In the month of December we did see median and average prices come down in many areas of LA, both vs November and vs. this time last year. Inventory continues to be very limited.
Anecdotally, we saw some homes sell at a discount, others continue to garner multiple offers and high prices, but we also saw several beautiful homes fail to sell because what the buyers are willing to pay just doesn't match what the seller is willing to sell for. I expect this to be a common occurrence in 2023 as we deal with affordability challenges holding buyers back combined with sellers locked in at very low interest rates who don't feel compelled to sell at lower prices.
As always, if you have any questions about a specific neighborhood or property, I would be happy to do a custom analysis for you.
