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LOS ANGELES MARKET REPORT: HOME SALES IN THE COVID19 ECONOMY

Los Angeles. Day 56 of California’s Stay-In-Place order.

Home sales, by no means business ”as usual,” are getting done and escrows closing.

Changes in health and safety protocols when interacting with the consumer changes daily. April 28 was a first sign of re-opening residential real estate and the vital reconnecting with consumers face to face at a safe social distance, with the Mayor of Los Angeles public announcement that showings of home could take place with mindful, strict protocols.

On technology: The rapid development of virtual showings and open houses are becoming more widely used as a first introduction to a home or income property. Is this a window to the future or a layer to the home buying experience? The real challenge is creating the emotional “home connection.” The current technology and execution seem to be paralleling on-line dating.

Over the year and well into the “stay in place” COVID19 economy, the key one-year home sales numbers in the Los Angeles Metro Area for the one year to period, month of April (2019 v. 2020):

 

2019 Total Units Sold           Total Sales Volume                        Average Sale Price/List Price

672                              $1,213,445,000                                   97%

2020 Total Units Sold (% )   Total Sales Volume (%)                 Average Sale Price/List Price

342 (down -49%)       $700,427,000 (down -42%)             93%

2020 Current Listings For April, 2020 (as of 4/30/2020)

   Active   (Homes)           Accepted Offer (Under Contract)     Pending (to Close Escrow)        

1,748                                       253                                                         331

To our global neighbors, together let’s stay safe and committed to our collective health, to reopening businesses, restoring paths of prosperity and let’s lead and move forward on to a strong global economy

 

Source: The MLS published active and closed sales as of 4/30/2020

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