Current Real Estate Market Trends:

Average price per square foot for Los Angeles CA was $275, an increase of 9.1% compared to the same period last year. The median sales price for homes in Los Angeles CA for Feb 10 to Apr 10 was $300,000 based on 4,415 home sales. Compared to the same period one year ago, the median home sales price increased 4.2%, or $12,000, and the number of home sales increased 27.2%.

The average listing price for homes for sale in Los Angeles CA was $1,164,574 for the week ending May 12, which represents a decrease of 0.7%, or $8,485, compared to the prior week. Popular neighborhoods in Los Angeles include Hollywood Hills and Bel Air, with average listing prices of $2,259,121 and $6,278,457.

Historyof Los Angeles:

The largest city in California and the second-largest urban area in the nation. It is located in the southern part of the state on the Pacific Ocean. It is the seat of Los Angeles County. Geographically, it extends more than 40 mi from the mountains to the sea.

The Spanish explorer Gaspar de Portolá visited the site in 1769. On Sept. 4, 1781, the Mexican provincial governor, Filipe de Neve, founded “El Pueblo de Nuestra Señora la Reina de Los Angeles,” meaning “The Village of Our Lady, the Queen of the Angels.” The pueblo became the capital of the Mexican province, Alta California, and it was the last place to surrender to the United States at the time of the American occupation in 1847. By the Treaty of Guadalupe Hidalgo in 1848, Mexico ceded California to the United States, and Los Angeles was incorporated as a city in 1850.

The city’s phenomenal growth was brought about by its equable climate, which attracted people and industry from all parts of the nation; the development of its citrus-fruit industry; the discovery of oil in the area during the early 1890s; the development of its man-made harbor—its port is one of the busiest in the United States—and the growth of the motion picture industry in the early 20th century. Today, Hollywood is a part of Los Angeles.

Los Angeles is a major hub of shipping, manufacturing, industry, and finance, and is world-renowned in the entertainment and communications fields. It is a favorite vacation destination and attracts millions of tourists to the area each year from all over the world. Apart from the movie studios and other landmarks associated with the movie industry, points of interest include the J. Paul Getty Museum, the Los Angeles County Museum of Art, the La Brea Tar Pits (famous for Ice Age fossils), Disneyland (Anaheim), and the Santa Anita and Hollywood racetracks.

Los Angeles County is the nation’s largest manufacturing center, and the ports of Los Angeles and Long Beach are second only to New York as the largest customs district in the United States. Major employers in the Los Angeles Five-County area are in the business and management sector. Growth in the key wholesale industries—apparel and textiles, furniture, jewelry, and toys—and the boom in industrial trade were the trend for the region in the 1990s. Other important sectors are health services and international trade and investment. After some lean years, the aerospace industry is making a modest comeback as a result of increased federal defense spending.

Los Angeles Chamber of Commerce