Is Los Angeles a seller's market right now?

Los Angeles is not currently a seller's market. The market shows a decrease in prices and an increase in how long homes stay on the market, which doesn't favor sellers. Right now, the typical home in Los Angeles is listed for $1,100,000. This price is down 8.0% compared to last year. Even the average listing price, which is higher at $2,311,055, has dropped by 4.8% over the past year. Homes are also taking longer to sell. The median time a home spends on the market is 47 days, which is 4.4% longer than last year. This means sellers are waiting longer to find a buyer. In addition, fewer new homes are coming up for sale. New listings are down 4.2% from last year, with only 8,804 new homes added in May. However, the total number of homes for sale is up slightly by 2.0%, reaching 18,523 active listings. About 14.3% of homes have had their prices reduced. While this is a small decrease from last year, it still shows that many sellers are adjusting their prices to attract buyers. If you're thinking of selling your home in Los Angeles, be prepared for a market where buyers have more options and homes are taking longer to sell. Pricing your home competitively from the start will be crucial.