From the start of pandemic lockdowns, Downtown real estate had a much rockier recovery than most other (largely single-family) LA neighborhoods. Dominated by condos and apartments, the DTLA residential market reached a low point in Q2 of 2020. But unlike nearby areas, downtown continued to struggle through the rest of that year.
Prices finally stabilized, however, and began to show consistent growth and recovery in 2021. Condo prices in downtown grew stead- ily each quarter for the year. And as of Q4, the average sale price was up over 25% from the pandemic low!
Days on Market (DOM) has also been falling during this time. A metric which tracks how quickly listings are selling, DOM for downtown has been trending downward since the start of 2021. In Q4 the metric reached a two-year low, showing that DTLA condos on average were spending less than 2 months on the market. This is a further confirmation of the recovery the area has been experiencing.
The numbers have softened a bit since the start of the year. However, so far this appears to be due to routine market seasonality – Jan and Feb are tradi- tionally the slowest months for closings. In addition, the average price per SqFt has reached $699 for 2022 YTD, its highest level since before COVID. This again shows the continued strong interest in downtown condos!
We’ve been excited to see DTLA coming back to life this past year, and believe that it’s on track to continue! We are always happy to chat with our friends, clients and neighbors about DTLA real estate. You can see the most updated infor- mation and stats in the online version of this report, posted on our resources page at urbana.realestate/blog
After a year of unprecedented challenges, DTLA showed its resiliency and began to pick up momentum once again in 2021. Here we highlight a few businesses that have opened or re-opened since the Pandemic. BONUS: see below for special offers from Gusto Green and Yuko Curry Bar!
Yuko Kitchen, located at 5th and Main Streets, has been serving the DTLA community with comfort japanese food for over five years. It is considered the Historic Core’s hidden gem with it’s delicious food in an oasis of plants and friendly staff. Just a few steps away is the Yuko Curry Bar, with it’s now famous Living Plant Tunnel, serving the best curry rice bowls that features the best-selling Chicken Katsu. Both locations are now offering indoor dining, to-go/pickup, and delivery through Ubereats (available soon for Yuko Curry Bar). Photo credit: Mariah Tauger / Los Angeles Times
Government stimulus, supply constraints and economic growth have caused inflation to rise. Now, geopolitical tensions threaten to increase commodity prices and inflation even more. As a result, it is widely expected that the Fed will raise interest rates this year to combat inflation. However with inventory still at all-time lows, it will take more than a modest increase in rates to have a meaningful impact on the real estate market.
To achieve a quick sale and the highest possible price, it’s crucial to polish your home’s image to make it as inviting as possible to potential buyers! In this guide, we lay out a step-by-step process to make sure you are covering all your bases when preparing your home for sale.
Part 2 – The continuation of our podcast-style interview with a lender! In this interview we dive deep into the topic of loans to answer some of the biggest questions, including what mistakes you should avoid!
All information relating to market statistics and recent sales is obtained from TheMLS®, deemed reliable but not guaranteed. All parties are advised to conduct their own research. This is not an advertisement of property for sale, and is not intended as a solicitation if you are represented by a real estate broker.
Sinnott Real Estate, Inc. DRE 02134581 (DBA Urbana Real Estate). Marc Sinnott, Broker-Owner DRE 01907477.
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