In a slowing market, the number of active agents is dropping.
According to a report by Agent Story, a company that tracks real estate agents and trades, LA's active residential agent pool has decreased by 40% from its peak in 2021 due to the real estate slowdown. An active agent is defined as any agent with a listing, as well as any buyer's agents who participate in a residential transaction.
The study found that hundreds of brokers did not record any transaction or listing in the last quarter, which can be attributed to a 50% drop in home sales. In the fourth quarter of 2022, there were fewer than 3,500 active residential real estate agents in Los Angeles, down from the peak of 5,800 in 2021.
If you are looking to hire a real estate agent during this market slowdown, it is recommended to choose someone with experience, who has been through several past recessions, and who has completed at least 500 transactions.
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