West Hollywood Gets Hammered, While Venice Takes a Dive in February
According to Melissa Data, the preliminary sales figures for West Hollywood 90069 are dreadful, while Venice 90291 took a big hit. Melissa Data does lump SFRs and Condos together, giving an Average Selling Price. However, it does gives us an idea of what IS selling and what IS NOT . In addition, it is a Year over Year (YOY) comparison that smooths out any seasonal variation, while showing us the Total Sales Volume, a direct result of credit available by banks. Therefore, looking at the precipitous drop in Average Sales Prices (ASP) and Total Sales Volume (TSP), these markets are tanking. Other high flying Westside areas, are sure to follow.
Here are the February numbers:
West Hollywood 90069
TSV - (2/2008) $22,865,000, (2/2009) $5,430,000 (-77.3%)
ASP - (2/2008) $1,345,000, (2/2009) $543,000 (-59.6%)
Venice 90291
TSV - (2/2008) $10,087,000, (2/2009) $6,592,000 (-35.6%)
ASP - (2/2008) $1,441,000, (2/2009) $824,000 (-42.8%)
What's happening in your area?
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6 comments:
No one is buying....
Why would you, when half the world is on sale? All financial assets are deleveraging at increased velocities. By the time you close escrow, you have already lost a chunk of any down payment.
Woo hoo!
I've been stalking houses in Venice for a while, and while I've known not much was moving, it's great to know that the balloon is finally deflating.
We aren't going to buy until things fall into our buy/fix budget, but it's great to feel like there's progress.
It's a slow crawl. It's even hit Hancock Park. Just look at listings and recent sales on Highland Ave.
This summer will reveal just how slow the market is. Very few can, or will want to qualify under the new loan standards.
I suggest waiting until the end of summer (Of course..), before getting too serious.
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