We saw a similar story in the LA real estate market in April as last month, renewed momentum among buyers who have more or less adjusted to the reality of today's interest rates, and a lack of new listings to meet the demand. In April we had 15,012 new listings on the entire MLS, down ~40% from the 24,291 new listings we had in April of 2022. As a result, the total sales volume is down significantly over last year but both inventory levels and prices are fairly stable when looking at the broader LA market.
As always, the story looks a little bit different from neighborhood to neighborhood and at different price points. The competition for move-in ready homes at or below the median price point for each area continues to be fierce, and savvy sellers are using property prep and strategic pricing to generate multiple offers (sometimes 20+).
