It is my pleasure to introduce the Compass 2019 Q1 Real Estate Market Report.
Following many uncertainties in economic and housing outlooks across the regions, buyers in many Los Angeles neighborhoods took a step back and entered the market with great trepidation, ready to step away at any signs of concern. As a result, home sales activity generally posted declines compared to the first quarter of 2018.
Buyers continued to look for value, however, and demand remained consistent in some sought after communities in Northeast L.A., Greater Pasadena and Mid L.A/Baldwin Hills communities. Buyers were not however in a rush and took longer to make offers, extending the number of days on the market.
Buyers also benefited from more options of homes available for sale, though that was more likely to be the case in communities East of 405 than in West Side communities. Nevertheless, buyer reluctance did lead to more price reductions and median prices rising generally slower than last year or showing some weakness compared to first quarter last year.
Overall, the quarter ended with more buyer enthusiasm than it started with, promising a solid spring home-buying season.
Metro Los Angeles
(Atwater, Downtown L.A., Hollywood, Los Feliz, Silver Lake – Echo Park)
While the number of single-family homes on the market declined compared to last year, condominium sales were strong in all Metro Los Angeles communities except in Downtown L.A. – which was constrained by low inventory. Average home prices weakened compared to last year, except in Downtown L.A. and condominiums in Hollywood. Buyers generally took longer to purchase, except for condominiums in Los Feliz.
(Alhambra, Altadena, Pasadena, San Gabriel, San Marino, South Pasadena)
The number of homes sold in the Pasadena area mostly trended below last year, except in South Pasadena where single-family sales increased. The average prices, however, didn’t hold up in South Pasadena while condominium prices jumped. Average home prices varied notably across the region, and buyers took about a week longer to purchase a home, except for condos in South Pasadena and Alhambra.
La Cañada Flintridge
(Atwater, Glendale, La Canada Flintridge, La Crescenta/Glendale/Montrose/Sparr Heights, Sunland/Tujunga)
While home sales activity generally slowed in the La Canada Flintridge region, homes in Atwater remained in strong demand. Changes in average prices varied with relatively more expensive single-family homes in La Canada Flintridge lowering in average sales price compared to last year. Sellers of single-family homes in Atwater were quickest to receive an offer on their homes generally selling them in about 33 days, while sellers in the other areas waited relatively longer.
Northeast Los Angeles
(Eagle Rock, Glassell Park, Highland Park, Montecito Heights, Monterey Hills, Mount Washington)
Home sales activity in Northeast Los Angeles generally slowed in the first quarter, except in Glassell Park where more homes were sold compared to last year. Average home price changes varied a lot across the region, though Mount Washington saw the most notable increase in average prices, up 16 percent. Changes in average days on market varied as well, though sellers in Eagle Rock, Glassell Park and Monterey Hills saw their homes snatched up quicker than last year.
East San Gabriel Valley
(Arcadia, Azusa, Bradbury, Monrovia, Monterey Park, Sierra Madre)
Homes sales activity in East San Gabriel Valley were driven by affordability, with more affordable areas such as Azusa and condominiums in Monrovia gaining in sales activity while other areas experienced less activity compared to the first quarter last year. Average prices were a mixed picture with Arcadia and Sierra Madre posting declines among both single-family and condominiums while single-family homes in Azusa, Monrovia and Monterey Park posted solid gains.