As the weather warmed up in May, so too did the momentum of the market toward the end of the month. The key takeaway? Homes are selling AND today’s market requires patience, strategic pricing, and an understanding that supply and demand vary significantly by location, condition, and price point.
21 homes closed escrow with an average sales price of $2.595M. The average home measured 2,754 sq. ft. on an 8,114 sq. ft. lot, with an average price per square foot of $971. Sales ranged from $977k to $4.484M, highlighting the wide variety of opportunities available throughout the neighborhood. The highest was 157 N Las Palmas which started near $5.3MM last year.
Average market time was 53 days, although several sales had previously been listed at higher prices before returning to the market with adjusted pricing. Excluding those outliers, sellers generally achieved within 5% of their original asking price.
One particularly interesting “paired sale” was 445 N. Lucerne, which sold for $2.94M after trading at $2.85M just one year ago reminder that location, condition, and proximity to Larchmont Village continue to command strong buyer demand.
Most importantly, the market remains active. There are currently 26 homes in escrow across all price ranges, including 4 properties above $6M.
Current available inventory is 68 active listings, representing approximately 1.5 months of supply. Buyers have more choices than they have had in quite some time, though average days on market have increased to 69 days.
Happy Summer from Hancock Park!
21 homes closed escrow with an average sales price of $2.595M. The average home measured 2,754 sq. ft. on an 8,114 sq. ft. lot, with an average price per square foot of $971. Sales ranged from $977k to $4.484M, highlighting the wide variety of opportunities available throughout the neighborhood. The highest was 157 N Las Palmas which started near $5.3MM last year. Average market time was 53 days, although several sales had previously been listed at higher prices before returning to the market with adjusted pricing. Excluding those outliers, sellers generally achieved within 5% of their original asking price. One particularly interesting “paired sale” was 445 N. Lucerne, which sold for $2.94M after trading at $2.85M just one year ago reminder that location, condition, and proximity to Larchmont Village continue to command strong buyer demand. Most importantly, the market remains active. There are currently 26 homes in escrow across all price ranges, including 4 properties above $6M.
Current available inventory is 68 active listings, representing approximately 1.5 months of supply. Buyers have more choices than they have had in quite some time, though average days on market have increased to 69 days.Whether you’re searching for a fixer, a move-in-ready home, or a trophy property above $7M, opportunities exist across the market. If you’re thinking about your next move or simply want to understand what today’s market means for your home let’s talk.
Happy Summer from Hancock Park!