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As we face unique challenges forging through uncharted territory, we bring you the Q1 2020 LKP Market Report. It provides key data and a current perspective on the LA County real estate market.
The spring selling season is usually the most active of the year and, typically, standard market indicators – new listings, total listings, listings going into contract, sales closing— all climb from mid-winter until peaking in early summer. However, since the Coronavirus began to impact us locally in March, all these standard indicators have been disrupted. Though the numbers are much lower than we anticipated heading into 2020, some listings continue to go into contract.
Q1 Market Highlights:
Buyers moved quicker on the desirable Westside as Days on Market (DOM), a good indicator, decreased by 15 percent.
Desirable Westside communities including The Beverly Center-Miracle Mile, Beverly Hills P.O., and Beverly Hills, had large increases in sales activity as average sale prices declined.
Communities on the East Side, including Pasadena, San Gabriel, and South Pasadena, saw average sale prices for single-family homes increase compared to the first quarter last year. DOM in South Pasadena, decreased by 27 percent from last year's first quarter.
We saw strong sales activity in Sherman Oaks, Woodland Hills and Northridge.
Our team is here to help you make informed decisions through these uncertain times. Homebuying has been deemed “essential” under LA’s “safer-at-home” orders. But with strict social distancing guidelines the process looks much different now than it did just a month ago. As we move into the second quarter with primarily virtual showings, we are adapting to these changes and continue to come up with creative solutions to serve our clients.
If you’re interested in buying or selling this spring, please reach out to us so we can go over what options are available to you. The silver lining: look for pent up demand when Los Angeles County returns to business as usual.
Wishing you a safe and healthy month ahead!