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Southern CA Homebuyer's Fair Here in March!

by Craig Whitlock

 

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.

LA Westside Sales Highlights - December 2009

by Craig Whitlock
Happy New Year!  That may depend however on whether you are buying or selling.  2009 was a year of mixed-blessings on the Westside.  Market price corrections were great news for buyers and not-so-great for sellers.  Month-to-month increases in sales activity as far back as April represented good news for sellers who needed to sell and for industry practioners such as yours truly.
 
December contrasts with it's '08 image by showing considerable gains in sales volume and median sales price increases.  For Southern California, that amounts to the strongest increase since 2006.  December highlights include:
 
Bel Air SFR - Pendings (escrows opened) nearly tripled over November which has measurably impacted inventory.  The market of available homes contracted from a July high of 211 properties to a seasonal low of 154. 
 
Beverly Hills SFR - Pendings are up 67% over 12/08, but still registers as the third lowest level for 2009.  Median sales price increases reveal higher-priced properties are selling with a 20% increase over 12/08 and 30% over November.
Beverly Hills Condo - Huge activity with pending sales levels triple that of October and 50% up over November.  Again, the net impact on inventory is substantial with Month's Supply of Inventory (MSI) showing 20 in October, 9 in November and just 6 in December, indicating a return to a 'balanced' market.
 
Brentwood SFR - Pending sales for December (13) nearly tripled over the same period last year (5).  Median sales price was up 19% over 12/08 while inventory levels were 29% below last year.  Further, the MSI levels show how the market has changed character - moving from 33 months to just 8 this year - a 76% drop!
 
Brentwood Condo - Median sales price up 8% over 9/08, pendings up 30% over 9/08 and MSI reduced from 24 in 1/09 to just 6 in 9/09.       
                                       
Pacific Palisades SFR - Median sales price down 23% over 9/08, which bumped pendings up 91% over the same period.  MSI reduced from 30 in 12/08 to 8 in 9/09.                                                                                                                              
Pacific Palisades Condo - Median sales price up 20% over9/08.  
                          
Santa Monica SFR - Pendings up 109% over 9/08 reducing MSI from 20 in January to 5 in September.            
                                                                                  
Santa Monica Condo - Pendings up 28% over same time last year and MSI drops to 5 in September from 20 in January. 
                                                                                          
Westwood SFR - Median sales price up 6% over 9/08, pendings up 109% over same period last year reducing MSI from 12 in January to just 2 in September!  
   
A combination of factors has contributed to the continued surge of activity - pent-up buyer demand, sellers adjusting their pricing to more realistic price points, first-time buyers seeking to capture the $8K tax credit and historically low interest rates. For the last 3 weeks, the interest rate dipped as low as 4.87% and is now at 5.0% as of this writing. You may not recall that last year, interest rates were above 6%!

I expect we'll begin to see a tapering off in mid-to-late October as we move towards the seasonal Holiday slumber and beyond the deadline to open escrow and capture the $8K first-time homebuyers credit.  For many buyers however, this could be a great opportunity to find a deal on a new home without having to endure the pains of competing with other buyers at the negotiating table.  If you think that might possibly be you, we should talk sooner rather than later.

 

 Source:  CLAW/MLS

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Craig Whitlock
COLDWELL BANKER BRENTWOOD
11661 San Vicente Blvd., 10th Floor
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

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