The rich get richer while the poor get poorer in Downtown Los Angeles

REAL ESTATE NEWS |  Blog Video

Downtown Los Angeles loft condo prices dropped in May, compared to the same month last year. Many more sellers attempted to unload their properties last month, but homes are taking an average of 12 days longer to sell. L.A. urban home buyers can enjoy better deals as most condos dropped in price by $35,000 or more. While most home prices fell, some of the most attractive properties actually went up in price as the well-to-do paid extra for large units that have lots of natural light, views and private outdoor space. This bifurcation between Median Price and Average Price occurs as the rich get richer and the poor get poorer. These numbers provided by real estate professionals MLS Multiple Listing Service for Downtown Los Angeles and nearby loft neighborhoods 23, 42 and 1375.

Number of Listings May 2020: 195 | May 2021: 244

Average Days on Market May 2020: 63 | May 2021: 75

Median Price May 2020: $585,000 | May 2021: $550,000

Average Price May 2020: $676,850 | May 2021: $716,132

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Median loft condo prices still falling in Downtown Los Angeles

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.