The Los Angeles real estate market is experiencing massive growth and beginning to hit pre-covid numbers. On the Westside alone, we just had our largest number of new listings hit the market for single family homes with a total of 43 new listings and 39 new condo listings. The number of properties currently in escrow has also increased more than it has in the past three months totaling 21 properties. It is safe to say, the #LosAngeles real estate market is alive and well despite the pandemic.
#California as a whole is also experiencing unprecedented growth in showing activity going up 56% in comparison to July of 2019. For individuals that were hesitant to buy or sell during the COVID-19 pandemic, the real estate market is alive and well. To learn the latest real estate market updates happening in Los Angeles and California, watch this week’s full episode of #KeriTV!
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So today we are going to look at a market update in July. We are midway through July. Can you believe it? Like where has this year gone? And I’m talking about what’s happening in the market as I do most often these weeks, instead of just tips and tricks, because everybody wants to know what is going on with the market. Should I sell? Can I sell? Can I buy?
Well, I know we discussed how things have been slowly improving and how they barely even took a dip. But Right now we are seeing almost like a spring and a summer market all combined. And it is just bananas out there. As I’ve been saying, “bananas, bananas, bananas.” They’re looking at numbers for condos and single family on the West side of Los Angeles. We’ve had our largest number of new listings hit the market for single family homes. We had 43 new listings in a week. And for condos, we had 39. The most that we’ve had over the last three months has been about 20 to 30 at the most. So we are hitting numbers similar to pre-COVID, of course. And then the number of properties in escrow has also increased more than it has the last three months. We’re at 21 properties, and 25 single family homes went under contract last week.
Let’s talk about the number of sold properties. So we’ve also had the most amount of sales happen for condos and homes. We’ve had 19 and 18 for a single family and condos. And then as far as the average price, this has been interesting. In the condo market, we’ve actually inched up to have an average price of over a million dollars. So we were hovering around 900 or so for an average price point. And we are now at a million eight. And that’s at 880 a foot for average, for the price per square foot of condos on the West side. That’s been around 750 or so for the last three months. So, that’s a big boom. And there may just be a few higher sales this past month that could, or past week, that could account for that. So, where it’s like to track week over week, month over month. You always can have a big property or a big price that will set off the numbers of it.
But from what we’re seeing, the condo market is just ridiculous. List price to sale price is staying around the same, around 99% for condos and about 97% for home. So when you’re looking at the averages of homes around 2.4 million, which has been pretty consistent, they’re seeing more of a leveling out of prices versus the condos, which are around a million, which are just on fire. So you’re seeing people trying to just get into the market on the West side, wherever they can. And it happens that there’s really good pricing, good deals on these condos.
So of course, when you’re at a million eighty, the average size for that is 1300 square feet. So for good old 1300 square feet, you can get something for a million dollars on the West side. In California as a whole, we’re looking at the California Association of Realtors and all the stats and figures that they pull that they’re looking at for the month of July.
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