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🏡 December 2023 Luxury Real Estate Market Update & Trends for Los Feliz 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Los Feliz 🌟

By Christophe Choo Posted Jan 29, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Los Feliz 🌟

🔼 Avg Sales Price: $2.92 million, 📈 UP 2%

🔼 Avg List Price $4.63 million, 📈 UP 11%

🔻 Properties Sold: 4, 📉 down 61%.

🔻 Days on Market: 28 📆, 📉 down 18%.

🔼 $/Sq FT: $1,093, 📈 UP 3%

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Los Feliz, a slice of Hollywood in Los Angeles, presents an intriguing real estate landscape as of December 2023. Having grown up in this area, I have a special affinity for its blend of urban charm and proximity to iconic LA spots like downtown and the Burbank studios.

A Market of Rising Value and Quick Sales
The average sales price in Los Feliz saw a steady rise to $2.92 million, up by 2%, reflecting the area's growing appeal. Meanwhile, the average list price soared to an impressive $4.63 million, marking an 11% increase from the previous quarter. This significant hike in list prices showcases Los Feliz's allure in the competitive Los Angeles real estate market.

The Dynamics of Property Sales
December experienced a downturn in property sales, with only four properties sold, indicating a 61% decrease. Despite this slowdown, the average days on the market were just 28, down by 18%, suggesting that while the number of sales dropped, the properties that did hit the market moved quickly. The average price per square foot also witnessed an uptick, reaching $1,093, up 3%, aligning with the high-value trend of the broader Los Angeles area.

Los Feliz, with its Hollywood vibes and prime location, continues to be a sought-after area for real estate investment. The December 2023 data paints a picture of a luxury market that, despite a slowdown in sales, maintains its allure with quick sales and rising property values. It's a neighborhood that embodies the essence of upscale Los Angeles living, making it a top choice for those seeking a blend of urban lifestyle and Hollywood glamour.

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