2 TRILLION AND COUNTING

2 Trillion and Counting

Property Values Reach Record Highs:The Los Angeles County assessor's office has reported a remarkable milestone, with property values soaring to a whopping $1.997 trillion. This marks a substantial 5.91% increase, making 2023 the 13th consecutive year of rising property values in the county. Some cities have experienced even more significant growth, with Burbank leading the way, witnessing a staggering 9.7% boost in property values.

 The top-ranked cities in terms of property assessments are as follows:

City of Los Angeles - $819.7 billion

Long Beach - $74.8 billion

Santa Monica - $49 billion

Beverly Hills - $45 billion

These figures indicate the continued attractiveness and growth potential of the LA County real estate market, attracting investors and homebuyers alike.

 Single-Family Home Prices Undergo Modest Correction:

The second-quarter sales data from our local Multiple Listing Service (MLS) has been released, revealing a noteworthy trend in the single-family home sector. Compared to the second quarter of 2022, the median sales price of single-family homes has decreased by approximately 10%. However, this decline is not surprising, considering the consistent and steady price rise observed from 2021 to 2022. It suggests that the market is undergoing a modest correction, and despite the decrease, prices remain relatively healthy.

Strategic Pricing Key to Success:

Although the pace of home sales has slowed down in 2023, there is still a silver lining for serious sellers. Homes that are appropriately priced are attracting multiple offers, showcasing the demand from eager buyers. In such situations, remember that there can only be one winning buyer. Therefore, sellers should focus on strategic pricing to ensure a successful sale.

My Takeaway:   Two big numbers came out this week for SoCal real estate.  #1 the assessor confirms that values are up county wide for 13 years straight and #2, THE MLS, the largest MLS that serves Los Angeles reported a dip of about 10% in SFR prices compared to Q2022. I have not seen that much of a dip in most of the markets we serve in Los Feliz, Silverlake, Valley, etc.. The houses that have dipped are the ones, that need some work or have less desirable traits.  Nicely done, well priced homes are in multiples even with rates at a 30 day high.  

We deeply appreciate the trust and partnership you have extended to us. As some of the best realtors in Los Feliz and Greater Los Angeles, the Riley Real Estate & Home Mortgage team is dedicated to assisting you in discovering your dream home in the beautiful neighborhood of Los Feliz and surrounding Los Angeles areas. We eagerly anticipate the opportunity to serve you in buying, selling, investing and mortgages and earn our reputation as a top realtor and make your real estate aspirations a reality.

Best,

Riley Schmidt