LA Westside BlogPOINT

This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

When visiting with guests at my Open Houses, many times I hear the opinion that they should wait a little longer for market prices to drop because they expect another 'wave' of foreclosures to be relased by the banks.  Further discussion reveals that this belief is driven by what they read in the media at which point I explain that those reports are macro-based (i.e. California, Southern California, LA County, etc.) and have little bearing upon the realities of the Westside.

I came upon an article yesterday, April 21st that appeared on the front page of The Los Angeles Times with the headline 'California Home Default Cases Plunge'.  While this is great news in total, with such proclamations as:  

• 'A 40.2% drop in the first quarter suggests that the foreclosure crisis is easing.'
• 'The numbers suggest that the housing market won't be flooded by a fresh wave of bank reposessions, which had been seen as a major threat to the market's recovery.'
• 'Banks have recognized that flooding the market with foreclosures weakens the value of the properties they have taken back and must resell.'

• 'Economists note that further gains statewide are jeopardized by continued high unemployment particularly in the Inland Empire and the Central Valley.'
• 'Foreclosure activity remains concentrated in these inland areas, which suffer from above-average unemployment.'
• 'If you get into the Inland Empire, Fresno, Bakersfield, Modesto, people are really struggling because the unemployment rate is so high.'

                                            

                                         

This report will provide a quick overview as to how the Westside micro-markets are trending relative to the same period a year ago.  The key market indicators examined are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view the actual figures for these categories as well as a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

The EPA has new rules that take effect April 22nd that require remodeling work on homes built before 1978 to be undertaken only by contractors certified by the agency in lead-safe practices.  (An EPA-certified contractor isn't necessary if the work doesn't disturb the paint, but that can be hard to know up front.)

The National Association of the Remodeling Industry recommends that home owners assume lead is present if their home was built prior to 1978 unless they're tested  and found it lead-free.  Certified remodelers will be required to display their EPA-certified training certificate to homeowners.

2010 HOME BUYER'S FAIR

Saturday, Sunday - March 13 & 14

Los Angeles Convention Center

Whether you're a first-time home buyer, or hoping to invest in foreclosures, the Southern California Home Buyer's Fair, sponsored by the Los Angeles Times and the CALIFORNIA ASSOCIATION OF REALTORS®, offers a free, two-day primer on the home-buying process.  This must-attend event is packed with more than 50 educational "how-to" seminars and a large exhibit hall, designed to help you navigate today's real estate market with confidence and peace of mind.  Read more about it here.

The magnet school program (now totaling 173) of the Los Angeles Unified School District has moved up their application deadline this year by three weeks to December 18th.  Last year, the deadline was January 9th and the advanced deadline means parents can find out as soon as April whether their applicaton for a particular magnet school has been accepted.

Current enrollment stands at nearly 57,000 students and only 1 in 4 applications are accepted each year from the 65,000 applications submitted.  Thus, right now is a great time to take action if this program is one you might be considering.  For more information, you can log on to: http://eChoices.lausd.net.

August continues to show validation of upward trends (I can use that term now after 4 months of increases) in market activity.  Open House traffic continues to be strong while multiple-offers seem commonplace on listings that are reasonably priced from the start.  Highlights for the month include:

Beverly Hills SFR - Pending sales up 300% over 8/08 and 71% over 6/09

Beverly Hills Condo - Pending sales up 50% over 8/08 and Sold Pricing up 81% over 8/08

Brentwood SFR - Pending sales up 92% over 8/08 and Sold Pricing up 30% over 8/08

Pacific Palisades Condo - Pending sales up 167% over 8/08

Santa Monica SFR - Pending sales up 50% over 8/08 and Sold Pricing up 15% over 6/09 and 8% over 7/09

Santa Monica Condo - Pending sales up 27% over 8/08 and 36% over 7/09

Westwood Condo - Pending sales up 25% over 8/08

I'm noticing on a much broader scale that inventories are shrinking considerably - escpecially when compared to the first part of the year.  Consider these August stats on Months Supply of Inventory:

Brentwood SFR - 6 MSI versus 32 in 12/08

Brentwood Condo - 3.7 MSI versus 9.6 in in 8/08 (61% decline)

Pacific Palisades Condo - 4 MSI versus 20 in 12/08

Santa Monica SFR - 4 MSI versus 18 in 12/08

Santa Monica Condo - 3 MSI versus 12 in 12/08

Westwood Condo - 8 MSI versus 20 in 12/08

As a reminder, inventories with 5 MSI and less translate to a seller's market.  As inventory is reduced, upward pressure on pricing could easily take place.  For a look at how the other micro-markets performed, click the Market Sales Data tab on the Menu Bar.

 Source:  CLAW/MLS

  Information not guaranteed. © 2008 Terradatum and its suppliers and licensors
                          (http://www.terradatum.com/metrics/licensors)