Douglas Elliman just released our Market Reports for the third quarter of 2020 for Los Angeles and Venice areas.
In the prime Los Angeles real estate market, the median sales price was $1,661,250, which is 7.2% higher than the same time last year. Sales and price trends rebounded quickly after the COVID-related lockdown, but so has listing inventory, and there are now 20% more homes for sale than the same time last year. There were 13.7% more closed transactions in Q3 2020 compared to Q3 2019, but Q3 2020 saw almost double the number of closings as the quarter prior, when the market was restrained by the stay-at-home orders.
In Venice micro market, the number of closed transactions has bounced back from the COVID shutdown. But there is now 42.2% more inventory for Single Family homes and 118.2% more inventory for Condos than this time last year. The growth in inventory outpaced the sales gains in a year-over-year basis, illustrated by the slight decrease in median sales price.
Read the full reports below.