L.A. Home Prices Rise in October, But Buyers Are Pushing Back

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LA housing market

Los Angeles home prices rose just 3.5 percent in October from a year earlier to $553,500, marking the fourth consecutive month of slowing price appreciation. Sales in the city were flat, ending a four-month run of year-over-year growth.

Despite the weak showing, homes are selling quickly. The typical L.A. home spent 21 days on the market in October, four fewer than the same time last year. A shortage of homes was one reason for the rapid pace of sales. Inventory was down 16 percent from last year and new listings grew a mere 0.2 percent.

 

LA Prices Chart October

Asking prices leapt by nearly 14 percent over last year, but buyers refused to play along, forcing the gap between sale and list prices to its widest since March.  

“The market is shifting and sellers haven’t quite caught up,” Redfin agent John Underwood said. “Sellers watched as their neighbors’ home prices soared throughout the summer. Now they expect the same, but prices just aren’t rising as dramatically as in previous months. Part of this is seasonality, but it’s also because buyers are demanding more for their money.”

 

L.A. - Homes Sold Chart - October

Area Trends

The Valley’s inventory declined by about 20 percent in October, which, paired with abundant homebuyer demand, intensified competition and sped up the market. Inventory fell by 47.5 percent in Pacoima, 44 percent in Valley Village and 37 percent in Sylmar from last year. The typical Valley home is now selling in about 20 days compared to 23 days in the North Valley and 25 days in the South Valley a year ago.

Although the Valley is attracting buyers due to its relative affordability, the Eastside remains the city’s most competitive market, with about half of homes selling for above asking price. Prices actually declined in several Westside neighborhoods, such as Brentwood, Beverly Glen and Century City. But the median sale price for the Westside as a whole continued to climb above $1.1 million.

Hot Neighborhoods

The trendy Eastside neighborhoods of Echo Park, Highland Park and Mount Washington continued to top the list of the city’s hottest neighborhoods, but there was new competition for that title last month.

With median sale prices between $400 and $500k, Panorama City and West Adams  started catching on, with about 65 percent of homes fetching more than asking price in October. Given its affordability and central location, everyone has an eye on West Adams as a potential hotbed for flippers in the year to come.

