March 2024 Stats

Measure ULA: The “Mansion Tax”

The market stats for March 2024 reveal the impact that Measure ULA “mansion tax” had on the real estate market.

In the Prime Los Angeles area, the median sale price was down 10% and total sale volume was down almost 35% compared to March 2023. In addition, there were 17% fewer closings and 10% fewer escrows opened in March 2024 compared to the year before.

So what does it mean?

These huge decreases are partially a result of the Measure ULA tax that went into effect on April 1 of last year. In March 2023, there was a spike in sales volume as sellers of homes over $5 million tried to close before April 1. Since the tax has been in effect, there have been far fewer luxury sales, and on top of the tax affecting the higher end, the lower end volume is down because the interest rates are high for entry level buyers.

However, there is still a silver lining! While the market year-over-year is down, the numbers for March 2024 suggest there is some improvement in market activity compared to the month prior. Median sale price and average sold price per SF were both up from a month earlier. Overall sales volume was up, and there were more listings in March 2024 compared to February 2024. The most encouraging sign is that the number of new escrows increased 67% from February to March 2024.

By the Numbers

Median Sale Price

March 2023: $2,055,000

March 2024: $1,850,000

Year over Year Change: -10.0%

Average Price Per SF

March 2023: $1015/sf

March 2024: $950/sf

Year over Year Change: -6.4%

Total Sold Volume

March 2023: $2.31B ($2,307,542,235)

March 2024: $1.50B ($1,503,908,967)

Year over Year Change: -34.8%

New Listings

March 2023: 1055

March 2024: 1097

Year over Year Change: +4.0%

Sold Properties

March 2023: 683

March 2024: 563

Year over Year Change: -17.6%

In Escrow

March 2023: 895

March 2024: 804

Year over Year Change: -10.2%

Days on Market

March 2023: 39

March 2024: 36

Year over Year Change: -7.7%

What does this mean for you as a buyer or seller in 2024?

As a qualified buyer, you will have more inventory to choose from now than in previous months, with potentially less competition. As a seller, the market does appear to be finally picking up again. Either way, now is always the best time to buy or sell!

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