Number of LA Agents With Closed Deals Ticks Higher

In recent months, more of Los Angeles’ residential real estate agents have found work.

AgentStory, a platform that measures the activity of home sellers, found more people have been active in closing deals in Los Angeles County. In June, it said 7,553 agents were active closing deals, up from May when 7,421 agents were active and April when 6,446 agents were active closing sales for single-family homes.

The platform culls its information from MLS and how many distinct agents work on a closed deal. The platform doesn’t not count the number of agents hustling for a deal in Los Angeles.

Other groups showed upticks in the L.A. market. In March, there were 2,233 signed contracts according to a report released by Douglas Elliman. In May signed contracts increased to 2,431 and in June there was a slight dip to 2,392 contracts signed. Douglas Elliman takes the pulse of the market by measuring homes that have gone into escrow.

Some Los Angeles area agents weighed in on why the market is inching up.

“We’re not talking about huge numbers, but we’ve seen a lot more activity,” said Zane Widdes of the self-named Zane Widdes Group at KW Advisors. “We’re at peak (selling) season and the shock of the ULA tax has worn off.”

The controversial ULA wealth transfer tax went into effect in April and imposes a 4 percent tax on properties that sell between $5 million and $10 million.

Tamara Robinson, Coldwell Banker Realty’s regional vice president for sales in Greater Los Angeles, said seasonality is a big factor.

“There is pent-up buyer demand. We’re seeing buyers acting with more confidence since the Fed slowed interest rates. I’ve seen more people confident about selling homes because they can get multiple offers. It gives buyers a level of urgency,” Robinson said.

Robert Maschio, a Santa Monica area agent affiliated with Compass, credited an uptick of activity to the L.A. market becoming more affordable.

“Prices have come down over the last 12 to 16 months, so things are thawing out,” said Maschio.

He also noted that buyer demand continues strong. A home price index recently released by CoreLogic said that home prices in Los Angeles declined 3.1 percent comparing May 2023 to May 2022.

Lu Gomez of Gomez Morgner Group at Douglas Elliman said his business had remained steady over the past few months. His Beverly Hills-based team kept business going by becoming more active in meeting potential clients and through cold calling. They’ve also sought to extend their market.

“It’s not a buyers’ market, it’s not a sellers’ market. It’s becoming an investors’ market,” Gomez said. “It’s about making the right connections with people who have money and are willing to invest.”