Archive for June, 2009

2009 versus 2008 Westside Market Report

It’s interesting to track real estate sales in 2009 versus 2008.   Following is a chart comparing the number of sales and median sales prices  in several Westside areas.

The first thing to leap out is that not all areas are equal.  Compare the token increase in the price of Westwood single-family homes with the 42.8 percent drop in prices in Brentwood.

The other thing that strikes me is the overall decline in single-family home prices at 20.6 percent for the Westside as a whole versus only 9.0 percent for condos & townhouses.   To a large extent, these numbers reflect the relatively greater difficulty in securing loans in higher price ranges compared to lower and they are skewed accordingly.   However, the implication is that if you can sell your condo/townhouse and you can get the necessary loan, this is actually a *great* time to move up from a condo/townhouse to a single-family home as the gap in prices between them has narrowed overall.

The market shows signs of bottoming on the Westside, particularly in the lower price ranges, as prices begin to firm and multiple offers pop up on well-priced properties.   As one important marker, there are only 7 single-family homes that are foreclosures in these Westside areas combined.   In places where there are many foreclosures, there is still downward pressure on the market.  Buyers expecting to find the same kind of deals on the Westside are going to be disappointed.

I will post another market update in a couple of weeks when comparisons of the first half of both years can be made.

Q 1 2009 vs. Q1 2008
Real Estate Activity for the Westside

2008 2009
Area
# of sales
median price
# of sales
% change
median price
% change
Single Family
Santa Monica
33
$2,134,235
14
-57.6%
$1,539,500
-27.9%
West LA
9
$840,000
9
0.0%
$590,000

-29.8%

Brentwood
37
$3,000,000
27
-27.0%
$1,715,000
-42.8%
Westwood
33
$1,338,000
23
-30.3%
$1,370,000

2.4%

Palms/Mar Vista
52
$762,500
41
-21.2%
$713,000
-6.5%
Culver City
21
$740,000
29
38.1%
$585,000

-20.9%

Marina del Rey
8
$1,650,000
3
-62.5%
$1,300,000
-21.2%
Venice
24
$1,074,500
12
-50.0%
$831,000
-22.7%
Topanga
8
$842,500
9
12.5%
$700,000
-16.9%
Bel Air
23
$1,840,000
12
-47.8%
$2,150,000
16.8%
Total Single Family
248
$1,233,677
179
-27.8%
$979,302
-20.6%
Condo/ Townhouse
Santa Monica
62
$660,000
58
-6.5%
$578,750
-12.3%
West LA
32
$601,500
14
-56.3%
$672,500
11.8%
Brentwood
30
$670,000
19
-36.7%
$699,000
4.3%
Westwood
66
$700,600
50
-24.2%
$667,500

-6.2%

Palms/Mar Vista
30
$440,750
10
-66.7%
$400,000
-9.2%
Culver City
28
$409,900
34
21.4%
$350,000
-14.5%
Marina del Rey
34
$780,000
35
2.9%
$587,000
-24.7%
Venice
2
$865,000
6
200.0%
$702,500
-18.8%
Topanga
0
0
0
N/A
0
N/A
Bel Air
0
0
2
N/A
$647,500
N/A
Total Condo/ Townhouse
284
$631,852
228
-19.7%
$574,971
-9.0%
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June 22, 2009 at 9:02 pm Leave a comment


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