Home Buying in Los Angeles>Question Details

Tom, Home Buyer in Los Angeles, CA

how many days are properly priced houses lasting on the market these days?

Asked by Tom, Los Angeles, CA Tue Oct 9, 2012

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Jeffrey T. Sandorf’s answer
Well priced homes on the Westside of Los Angeles are generally receiving multiple offers and going under contract within the first week. Properly priced (market value) are also selling quickly and the average days on market is probably around 35 - 50 depending on the area.

I am happy to share stats with you, please feel free to contact me.

Jeffrey Sandorf
Amalfi Estates
jeff@AmalfiEstates.com
1 vote Thank Flag Link Wed Oct 10, 2012
Dear Tom
Average DOM (depends on what part of Los Angeles) is 45 days. IF the home is priced agressively (meanig low) It's not unusual to get multiple offers from the day it is listed. Under contract the same week.
0 votes Thank Flag Link Sat Oct 13, 2012
Some listings are taking around 10 days or less in some areas in L.A.

What's the location, conditions, and type of your property?
0 votes Thank Flag Link Wed Oct 10, 2012
If property shows good and priced right for quick sale ( low/average for your area and condition) it will sell quickly from few days to few weeks.

If you want to know average days on the market for you city /zip code - please provide me with desired city/zip and I'll be able to provide you more precise Days On Market info for you particular location.

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0 votes Thank Flag Link Wed Oct 10, 2012
Hi Tom,
A standard sale, priced properly, will sell very quickly with multiple offers. You can almost calculate the time in hours versus days. This is especiallly true for homes priced under $550,000.
Good luck,
0 votes Thank Flag Link Wed Oct 10, 2012
Very quickly actually because there is low inventory. Anywhere from the first day to a week so get your offers in... Do you need financing?

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0 votes Thank Flag Link Wed Oct 10, 2012
In Los Angeles? Less than 40 days DOM. Because rates are at their lowest a property is selling in most of LA areas with multiple offers. Remember there are a lot of people who lost their homes about 3 years ago who are now your competition as buyers. There's no shortage of buyers but I'm definitely noticing a decline in inventory for both residential and multi unit properties. If you see something that fits your criteria, move on it quickly.

Good luck
0 votes Thank Flag Link Wed Oct 10, 2012
A "properly priced" home will typically generate offers within the first week of the home hitting the market. A properly priced home usually means a competitively priced home.

Here are a few suggestions on how to competitively price your home.

1. Look at comparable sales in your neighborhood for the last 3-6 months.
2. Consider if the homes are in similar condition to yours.
3. List your home below current market value. This may seem counter intuitive but think about what happens when a department store has a sale. More people end up in the store, right? Your goal is to generate as much interest in your home as possible. Listing slightly below market value is a pricing strategy that often generates multiple offers.

Let me know if you have any more questions. I'm happy to help.
0 votes Thank Flag Link Wed Oct 10, 2012
Homes priced well are selling right away, and in almost any market this is the case. By right away I mean within the first week or two they have an accepted offer. Often though, if a hone is priced incredibly well it will be in escrow as quickly as 2-3 days after it is listed. Of course I also have to say that "priced well" is a matter of opinion. The better way to define what I'm talking about is pricing below current estimated market value. If the estimated value of a property based on comps is around $840,000-850,000 and you have it priced at $790,000 this is going to most likely be a very well priced home and create interest needed to net a quick sale. This is assuming that the comps used are truly comparable. Seem areas are very diverse in the size, types and condition of the homes so you have to always compare apples to apples.
0 votes Thank Flag Link Wed Oct 10, 2012
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