Los Angeles Quarterly Market Insights Report (Micro): Q1 2020
April 15, 2020
As we face unique challenges forging through uncharted territory, we bring you the second annual Compass Q1 2020 Market Insights Report. It provides key data and a current perspective on the L.A. County real estate market. Compass is here to help the community make informed decisions through these uncertain times. Click here to view the full write-up.
Results for the first quarter of 2020 were location and market specific. Buyers moved quicker on the desirable Westside as Days on Market (DOM), a good indicator, decreased by 15 percent. The reason? A decline in home prices combined with historically low mortgage rates.
Always 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.
Conversely, 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. When prices increase, buyers often make strong initial offers faster. Days on Market in South Pasadena, a sought-after community, decreased by 27 percent from last year’s first quarter.
The San Fernando Valley, where buyers often find larger and more affordable homes than the Westside, saw strong sales activity in Sherman Oaks, Woodland Hills, and Northridge.
As we move into the second quarter with only virtual showings, Compass brokers report increased website traffic. Look for pent up demand when Los Angeles County returns to business as usual.
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