Even With Increasing Housing Supply, L.A. Homebuyers Continue to Struggle

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Home prices in the city of Los Angeles rose 7.3 percent in June from a year earlier to $590,000, down slightly from last month’s high-water mark of $600,000. Home sales remained tepid in June, increasing just 2.0 percent over last year.

L.A. Median Sale Price
L.A. Home Sales

While new listings were up 7.7 percent since last June and overall supply continued a six-month run of annual growth, L.A. homebuyers continued to struggle with a lack of options. In June there were 2.4 months of supply available. Six months of supply typically signals a balanced market, which L.A. has not enjoyed since February of 2011.

L.A. home inventory

Even in the face of robust price growth, competition has continued to increase. Forty-two percent of homes sold in June went for more than the asking price and the average sale-to-list ratio came in at 100.2 percent – the highest level recorded since October 2013.

“It’s not breaking news that there is a housing supply shortage in L.A.,” said Redfin real estate agent Anthony Altieri. “While the dream of a perfectly remodeled midcentury home in Silver Lake, for instance, is out of reach for many buyers,  there are options for those whose primary goal is getting a home under contract while mortgage rates are still so low. If you’re willing to consider a fixer-upper or even purchase a condo instead, you can typically buy at a much lower premium and face a lot less competition.”

Area Trends and Hot Neighborhoods

Prices are still rising on the Westside, with the median in sale price this June holding strong at $1.22 million dollars, up 11 percent from last year. Competition remains highest on the Eastside, where 51 percent of all home sold in June went for more than the asking price. With the typical home selling within 20 days, the Eastside was also the fastest market compared with the Westside, South L.A. and the Valley.

With the housing affordability crisis in L.A. seeming interminable, this month we took a look at trends in the condominium market to see where buyers may still find a reasonably priced home in a desirable neighborhood. Of the neighborhoods we tracked in June, here are the ones where condos are still relatively affordable:

