Saturday, February 27, 2010

2009 Year-end Median Prices for The Westside. What a Difference a Year Makes!

The 2009 median price numbers are out for the Westside on Dataquick. Where median prices appear to be increasing for the larger LA areas (Case Shiller Index), the exact opposite is true for the Westside. The lack of financing for Jumbo loans is affecting the sales mix. Lower to mid range properties are slowly beginning to move as banks and sellers lower prices. Meanwhile, the higher-end continues to suffer. In addition, banks are reluctant to foreclose as they "hope" the market turns around. Obviously, they know how bad the market is and would rather not take more losses and keep someone in the house, whether paying or not.

Let's compare yearly total sales and median prices for 2009 compared to 2008, ranked from worst to first:

Single Family Residences (SFRs) :

1) Bel Air 90077
84 sales, $1,465K, -30.7%

2) Malibu 90265
130 sales, $2,000K, -29.8%

3) Santa Monica 90403
29 sales, $1,463K, -26.7%

4) Marina del Rey 90292
26 sales, $1,225K, -26.1%

5) Rancho Park 90064
209 sales, $855K, -21.7%

6) Venice 90291
125 sales, $835K, -21.2%

7) Beverly Hills 90210
212 sales, $2,775K, -17.2%

8) West Hollywood 90069
115 sales, $1,775K, -16.3%

9) Pacific Palisades 90272
201 sales, $1,950K, -15.5%

10) Brentwood 90049
257 sales, $1,849K, -14.0%

11) West LA 90025
61 sales, $952K, -13.5%

12) West Hollywood 90048
87 sales, $940K, -12.6%

13) Culver City 90230
128 sales, $565K, -12.5%

14) West Hollywood 90046
230 sales, $919K , -10.4%

15) Mar Vista 90066
249 sales, $690K, -10.0%

16) Beverlywood 90034
142 sales, $658K, -8.0%

17) Santa Monica 90405
90 sales, $1,025K , -6.8%

18) Westwood 90025
76 sales, $1,756K +3.9%

Although I 'm not a big fan of median prices and prefer price per square foot, these yearly sales figures tend to smooth out seasonal and month to month variations. It's interesting to note, some of the more affluent areas are higher up on the loserboard. Financing has become a huge issue and there are less and less move-up buyers, as most transactions at the lower and mid levels are "one and done". Expect more continued weakness at the higher levels.

Here are the Condo prices:

1) Malibu 90265
130 sales, $610K, -29.8%

2) Venice 90291
33 sales, $835K, -21.4%

3) Marina del Rey 90292
193 sales, $585K, -20.4%

4) West Hollywood 90069
203 sales, $446K, -19.0%

5) Beverlywood 90034
33 sales, $400K, -16.2%

6) West Hollywood 90048
40 sales, $525K, -15.3%

7) West Hollywood 90046
101 sales, $440K, -13.8%

8) Bel Air 90077
20 sales, $1,025K, -12.4%

9) Brentwood 90049
151 sales, $625K, -11.0%

10) Pacific Palisades 90272
64 sales, $673K, -10.9%

11) Santa Monica 90405
89 sales, $650K, -5.9%

12) Rancho Park 90064
45 sales, $522K, -5.2%

13) Mar Vista 90066
67 sales, $42oK, -4.1%

14) West LA 90025
199 sales, $598K, -2.8%

15) Santa Monica 90403
143 sales, $750K, -2.0%

16) Westwood 90024
204 sales, $630K, -1.9%

17) Santa Monica 90402
19 sales, $1,220K, -1.8%

18) Beverly Hills 90210
26 sales, $830K, -1.5%

Once again, there are familiar names at the top. These areas had some of the most appreciation and you would expect bigger price drops. This trend should continue. The other big factor affecting condos are huge inventories left by overbuilding in areas such as West Hollywood and Marina del Rey


Anonymous said...

Just FYI the popular management company Santa Monica Collection went foreclosure yesterday and got bought out for $16M by TRILAR Management Group. Good times! Hopefully they will do a better job than old owners

Anonymous said...

Do you have info on 90034 zip code?

latesummer2009 said...

Yes, I will add it to the list.

Anonymous said...

help me understand - this was a property management company that went bk? did they own a lot of their own properties that they rented out or were they simply a service provider that was managing props owned by someone else

Anonymous said...

This info is very helpful - thank you - continue publishing the price per sq foot data as well that is very helpful. Although I guess price per sq foot is much more relevant for condos than for SFRs

Anonymous said...

'Just FYI the popular management company Santa Monica Collection went foreclosure yesterday and got bought out for $16M by TRILAR Management Group'

- never heard of them, and frankly, they couldn't of been THAT popular or had many hard assets to sell if it got picked up for $16mm...thats the price of one tear down in Bel Air....

Anonymous said...
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