April continued to be an insanely busy month in the Los Angeles real estate market!
The median sales price for a single family home in Los Angeles County shot up to $880,000 in April 2021, almost a 30% increase from the same time last year. And the frenzy of activity that we saw last month continued at an even more frenzied pace: more properties sold and more escrows opened compared to the previous month. Buyers are snapping up properties almost as fast as they come on the market, and the average days on market has fallen even further to 22 days. However, the number of listings continues to decline, which is putting upward pressure on the sale prices, and the months’ supply of inventory slipped further to 2.7 months! (Remember anything less than 6 month’s supply is considered a seller’s market.)
Click here to read the full April 2021 Micro Market Report for Los Angeles and to see statistics for even more neighborhoods and counties in Southern California.