2023 Housing Market Crash?
In this episode, Ben Belack and Zach Goldsmith (aka Donald Trump) compare and contrast market sentiments on the street vs the year-over-year data in the pedigreed housing markets of Los Angeles. They also do a deep dive into the value and purpose of New Years' Resolutions.
City of Beverly Hills, new listings down 16% year over year, pending listings, meaning under contract, down 34%. Sold listing the city of Beverly Hills 22 to 2021, down 34%.The average sales price is up almost 8% despite new listings down under, contract down, sold down. But maybe this is just Beverly Hills. It's a global brand that, after all, everyone knows it. They love it. It's not subject to ULA, which we'll talk about in another episode. Sunset Strip, new listings down almost 21%. Pending escrows down 35%. Sold listings down from 543 in 2021 to 376 in 2022. Keep in mind 2022, the height was I mean, we were we still were at the height of this of this bull run in March, still down 30%. Santa monica down new listings, 31% under contract, down 44%. Sold down 37%. Average sales price up by 6%.
Watch the full episode here.
This post is based on an episode of To Live and Buy in Los Angeles with Ben Belack and Zach Goldsmith. For more conversations like this one, subscribe to To Live and Buy in Los Angeles on YouTube, Apple Podcasts, Spotify, or wherever you listen to podcasts.