The Los Angeles real estate market is heavily favoring sellers. Prices are rising, days on the market slowly dropping, and inventory extremely low. So let’s see how the Wilshire Corridor condo market is doing so far this year. The luxury market has started to pick up, but is still slower than the more moderately priced market.
Sold: 16 – low price $350,000, high price $2,830,000. This is 4 down from the same period in 2012.
Median price: $522,400 – down 6.71% over the same period in 2012.
Average days on the market: 147 – up 44 days over 2012.
Sold price vs list price: 95.83% – up 4.7% over 2012.
Under contract: 33
Median price: $1,499,000
There really is no pattern here. The median sold price is down as are the number of solds compared with the same period last year, and the average days on the market is up slightly. However, the sold price over the list price is up slightly.
There are 65 condos on the market right now, 30 of which came on the market since January. With 68 sold over the past 6 months and 33 presently under contract, now is a good time for prospective sellers, to consider putting their homes on the market. Joining most of the rest of Los Angeles, the Wilshire Corridor condo market is definitely a sellers’ market.