Home sales in and around Los Angeles are off to a record start this year! The January numbers show double digit increases in most cities and communities.
For Woodland Hills the total number of sales increased 29% while the average sale price increased by 13% over January 2020. The increase in single residence sales for the same comparison period was even more dramatic with the average sale price rising almost 20% to $1.189 million.
In West Hills, the story was similar with the average sale price rising 23% in January to $960,000 for single homes.
The exception was Topanga home sales, which registered an average sale price of $1.522 million last month, a 27% decline from the previous January. With only 5 sales in January 2021 and just 3 in January 2020, average sale price is heavily impacted by each individual sale. In the first month of this year, 1 out of 5 closed sales was over $2 million, and in the first month of 2020, 1 out of 3 closed sales was over $2 million.
Continued low inventory with continued low interest rates will keep feeding the competitive seller’s market well into spring.
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Source: CRMLS, The MLS