Los Angeles Real Estate Market Report May 2018
Browse Los Angeles Homes for Sale
Here is a look at the Los Angeles real estate market report for May 2018. This month saw a slight increase in the amount of homes for sale overall while the number of homes actually sold decreased from previous months. Compared to last month, we have also seen an overall increase in the amount of new listings. This is usual as we enter the Summer months.
Despite the slight increase in inventory there has still not been enough homes for sale offsetting market forces, and therefore, we have seen an overall increase in home values. In fact, this month saw some of the biggest increases in home values seen in several months. With rates almost certainly continuing to go up throughout the remainder of the year we are likely to see home values stagnate a bit going forward longer term. However, due to a continued shortage of inventory of homes their values may still increase in the coming months regardless of any further rate increases.
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A Look at the Housing Stats
Number of New Listings: 1,305
Number of Homes Sold: 844
Average Days on the Market: 47 Days
Median Home Sold Price: $851,000
Median Home List Price: $868,367
Homes in LA Sold for 98% of List Price
A Look at Median Home Values in Other Cities in LA Area for May
- In Glendale: $822,000
- In Burbank: $830,000
- In Eagle Rock: $920,000
- In Valley Glen: $710,000
- In North Hollywood: $560,000
- In Studio City: $1,200,000
- In Montrose: $800,000
- In La Cañada Flintridge: $1,895,000
- In La Crescenta: $977,000
- In Sunland-Tujunga: $599,000
- In Mount Washington: $1,020,000
- In Pasadena: $869,000
- In Stevenson Ranch: $596,000
- In Valencia: $550,000
- In Saugus: $550,000
- In Sherman Oaks: $1,075,000
- In Van Nuys: $570,000
- In Granada Hills: $640,000
A Look at the LA Condo Market
Median Home Sold Price: $714,000
Median Home List Price: $714,000
Condos in LA Sold for 100% of List Price
|All Condos for Sale in Los Angeles||Los Angeles Instant Home Valuation|
|Under $400K||Under $500K|
|Under $600K||Under $700K|
|Under $800K||Under $900K|
|Under $1 Million||Luxury Condos Over $1 Million|
A Look at Condominium Values in May in Other Cities in the LA Area
- In Glendale: $459,000
- In Burbank: $661,000
- In Valley Glen: $435,000
- In North Hollywood: $408,000
- In Studio City: $725,000
- In Montrose: $580,000
- In La Crescenta: $520,000
- In Sunland-Tujunga: $456,000
- In Pasadena: $595,000
- In Stevenson Ranch: $418,000
- In Valencia: $380,000
- In Saugus: $410,000
- In Sherman Oaks: $552,000
- In Van Nuys: $375,000
- In Granada Hills: $355,000
A Look at the LA Townhouse Market
Median Home Sold Price: $899,000
Median Home List Price: $890,099
Townhomes in LA Sold for an average of 101% of List Price
A Look at Townhome Values in May in Other Cities in LA Area
- In Glendale: $540,000
- In Burbank: $645,000
- In North Hollywood: $659,000
- In Studio City: $613,000
- In La Crescenta: $618,000
- In Sunland-Tujunga: $435,000
- In Pasadena: $690,000
- In Stevenson Ranch: $460,000
- In Valencia: $463,000
- In Saugus: $465,000
- In Sherman Oaks: $616,000
- In Van Nuys: $384,000
- In Granada Hills: $409,000
What does this Data Mean?
Median price is a form of determining the average price. Therefore, when we show you what the median prices were for this month this is demonstrating what was the average price homes were selling at.
How do we determine whether we are in a seller’s market or a buyer’s market?
There is a simple formula for this. Basically if homes are selling in under 4 months this is indicative of a seller’s market. If homes begin to take longer than 6 months to sell then it is a buyer’s market. Anything in-between is indicative of a fairly balanced market.
What does this mean if you are buying a house in Los Angeles?
To purchase a home in Los Angeles you need a great agent, period! Homes sell quickly and depending on the neighborhood there is often low inventory. If you are looking to buy a house in Los Angeles, Contact Us Today! We can set you up on our VIP Buyer Program which allows you to search homes just like a real estate agent and get access to upcoming listings before they even hit the market.
What does this mean if you want to sell a house in Los Angeles?
Are you looking to sell your home in Los Angeles? There is a lot you will need to know: disclosures, mandatory city & county requirements, and attracting the most amount of qualified buyers to your home. That is why having the best real estate agents working for you is crucial to netting the most amount of money on your home. Text or Call (818) 527-2912 Today to find out more.
Here are the most recently added homes in the median price range of LA:
If you are looking to Buy a Home, Sell a Home, or Invest in Real Estate, Text or Call us at (818) 527-2912 Today!
*Note all data is compiled from the ITech MLS System. The numbers reflect the market from the preceding month as the current month’s stats are not available until the following month.