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February Market Update

February was the wettest month since 1998 with over 12” of rain, the 7th wettest month overall in the LA’s 150 year recorded history, according to the NY Times. This did not deter buyers!

Sales, as demonstrated by the number of pending homes, indicate that demand remains strong.

Expect for inventory ahead as painters finish their projects.

Interestingly only 5 of the 10 sales were $ 2MM+ and just 2 were just over $3MM. There were only 3 sales in Windsor Square & 1 sale in Hancock Park proper (excluding Highland).

The absolute number of transactions was the same vs Feb ‘23 but the top 3 sales then ranged from nearly $6 to 13MM+ in anticipation of the April 1, 2013 measure ULA additional transfer tax.

The highest sale was 268 S. Plymouth just over $3.2MM which sold in multiple offers, nearly 8% above its asking price.

In summary, more inventory is needed between $2-7MM to meet demand!


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