LA: a mixed bag
Prices may have peaked for high-end luxury homes in Los Angeles, but demand for mid- and low-price homes remains strong. True, if you were to compare sales volume over just the last year, Los Angeles is down 24.6%. Yet with the median home price in Los Angeles climbing to over $583,000, the sales volume rate trends close to the average, if put in the context of the last 18 years.
What can you buy for approximately $583,000? One recent sale in Los Angeles for $585,000 was a three bedroom, 2 bath, 1600 sq. ft. home. It was a single-story Spanish style home that featured hardwood floors, Spanish tile floors, wood-burning fireplace, blue granite kitchen counters, and a two-car garage.