505,000 -8.2% 139 0.0% 253 -5.9%
Valley Village $677,500 -7.8% 53 35.9% 60 -36.2%
Van Nuys $456,000 11.2% 126 -0.8% 177 -8.3%
Venice $1,722,000 18.8% 80 -33.9% 129 -0.8%
Watts $253,000 15.0% 83 13.7% 136 4.6%
West Adams $470,990 34.4% 33 26.9% 33 -25.0%
West Long Beach $347,500 8.6% 40 14.3% 62 31.9%
The Westside $1,100,000 10.0% 1,777 4.5% 2,319 -13.2%
Westwood $832,000 -10.6% 126 9.6% 199 -23.5%
Woodland Hills $655,000 4.0% 269 9.3% 367 -5.4%
Los Angeles, CA $576,000 8.3% 2,551 6.2% 5,799 -16.0%
Neighborhood New Listings Median Days on Market Avg Sale-to-List
Beverly Glen 31 22 95.5%
Beverly Hills Post Office 122 26 95.9%
Brentwood 199 18 99.4%
Central LA 1,309 18 99.0%
Century City 153 12 101.5%
Chatsworth 180 18 99.0%
Cheviot Hills 33 23 98.3%
Crenshaw 61 14 99.7%
Downtown (Los Angeles, CA) 161 20 98.3%
Eagle Rock 115 17 103.3%
The Eastside 720 15 101.9%
Echo Park / Edendale 65 12 101.4%
Encino 360 22 97.2%
Fox Hills 37 12 101.6%
Glassell Park 65 26 100.4%
Hancock Park 25 34 96.0%
Highland Park 129 15 103.1%
Hollywood 98 26 97.9%
Hollywood Hills 331 22 98.8%
Holmby Hills 14 34 95.7%
Koreatown / Wilshire Center 158 22 99.1%
Lake Balboa 139 18 98.8%
Marina Del Rey 104 19 99.5%
Mid-City 144 16 99.7%
Mid-Wilshire 490 18 99.3%
Mount Washington 81 16 101.8%
North Hills 155 15 100.1%
North Hollywood 202 15 99.8%
North Valley 1,925 17 99.6%
Northridge 214 19 98.6%
Northwest San Pedro 116 20 98.6%
Pacific Palisades 171 18 99.8%
Pacoima 108 22 101.4%
Panorama City 75 14 101.1%
Sherman Oaks 388 15 99.5%
Silver Lake 87 13 102.7%
South Central LA 243 20 99.7%
South LA 985 20 100.0%
South Valley 2,596 18 98.7%
Studio City 276 16 98.4%
Sun Valley 104 20 98.6%
Sylmar 233 16 99.8%
Tarzana 243 21 97.6%
Valley Village 69 12 101.3%
Van Nuys 180 19 99.0%
Venice 119 19 99.4%
Watts 125 27 100.3%
West Adams 39 24 101.3%
West Long Beach 61 14 101.7%
The Westside 2,390 15 100.1%
Westwood 195 26 97.4%
Woodland Hills 381 19 98.0%
Los Angeles, CA 3,662 18 99.3%

NOTE: Not all neighborhoods are listed, but totals for L.A. encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over the three months ended July 31. Inventory measures listings active as of July 31.

For more information, contact Redfin journalist services:

Phone: 206-588-6863

Email: press@redfin.com

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Jeffery Marino

Jeffery writes about the L.A. real estate market for Redfin Real Time and works with journalists covering real estate throughout Southern California. He previously worked as an editor and researcher for a leading real estate publishing firm. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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