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
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