LA resi sales velocity, in one chart

Almost half of residential sales in Los Angeles recorded in the second quarter took 30 days or less to close, according to a chart by Miller Samuel CEO Jonathan Miller.

A whopping 46.8 percent of sales closed within that timeframe, while 24.6 percent took 31 to 60 days to close. L.A. saw some slow, closes, too — 9.8 percent of sales took more than 120 days. Miller measured the days starting from the last date the price was changed, if ever, to the contract date.

[Elliman Magazine] — Hannah Miet