Friday, February 6, 2009

Westside Sales Volume Falls Off a Cliff in January

According to Melissa Data, total sales volume got pounded, compared Year Over Year (YOY) during January of 2009. While everyone is looking at median prices, what is more important is the total amount of real estate transacted during the month. Declining prices, job loss, tighter loan requirements, loan defaults and foreclosure, are some of the main factors affecting the market.

Let's take a look at how some of our prime areas fared in January:

1) Venice 90291 (-81.5%)
2) Mar Vista 90066 (-78.4%)
3) Marina del Rey 90291 (-78.1%)
4) Beverlywood 90034 (-77.3%)
5) Beverly Hills 90210 (-68.2%)
6) Brentwood 90049 (-66.5%)
7) West LA 90064 (-65.7%)
8) Santa Monica 90402 (-61.1%)
9) Pacific Palisades 90272 (-53.7%)
10) West Hollywood 90048 (-45.5%)

It is interesting to see Venice at the top of the list, as it has been a market leader for some time now. In addtion, the average sales price in Venice dropped (-59.2%) during January (YOY). Scroll down this website to locate areas listed above, to see details on the January, 2009 Total Sales Volumes and Average Selling Prices.

These numbers are truly astounding, and set an ominous tone to 2009.


Anonymous said...

...and they shall continue to fall. While looking for a potential WEHO meltdown to add to your other thread, I came across 9044 Shoreham--probably but one example of what's led to the housing crisis. The home is in zip 90069 above Sunset in the Hollywood Hills of Los Angeles, but not on the part of Shoreham that is in the WEHO which I track.

In any case, it's now on the market for $1,459,000 but was apparently taken back by Countrywide for $2,425,500 recently. Take a quick look at all of the transactions over the past two years--split interests, e.g. What in the world was going on here?

Anonymous said...

And more and more homes continue to come on the market. And many with absurdly high prices. Who in the world would buy now. The inventory is ever increasing which means that further reductions are guaranteed