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 $1,337,500 -8.9% 14 16.7% 39 -13.3%
Beverly Hills Post Office $2,150,000 -0.8% 53 15.2% 124 -8.1%
Brentwood $1,125,000 -9.3% 110 -24.1% 206 10.8%
Central LA $845,000 11.6% 731 3.4% 1,041 -6.4%
Century City $821,500 -4.4% 88 4.8% 136 3.8%
Chatsworth $537,000 10.7% 143 -4.0% 123 -35.9%
Cheviot Hills $1,795,000 30.1% 23 15.0% 20 -4.8%
Crenshaw $439,000 -4.4% 40 -13.0% 48 9.1%
Downtown (Los Angeles, CA) $605,000 3.2% 99 -7.5% 139 -9.2%
Eagle Rock $716,000 16.0% 75 4.2% 70 2.9%
East LA $610,000 14.6% 524 20.7% 484 -9.0%
Echo Park / Edendale $750,288 26.4% 45 15.4% 62 34.8%
Encino $720,000 3.1% 213 26.8% 259 -4.8%
Fox Hills $450,000 11.1% 28 -9.7% 18 -21.7%
Glassell Park $618,750 12.2% 78 95.0% 46 -14.8%
Hancock Park $2,717,775 113.2% 17 6.3% 25 4.2%
Highland Park $610,000 19.0% 73 -6.4% 80 -20.0%
Hollywood $735,000 7.3% 63 -7.4% 88 -1.1%
Hollywood Hills $1,150,000 5.0% 178 11.9% 298 -2.6%
Holmby Hills $1,950,000 43.1% 9 12.5% 19 5.6%
Koreatown / Wilshire Center $510,000 -5.6% 83 9.2% 132 -22.4%
Lake Balboa $463,000 6.2% 109 26.7% 75 -34.2%
Marina Del Rey $891,500 18.1% 78 0.0% 76 -31.5%
Mid-City $821,500 17.4% 82 -12.8% 121 -12.3%
Mid-Wilshire $846,000 13.9% 271 -9.7% 406 -10.0%
Mount Washington $689,000 6.0% 65 3.2% 62 -7.5%
North Hills $451,500 10.1% 100 -9.1% 115 -22.3%
North Hollywood $479,500 17.0% 135 1.5% 146 -17.5%
North Valley $457,000 7.8% 1,331 6.5% 1,313 -23.1%
Northridge $549,975 6.8% 138 2.2% 151 -20.1%
Northwest San Pedro $475,000 7.3% 96 45.5% 81 3.8%
Pacific Palisades $2,450,750 23.8% 94 -12.1% 159 12.8%
Pacoima $365,000 13.2% 80 3.9% 64 -47.5%
Panorama City $408,000 6.0% 70 48.9% 50 -35.9%
Sherman Oaks $680,000 -2.9% 282 8.9% 318 -9.4%
Silver Lake $757,644 -10.9% 74 29.8% 76 11.8%
South Central LA $327,600 9.2% 152 0.7% 227 -1.7%
South LA $350,000 9.4% 605 2.4% 801 -5.4%
South Valley $532,500 6.5% 1,787 16.6% 1,854 -19.4%
Studio City $977,500 12.7% 166 23.9% 235 7.3%
Sun Valley $420,000 8.1% 67 -17.3% 84 -18.4%
Sylmar $402,750 7.8% 165 28.9% 142 -36.9%
Tarzana $560,500 23.2% 137 5.4% 182 -19.1%
Valley Village $709,500 1.4% 52 6.1% 35 -43.5%
Van Nuys $485,000 16.5% 132 10.9% 116 -31.0%
Venice $1,642,500 17.3% 75 7.1% 112 7.7%
Watts $265,000 13.8% 79 6.8% 113 6.6%
West Adams $465,750 12.5% 34 13.3% 16 -54.3%
West Long Beach $367,526 12.1% 37 -2.6% 38 18.8%
West Los Angeles $1,128,500 19.4% 1,444 -4.3% 1,867 -2.0%
Westwood $880,000 3.6% 127 -4.5% 168 4.3%
Woodland Hills $667,750 5.2% 256 24.9% 251 -28.1%
Los Angeles $553,500 3.5% 2,281 0.2% 5,804 -16.0%
Neighborhood New Listings Median Days on Market Avg Sale-to-List
Beverly Glen 38 20 95.3%
Beverly Hills Post Office 99 36 95.2%
Brentwood 203 22 98.9%
Central LA 1,133 23 98.3%
Century City 141 14 98.7%
Chatsworth 151 26 97.7%
Cheviot Hills 24 14 101.6%
Crenshaw 71 12 100.4%
Downtown (Los Angeles, CA) 140 31 97.0%
Eagle Rock 90 20 100.8%
East LA 684 15 101.2%
Echo Park / Edendale 69 15 104.5%
Encino 276 21 97.1%
Fox Hills 30 15 100.7%
Glassell Park 95 9 99.8%
Hancock Park 31 21 98.0%
Highland Park 106 13 102.1%
Hollywood 96 24 97.2%
Hollywood Hills 292 26 97.9%
Holmby Hills 18 29 99.6%
Koreatown / Wilshire Center 143 23 98.7%
Lake Balboa 117 17 98.4%
Marina Del Rey 103 18 99.1%
Mid-City 149 14 99.4%
Mid-Wilshire 462 21 98.8%
Mount Washington 99 16 102.0%
North Hills 141 20 98.6%
North Hollywood 183 14 99.3%
North Valley 1,675 20 98.7%
Northridge 175 32 97.2%
Northwest San Pedro 99 30 98.7%
Pacific Palisades 160 20 98.8%
Pacoima 93 22 100.2%
Panorama City 74 14 102.1%
Sherman Oaks 377 17 98.2%
Silver Lake 99 16 102.0%
South Central LA 251 22 98.6%
South LA 961 18 99.7%
South Valley 2,264 19 98.1%
Studio City 268 22 97.5%
Sun Valley 96 17 98.0%
Sylmar 190 21 99.5%
Tarzana 193 26 95.5%
Valley Village 56 13 98.9%
Van Nuys 164 15 98.6%
Venice 133 34 97.8%
Watts 127 24 100.3%
West Adams 39 18 101.5%
West Long Beach 48 18 99.6%
West Los Angeles 2,116 17 99.4%
Westwood 148 23 97.4%
Woodland Hills 306 18 97.8%
Los Angeles 3,292 21 98.7%

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 Oct. 31. Inventory measures listings active as of Oct. 31.

For more information, contact Redfin journalist services

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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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