Archive for November, 2009

Q3 2008 versus Q3 2009 Westside statistics

Number of sales up over all on the Westside (about 15 percent if you exclude Topanga) for the third quarter compared to last year, prices varying from nearly flat for Brentwood single-family homes to down 14 percent in Santa Monica to down 20 percent in Venice.  I’ve said it many times but it bears repeating:  all real estate is local, even among various communities within the Westside.   When it comes to gauging the market in your area of interest, you might as well throw away your newspaper and the overwhelming majority of websites.

Tracking other numbers through this year, the market has definitely hit a plateau, most likely the bottom, in Santa Monica.  Inventory—the number of properties on the market—in Santa Monica has dropped by roughly 25 percent in the last eight months.   Median asking prices in several market niches have actually edged upwards in the past couple of months.

Interest rates continue to be both low and relatively stable.   But with unemployment expected to remain stubbornly high for the coming year, consumer confidence will be the key number to watch.

One of the biggest factors about the Santa Monica market is the number of foreclosures…or rather the lack of them.   Year to date, only 4 single-family homes and 20 condos & townhouses that were foreclosures have sold in Santa Monica, a very small fraction of the overall sales.   Unlike other areas as close as the San Fernando Valley, foreclosure sales have not defined and driven the market in Santa Monica.

I plan to post another market report in January examining year over year statistics as well as looking at the latest trends.

Q3 2009 vs. Q3 2008
Real Estate Activity for the Westside

Q3 2008 Q3 2009
Area
# of sales
median price
# of sales
% change
median price
% change
Single Family
Santa Monica
86
$1,850,000
93
8%
$1,600,000
-14%
Brentwood
58
$2,100,00
90
55%
$2,088,000
-1%
Westwood
57
$1,349,000
66
16%
$1,261,000
-7%
West LA
19
$745,000
28
47%
$714,000
-4%
Palms/Mar Vista
97
$792,000
105
8%
$695,000
-12%
Culver City
65
$670,000
63
-3%
$630,000
-6%
Marina del Rey
5
$1,625,000
9
80%
$1,375,000
-15%
Venice
53
$1,120,000
50
-6.0%
$900,000
-20%
Topanga
34
$888,000
20
-41%
$614,000
-31%
Bel Air
42
$1,728,000
42
0%
$1,300,000
-25%
Total Single Family
516
$1,284,000
566
10%
$1,196,000
-7%
Condo/ Townhouse
Santa Monica
149
$730,000
136
-9%
$630,000
-14%
Brentwood 50
$717,000
51
2%
$620,000
-7%
Westwood
167
$684,000
152
-9%
$621,000
-9%
West LA
45
$635,000
52
16%
$545,000
-14%
Palms/Mar Vista
29
$419,000
48 66%
$439,000
5%
Culver City
76
$397,000
92
21%
$350,000
-12%
Marina del Rey
79
$739,000
99
25%
$550,000
-26%
Venice
6
$1,227,000
18
300.0%
$718,000
-41%
Topanga
0
0
1
N/A
$400,000
N/A
Bel Air
1
$615,000
0
N/A
0
N/A
Total Condo/ Townhouse
602
$658,000
649
8%
$560,000
-15%
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November 5, 2009 at 9:13 pm Leave a comment


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