COVID-19 defined 2020 both across the nation and worldwide. As the lockdown hit Los Angeles early in 2020 there was a moment of widespread uncertainty that rippled through the economy and landed on the LA real estate market as well. As the lockdown orders were lifted, buyers slowly climbed back in the market and ultimately pushed activity above pre-pandemic levels. In most LA markets, increased prices & bidding wars became the norm with seller’s enjoying the fruits of low inventory and buyers supported by historically low mortgage rates.
Immediate and widespread adoption of work from home had so many people rethinking their wants and needs for their home and living spaces. Some looked to change cities and states, while others wanted more outdoor space or walkability from the city where they wanted to stay. Many companies, Facebook & Google included, offered employees the opportunity to work from home into 2021 creating surge from remote workers relocating due to elimination of their commute.
Los Angeles real estate activity looks to continue in 2021 with similar storylines - people are still evaluating their living situation and many are making moves. We are not seeing a mass exodus out of LA, more of a reshuffle - some people see value out of LA while others are moving in. Playa Vista, where my family calls home, is experiencing a similar phenomenon. Many people are leaving in search of bigger yards, and more space - while others are attracted to incredible walkability and beautifully manicured outdoor spaces throughout the area.