Whether you’re looking to buy real estate or you’re just curious, stats about houses for sale in Los Angeles never fail to disappoint! We’ve seen some interesting developments in the last year and can’t wait to share them with you.
Condos Aren’t As Popular As They Used to Be
In the last year, condo sales have dropped about 24% from the year before. This is interesting, since condos have long been popular with seniors and young professionals as a budget-friendly alternative to a single-family house.
This change, along with increased interest in renting, means that investors might do well to consider rental properties. Those looking to buy a condo might also consider waiting it out to see if prices drop. Talk to a real estate professional to learn more.
Los Angeles Has Reached Ultra-Prime Status
In order for a locale to be considered “ultra-prime,” it has to see a minimum of three home sales of $25 million+ each year for three years in a row. Since 2015, a whopping 51 homes in LA have sold for more $25 million or more.
The only other American housing markets to make ultra-prime in last few years have been Aspen, New York City, and Palm Beach. Internationally, you’d have to go to Sydney, London, or Hong Kong to get a richer market.
House Flippers Love LA
If you’re looking at houses for sale in Los Angeles so you can flip them, you’re in good company. About 25% of California’s house flips happen in LA, and the average profit for a house flipper is around $100,000.
Nationwide, house flips are less than 6% of home sales; but in LA, close to 7% of 2018’s home sales went to house flippers. The jury is still out on this. Some people feel that house flipping makes it harder for renters to own. Other people point out that house flipping gives new buyers more options when they look at property.
There Are Lots of Single-Family Homes
A hundred years ago, LA experienced its first housing boom. City leaders were concerned that the city would become crammed with buildings, with city streets choked of light and air like parts of New York, Hong Kong, or London are today.
Their concern led to the city reserving 75% of all the residential land for single-family homes. Today, Los Angeles is full of residential communities and has largely avoided the concrete urban sprawl of places like Detroit and Chicago.
Housing Is Very Competitive
In some places in America, you can wait for a year or more to get a reasonable offer on your home when you want to sell. That’s not usually the case with houses for sale in Los Angeles. A house in America’s second-most populous city typically sells in less than 50 days.
Even with home prices going up steadily, the average home for sale gets two offers and goes for less than 1% below list price. Homes in great areas even go for an average of 1% more than their list price.
Foreclosures Rates Are Surprisingly Low
Given that LA is a hot market with higher-than-average pricing compared to the rest of the nation, it’s surprising that foreclosures affect only about 0.5% of houses. LA is in the top 10% for appreciation rates but has one of the lowest foreclosure rates in the country.
The national average for foreclosures is 1.2%, meaning that LA property owners may be in better shape than their counterparts across the country.
Houses For Sale in Los Angeles
There are plenty of great properties for sale in LA. There are premium properties, affordable foreclosed homes, and everything in between. To find out what’s best for you, contact Teresa Mack and get the inside scoop on property in Los Angeles.