Sales Volume of Prime Areas on the Westside, Are Cut in Half During November
According to Melissa Data, Brentwood, 90049 and Santa Monica, 90402 saw their sales volume decline by over 50% in the month of November, measured YOY from November 2007. Mar Vista & West Hollywood, also saw their sales volume tumble close to 50%. Even though Melissa data measures total sales volume of both houses and condos, it gives a good yearly comparison of the amount of real estate business transacted, without seasonal variations. It is no secret, the funding of home loans is getting more difficult, with each passing day. This has and will have a dramatic effect on the real estate industry, as loan requirements become more stringent. Equally troubling, are areas that show a combination of double digit declines in Total Sales Volume (TSP) and Average Selling Prices (ASP).
For those who participated last week's "How Much Will Santa Monica Prices Decline" poll, the results are in:
0-20% decline (11%)
20-40% decline (27%)
40-60% decline (41%)
60-80% decline (21%)
(Click Photo to Enlarge)
And now, here are the latest numbers for November 2008:
WESTSIDE
Santa Monica 90402
TSV (-57.7%) ASP (-3.5%) $1,927K
Brentwood 90049
TSV (-53.2%) ASP (-34.0%) $814K
Mar Vista 90066
TSV (-49.5%) ASP (-18.1%) $655K
West Hollywood 90048
TSV (-48.6%) ASP (-22.9%) $900K
Santa Monica 90403
TSV (-43.3%) ASP (-37.7%) $782K
West Hollywood 90069
TSV (-42.2%) ASP (-27.8%) $717K
Marina del Rey 90292
TSV (-26.6%) ASP (-36.0%) $843K
Santa Monica 90405
TSV (-25.3%) ASP (-17.0%) $841K
BEACH CITIES
Manhattan Beach 90266
TSV (-44.4%) ASP (-28.4%) $1,417K
El Segundo 90245
TSV (-18.0%) ASP (-36.2%) $596K
Hermosa Beach 90254
TSV (-15.7%) ASP (-22.8%) $1,436K
Redondo Beach 90278
TSV (-9.9%) ASP (-13.5%) $681K
Now that job losses are accelerating, December should be very interesting....
Posts
3 comments:
Latesummer...I love ya, but what was the PSF on these zips? C'mon, doesn't that tell a better story? Aren't you a RE agent? You should know this!!!
PPSF (Price Per Square Foot) is not indicated on Melissa Data but, you can find it on the Dataquick Numbers which come out around the 17th of each month. In order to draw good comparisons, we need numbers from the same month in 2007. Perhaps we could start looking at these, as I suspect they have dropped significantly.
P.S. I am a licensed RE broker, but not activated.
THe Redfin CEO made a comment I think is worth noting:
As the stock market wiped out prospective down-payments, tours and offers dropped 30%. Transactions that were done came undone. October will still be pretty good, then we’re headed for a big dip.
http://blog.redfin.com/blog/2008/10/a_very_tough_day.html
Post a Comment