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April Market Update

Spring Sprung in April as sales volume & prices bounced ⬆️ especially in the $2-3MM prices range! Hancock Park recorded 24 sales, twice as many as the prior month & year. Average prices were also ⬆️ due to the mix of price points. On a price per sq ft basis, average prices were ⬆️ early 2% vs March in spite of higher interest rates. Demand under $5MM has been boosted among buyers seeking to avoid Measure ULA taxes.

⬆️ 2 sales were over $5MM – turnkey 356 S Hudson at $16MM & the pure Paul Williams at 601 Lorraine at $5.5MM (vs 0 in March & in April ’23)
–   3 sales were in the $3-4MM range (flat)
⬆️ 10 sales were in the $2-3MM range (vs only 2)
⬆️ 9 sales were under $2MM (vs 8)

Condo sales volume was ⬆️ 18% & prices were ⬆️ 11%. Perhaps home buyers selected condos over homes due to prices?

Lease volume was ⬇️ 20% but average prices ⬆️ 26% to $5,082/month, driven by lack of supply. Hard to find a good lease right now. If you have one DM us!

Income properties or duplex sales were down to 2 from 6 again due to lack of inventory available for purchase. Duplexes are a nice single family home alternative. Many are superb architecturally + are a great value on a price per square foot basis. Nice for multi-generational living too.

Thinking of Selling or Buying? Or tell a friend. We are ready to and would love help guide you home.

Data source: The MLS

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