The median home sale price in Los Angeles County declined again for the third straight month. The median sale price in November 2022 was $870,000, which represents a 2.2% decline from the previous month and is a 1.1% decline from previous year. It is clear that the market has cooled significantly since its peak earlier this year; the average days on market ticked up again from last month to 39 days, while closed transactions are down 43.9% from this time last year. This is due in part to fewer listings on the market now than a year ago, which is keeping supply down, and rising interest rates softens demand among buyers.
As we’ve seen before, not all areas in Los Angeles are experiencing declining prices. Beverly Hills, BHPO, Brentwood, the Sunset Strip, and Venice all saw median sales prices increase month over month and year over year; this is notable particularly in Venice and Sunset Strip, where prices had been on a downward trend since May of this year. Santa Monica, Malibu, Bel Air, and Hancock Park all had median sale prices that were lower in November 2022 than in the previous month and the previous year. The Pacific Palisades, one of the most sought-after neighborhoods in all of LA, has seen mostly rising prices this year, and while the median sales price is lower month to month, it’s still higher in November 2022 than in 2021.
Number of homes for sale is way down, almost to its lowest level in 3 years. There are just 70 homes for sale now, compared to its peak in September and October of 2020, where there were 170 homes for sale.
Months’ supply is 4 months.
Sales price has been on a general upward trend, although the median and average sale price in the palisades peaked in April and May 2022. As of November 2022, the median sale price in the Palisades is $4,325,000. This is an increase of 2.1% year over year, but slightly lower than it was last month.
Inventory is also way down. The number of homes for sale in Brentwood is 62 homes, its lowest level in the past 3 years.
Months’ supply is 4 months
Brentwood has also seen prices on an upward trend since November 2020, although median sales price peaked in July 2022 at $7,169,000. As of November 2022, the median sale price in Brentwood is $4,140,000. This is up 25% year over year, and up from the previous month.
Inventory is down from the peak that occurred in August 2020 but has increased from its lowest point, which occurred Dec 2021-May 2022 where there were only 55-62 listings for sale. Currently there are 77 homes for sale in Santa Monica.
Months’ supply is 6 months (this is a function of there being slightly more homes for sale and but significantly fewer closed sales). There were definitely fewer sales in 2022 (where the highest number of closed sales in any month was 24) compared to 2021 (where the highest number of sales was 37).
Since the start of Covid, Santa Monica median sales prices have been rising steadily, although it has been on a decline since Sept 2022, when the median sale price was over $4.3m. As of November 2022, the median sale price was $2,362,500, which is a 30% decrease year over year and a decline from the past month.
Year over year, the average sale price for our entire MLS has been the same or slightly higher every month in 2022 than it was in 2021. And it was significantly higher than it was every month in 2022 compared to 2020. But the highest average sale price for the entire MLS occurred in May 2022, when the average sale price reached $1,247,020, an almost 43% increase compared to May 2021. Since then, the average sale price has decreased each month to where it is now, around $1.1m as of November 2022, which is almost exactly the same average sale price we saw in November 2021.
During the first few months of the pandemic, the average sale price fell slightly compared to the same time in 2019, but starting in June 2020, the average sale price began to increase above the levels in 2019 and continued to increase year over year until October 2022, when prices started to level off.
to read the full November 2022 Micro Market Report to see how prices in your neighborhood are changing.