Los Angeles County Real Estate Market Update - September 2024

As September 2024 unfolds, the real estate market in Los Angeles County continues to showcase its dynamic and ever-evolving nature. Known for its eclectic mix of urban and suburban properties, Los Angeles County offers a plethora of opportunities for buyers and investors alike. Let's dive into the latest statistics and what they mean for the market.

New and Active Listings

In September 2024, Los Angeles County saw 6,077 new listings, contributing to a total of 14,195 active listings. This robust inventory reflects a healthy market where sellers are actively participating, providing potential buyers with a wide array of options. The high number of active listings indicates that the market is accommodating both new entries and ongoing interest from buyers, ensuring that there is something for everyone, whether it's a chic city apartment or a family-friendly suburban home.

Pending and Closed Sales

The month recorded 2,506 pending sales, suggesting sustained interest and engagement from buyers. With 3,733 closed sales, the market demonstrates its capacity to efficiently process transactions, converting interest into ownership. This level of activity showcases a balanced demand, where properties are moving at a steady pace, supporting both buyers and sellers in achieving their real estate goals.

Closed Transaction Volume

The closed transaction volume for September reached an impressive $9,451,351,996, highlighting significant economic activity within the Los Angeles County real estate market. This substantial figure underscores the county's status as a lucrative real estate hotspot, attracting both domestic and international investors seeking opportunities in a market renowned for its resilience and growth potential.

Average Days on Market

Properties in Los Angeles County spent an average of 32 days on the market. This moderate timeframe suggests a balanced market where buyers have the opportunity to thoroughly evaluate their options before making a decision, while sellers can anticipate a reasonable period before closing a deal. It reflects a market that is neither overwhelmingly fast-paced nor sluggish, allowing for thoughtful transactions.

Median Sales Price

The median sales price in September was $880,000, a figure that serves as a key indicator of property values in the region. This price point reflects a slight stabilization in property values, making it crucial for buyers to act strategically. For sellers, this median price offers a benchmark for setting competitive yet profitable listing prices.

Implications for Buyers and Sellers

For potential buyers, the current market conditions present a wealth of options. With a significant number of new and active listings, buyers have the flexibility to explore various neighborhoods and property types. However, given the steady demand and respectable average days on the market, acting decisively is advisable to secure a desirable property.

For sellers, the market's active engagement and substantial transaction volume suggest a favorable environment for listing properties. Setting a competitive price aligned with the current median sales price can attract serious buyers, while the balanced market dynamics allow for strategic negotiations.

In conclusion, the Los Angeles County real estate market in September 2024 continues to thrive with a healthy balance of inventory, steady buyer interest, and significant economic activity. Both buyers and sellers can benefit from understanding these trends and leveraging them to achieve their real estate objectives in this vibrant and diverse market.