Here are the August Los Angeles County numbers from DataQuick, to complement our Westside zip codes. I've labeled the previous two Augusts, and shaded the busy-season second quarters.
It has the same effect as the local chart: far below recent Augusts, in the vicinity of February lows. Also see Calculated Risk for excerpts.
Wednesday, September 12, 2007
August DataQuick plunge
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2 comments:
As I mentioned in a previous post, we will have to wait until the end of September mid to the end of October in order to evaluate the real impact of the mortgage crunch.
That said, here are the most recent numbers:
In the last 30 days, starting 8/12/07, in the entire SM, based on actual facts from the MLS, 59 (19 SF; 40 CC) listings entered escrow of which 3 (1 SF; 2 CC) have already closed, 23 (8 SF; 15 CC) are pending, 25 (10 SF; 15 CC) are looking for a backup and 8 (2 SF; 6 CC) are active again. For the same period last year, 54 (17 SF; 37 CC) entered escrow and closed with only 1 SF falling out of escrow and expiring unsold.
Closed escrows during the month of August (8/1 - 8/30):
'06 - 19 SF; 44 CC
'07 - 18 SF; 37 CC
Looks like still very active market and that is during the mortgage turmoil and these are hard facts and not an estimates nor guesstimates.
Market in SM has shifted, however, the inventory is not exploding and demand is still there.
RE market is very local and looking at LA county numbers or even the entire WS, can be very misleading.
can somebody explain to me in real basic economic terms why sales can decline, but prices remain steady? Are we just waiting for the other shoe to drop or is the market really that efficient?
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