As a seasoned expert in the real estate industry, I have been closely monitoring the market in Los Angeles County, CA over the past year. With its bustling cities, beautiful beaches, and diverse culture, it's no surprise that this county is a highly sought-after location for property buyers. But just how many properties have been sold in Los Angeles County in the past year? Let's take a closer look.
The Current State of the Real Estate Market in Los Angeles County
Before we delve into the numbers, it's important to understand the current state of the real estate market in Los Angeles County. Like many other parts of the country, this county has been impacted by the COVID-19 pandemic.However, despite the challenges brought on by the pandemic, the real estate market in Los Angeles County has remained strong. In fact, according to a report by the California Association of Realtors (CAR), home sales in Los Angeles County increased by 22.5% in September 2020 compared to the same time last year. This is a significant increase and shows that there is still a high demand for properties in this area.
The Number of Properties Sold in Los Angeles County
Now, let's get to the main question at hand - how many properties have been sold in Los Angeles County in the past year? According to data from CAR, a total of 97,000 properties were sold in this county from October 2019 to September 2020. This includes both single-family homes and condominiums. This number may seem high, but it's actually a 4.4% decrease from the previous year. This can be attributed to the initial impact of the pandemic on the real estate market.However, as mentioned earlier, the market has bounced back and we are now seeing an increase in home sales.
The Average Price of Properties in Los Angeles County
Aside from the number of properties sold, another important factor to consider is the average price of properties in Los Angeles County. According to CAR, the median home price in this county for September 2020 was $710,000. This is a 14.5% increase from the previous year. This significant increase in home prices can be attributed to the low inventory of properties in the market. With a high demand for homes and a limited supply, prices are naturally driven up.This is good news for sellers, but it may make it more challenging for buyers to find affordable properties.
The Impact of COVID-19 on Property Sales
As mentioned earlier, the COVID-19 pandemic has had an impact on the real estate market in Los Angeles County. In March 2020, when stay-at-home orders were first implemented, there was a noticeable decrease in property sales. However, as restrictions eased and people adjusted to the new normal, we saw an increase in sales once again. One interesting trend that emerged during this time was the increase in demand for properties outside of major cities. With more people working from home and prioritizing space and outdoor areas, suburban and rural areas saw a surge in property sales.This trend is likely to continue even after the pandemic is over.
The Most Popular Cities for Property Sales
Los Angeles County is home to many cities and neighborhoods, each with its own unique charm and appeal. But which cities have seen the most property sales in the past year? According to CAR, the top five cities for property sales in Los Angeles County are:- Los Angeles - 22,000 properties sold
- Long Beach - 6,000 properties sold
- Torrance - 3,000 properties sold
- Glendale - 2,500 properties sold
- Pasadena - 2,000 properties sold
The Future of the Real Estate Market in Los Angeles County
So, what can we expect for the future of the real estate market in Los Angeles County? While it's impossible to predict with certainty, experts believe that the market will continue to remain strong. With low interest rates and a high demand for properties, it's likely that we will see an increase in home prices and sales in the coming months. However, it's important to note that the pandemic is still ongoing and could potentially have an impact on the market.As we continue to navigate through these uncertain times, it's crucial for buyers and sellers to work closely with their real estate agents and stay informed about any changes in the market.
