Is Los Angeles a seller's market right now?

There are signs that conditions are less favorable for sellers right now in Los Angeles. Prices have dropped compared to last year and even the most recent month. Sales are not happening as quickly as they were a year ago.Selling a home may be taking a bit longer too. The median home in Los Angeles is staying on the market for 55 days. This is slightly less time than last year, but it still means homes aren't flying off the shelves.The median listing price is $1,034,500. This is 1.5% lower than the prior month and 5.9% lower than last year. The average listing price also decreased by 3.0% over the past year to $2,195,231.More homes are on the market compared to last year, with active listings up 4.2% to 20,130. However, fewer new listings came on the market, down 1.9% from last year. This suggests a bit more supply than demand.Also, 17.1% of listings have had their prices reduced, which is a slightly higher share than last year. The pending ratio, which shows how many homes are going under contract compared to active listings, is 0.33, down 5.7% from last year.For sellers, pricing your home competitively and being ready for it to take a little longer to sell could be a good strategy right now.