Hats off to Polaris Pacific real estate consultants for providing us with its August 2018 new home market update for Los Angeles.
The median sale price for a new single-family home in Los Angeles was $811,102 in August 2018. This price represents a +7.4% increase compared with last year at this time.
The number of condominium closings in August 2018 dropped -31.9% compared with last year at this time. The months of remaining inventory (MRI) were 3.1, a +17.8% increase when compared with last year.
From 5/18 – 7/18, price changes involving the sales of single-family homes throughout areas of Los Angeles looked like this:
- Tri-city – +13.2%
- Hollywood – +3.7%
- Westside – +9.0%
- Korea Town – -1.2%
- Downtown – 4.5%
From 5/18 – 7/18, changes in the number of single-family home sales throughout various areas of Los Angeles looked like this:
- Tri-city – 41.6%
- Hollywood – -25.1%
- Westside – -16.1%
- Korea Town – -4.2%
- Downtown – +11.4%
(I don’t know about you but my eyes are popping out looking at these down and up sales percentages. These changes are substantial!!!)
Cash buyers represented 38.8% of all buyers on 7/31/18. This is an increase of +25.9% compared with last year at this time. Investor buyers represented 33.9% of all buyers, an increase of +30.6% when compared to last year at this time.
Re-sales in metro Los Angeles dipped -31.9% as of 7/31/17.
Days on the market (DOM) have declined every year in metro Los Angeles from 2001-2016 with the exception of a slight increase in 2014. Days on the market on 7/31/18 were 41, a -12.8% from 7/31/17.
Months of remaining inventory (MRI) were 3.1 months, a +17.8% increase from last year.
Look for new construction most anywhere in metro Los Angeles, particularly in Downtown LA.
