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%