Los Angeles County Market Update - June 2024

The real estate market in Los Angeles County remains dynamic as we delve into the middle of the year. Here’s a comprehensive update on the latest statistics from June 2024 to keep you informed and help guide your real estate decisions.

New Listings

June 2024 saw a surge of activity with 6,542 new listings hitting the market. This substantial number indicates a significant increase in inventory, providing numerous opportunities for buyers looking to enter the market.

Active Listings

By the end of June, there were 12,535 active listings in Los Angeles County. This large inventory highlights the variety and breadth of options available to potential buyers, making it a diverse market.

Pending Sales

Pending sales for the month totaled 3,920. This figure represents the number of properties that are currently under contract but have not yet closed, showcasing strong buyer engagement and transaction momentum.

Closed Sales

The county recorded 4,035 closed sales in June. This high number of finalized transactions reflects robust market activity and successful deal completions throughout the month.

Closed Transaction Volume

The closed transaction volume for June 2024 was an impressive $10,384,809,108. This significant figure underscores the high value of completed transactions, demonstrating the financial vitality of the Los Angeles real estate market.

Average Days On Market

Properties in Los Angeles County averaged 27 days on the market before being sold. This metric is essential for understanding the speed at which homes are moving, and a 27-day average suggests a brisk pace for sales.

Median Sales Price

The median sales price for June 2024 stood at $920,000. This median price provides insight into the typical property values, helping both buyers and sellers understand the market's pricing landscape.

Market Analysis

The data for June 2024 reveals a very active and competitive real estate environment in Los Angeles County. The high number of new and active listings indicates a bustling market with many opportunities for buyers. Pending and closed sales figures demonstrate steady demand and successful transaction completions, while the immense closed transaction volume highlights the substantial monetary flow within the market.

The average days on market being just under a month signifies a relatively fast-moving market, beneficial for sellers looking for quick turnarounds. The median sales price of $920,000 offers a clear benchmark for property values, aiding in setting realistic expectations for both buyers and sellers.

Conclusion

Los Angeles County's real estate market in June 2024 continues to be vibrant and robust. With high levels of new listings, active inventories, and impressive transaction volumes, the market shows no signs of slowing down. Staying up-to-date with these trends will be crucial for anyone looking to make informed real estate decisions in this dynamic market.

Keep an eye out for more updates and insights into the Los Angeles County real estate market!