UCLA Anderson School Forecast & Santa Monica Real Estate

March 19, 2008 at 8:31 pm Leave a comment

The most recent (March 11) UCLA Anderson School economic forecast suggests that the California economy will remain weak but not slide into recession. Full report here: UCLA Anderson School Report

There is a chicken-and-egg relationship between the state of the economy and the real estate market: a weak real estate market is a drag on the economy and concerns about the economy lead to a weak real estate market. I have long been of the belief that consumer confidence is no less than second to interest rates as a gauge of activity in the real estate market and right now that confidence seems shaky.

As a Santa Monica realtor, I’m seeing the number of transactions in the first three months of the year drop roughly 50 percent compared to each of the past four years.

For buyers, at any rate, the situation is not bleak: I just represented Buyers getting an accepted offer on a 2-bedroom condo within walking distance of Main Street for less than $500K…a year ago, that couldn’t have happened.

For more on the Santa Monica real estate market, click on the Santa Monica Homes link on the Blogroll at the right of this screen.

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Entry filed under: Market Conditions, Santa Monica real estate, Santa Monica realtor. Tags: , , , , , , .

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