  • In Silver Lake the median sale price for a single-family home as of June was $1.07 million. Condo-buyers, on the other hand, were snagging properties in this trendy Eastside ‘hood for a median price of $558,000.
  • In Woodland Hills the typical single-family home fetched a median sale price of $760,000. Condos appeared to be a bargain, which were fetching a median price of just $385,000.
  • Lots of people dream of living in the Hollywood Hills. As of this June, buyers were forking over a median price of $1.4 million for a single-family home. Condo-buyers were still enjoying the prestigious neighborhood and access to the Sunset Strip but for nearly $1 million less, at a median $535,000 in June.
  • Buying on the Westside seems out of reach for the typical buyer regardless of property type. This June the median sale price for a single-family home in Venice was $1.8 million, but a buyer would still have to pay a median price of just over a million dollars for a condo.
  • Condos in the Westside areas of the Pacific Palisades, Malibu and Santa Monica all fetched a median sale price of over $800K in June.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Beverly Glen $1,390,000 -47.0% 15 0.0% 41 41.4% 45 28 98.2%
Beverly Hills Post Office $2,050,000 -7.9% 45 -13.5% 124 40.9% 119 42 98.3%
Brentwood $1,836,000 12.6% 139 -2.8% 128 -5.2% 166 27 100.3%
Central LA $850,000 3.7% 981 -2.9% 1,045 11.2% 1,444 29 99.0%
Century City $1,060,000 25.2% 82 -19.6% 73 -26.3% 110 22 99.6%
Chatsworth $505,000 -4.5% 99 -2.0% 89 20.3% 139 34 99.5%
Cheviot Hills $2,200,000 22.5% 21 -4.5% 16 77.8% 31 34 97.4%
Crenshaw $532,000 15.7% 49 14.0% 15 -34.8% 43 17 104.9%
Downtown $641,250 3.4% 100 -18.7% 138 43.8% 175 35 98.6%
Eagle Rock $750,000 8.9% 82 24.2% 30 -41.2% 79 16 102.6%
East LA $645,000 12.2% 624 0.7% 426 -7.4% 792 20 102.2%
Encino $890,500 9.1% 189 -16.7% 193 6.6% 265 35 99.2%
Fox Hills $470,500 8.8% 28 -15.2% 11 -8.3% 31 12 103.1%
Glassell Park $725,000 13.5% 42 2.4% 27 -6.9% 52 17 104.4%
Greater Echo Park Elysian $855,250 20.0% 46 -17.9% 53 -3.6% 76 33 99.9%
Hancock Park $2,133,500 -7.2% 24 84.6% 30 76.5% 34 25 98.4%
Highland Park $640,000 11.3% 102 7.4% 45 -28.6% 106 22 102.7%
Hollywood $685,000 -4.7% 87 -7.4% 85 28.8% 127 30 98.7%
Hollywood Hills West $962,250 -19.8% 120 -11.1% 174 20.0% 204 31 99.4%
Holmby Hills $870,000 3.7% 5 -44.4% 7 16.7% 4 37 96.8%
Koreatown / Wilshire Center $579,000 -1.0% 135 12.5% 136 7.1% 183 35 98.4%
Lake Balboa $530,000 14.0% 97 -19.8% 62 5.1% 122 30 100.2%
Malibu $2,776,250 33.8% 28 -26.3% 251 5.5% 49 104 94.3%
Marina del Rey $865,000 1.7% 107 42.7% 70 55.6% 126 20 100.8%
Mid-City $850,000 0.8% 160 -0.6% 137 3.0% 210 30 100.2%
Mid-Wilshire $850,000 0.5% 443 1.4% 444 8.3% 620 34 99.1%
Mount Washington $680,000 -9.3% 29 3.6% 27 107.7% 43 19 103.4%
North Hollywood $495,000 8.5% 169 8.3% 111 1.8% 191 32 99.7%
North Valley $480,000 6.8% 1,374 1.0% 924 11.2% 1,793 28 100.2%
Northridge $640,000 19.2% 143 -4.7% 100 -2.0% 186 37 99.4%
Northwest San Pedro $487,250 8.5% 86 -16.5% 72 -8.9% 127 37 99.8%
Pacific Palisades $2,090,000 -13.8% 111 -5.1% 134 22.9% 172 33 98.7%
Pacoima $395,000 14.5% 98 10.1% 45 4.7% 105 17 99.5%
Panorama City $380,000 14.3% 72 -2.7% 41 2.5% 101 30 101.2%
Pasadena $710,000 6.5% 188 9.3% 340 -1.2% 205 18 101.1%
Santa Monica $1,435,000 13.5% 61 -35.1% 136 -11.1% 84 22 100.6%
Sherman Oaks $800,000 6.8% 274 4.6% 248 29.2% 366 35 99.6%
Silver Lake $992,750 7.9% 74 -1.3% 57 54.0% 97 19 105.0%
South Central LA $368,000 9.8% 234 -0.4% 172 -26.5% 339 31 100.1%
South LA $410,000 12.3% 961 -0.2% 808 -9.3% 1,358 32 100.4%
South Valley $585,000 11.4% 1,876 -1.2% 1,565 17.7% 2,559 34 99.6%
Studio City $1,040,000 6.9% 149 -5.7% 176 24.8% 239 30 99.9%
Sun Valley $460,000 11.1% 95 35.7% 51 -7.3% 101 30 99.5%
Sylmar $425,000 6.2% 172 0.6% 102 14.6% 216 28 100.3%
Tarzana $609,000 28.2% 141 4.4% 148 20.3% 207 31 98.8%
Valley Village $860,000 16.1% 81 37.3% 42 23.5% 98 25 100.3%
Van Nuys $491,250 17.0% 104 16.9% 60 -13.0% 135 35 99.8%
Venice $1,500,000 1.7% 130 -5.8% 148 -3.3% 189 37 97.9%
Watts $285,000 14.0% 69 11.3% 53 -31.2% 91 42 98.8%
West Adams $555,750 18.2% 42 -6.7% 29 -3.3% 65 25 101.2%
West Long Beach $372,500 6.7% 36 -28.0% 31 -8.8% 55 31 98.4%
West Los Angeles $1,221,000 11.0% 1,703 -6.8% 1,584 7.5% 2,374 22 100.2%
Westwood $950,000 7.3% 135 1.5% 119 -7.8% 172 26 99.5%
Woodland Hills $710,000 6.8% 263 4.0% 257 33.2% 407 35 98.9%
Los Angeles, CA $590,000 7.3% 2,771 2.0% 6,516 6.8% 3,748 29 100.2%

See Redfin’s data center to find out what’s happening in other cities.

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 June 30. Inventory measures listings active as of June 30.

For more information, contact Redfin journalist services

Phone: 206-588-6863
Email: press@redfin.com

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jeffery-marinoredfin-com

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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