Friday, February 15, 2008

Weekly inventory update

2/15 - Santa Monica inventory <$3M is down 2% (last week adjusted), Pacific Palisades <$2M is down 4%, and Palms-Mar Vista is down 1% for the week. Our recent Mar Vista REOs are Looking for Backup (3504 Corinth) and gone (4377 Westlawn). Long-time Ocean Park 724 Navy St. appears finally gone.

2/8 - Santa Monica inventory <$3M is up 4% for the week; Pacific Palisades <$2M is flat for the week; Palms-Mar Vista is up 4% for the week. Striking is that Santa Monica and Palms-Mar Vista inventory and DOM are at record levels for this time of year.

       LA County  Santa Monica  Pacific Palisades  Mar Vista
<$3M New Tot DOM<$2M New Tot DOM Tot New DOM

-------- ------ -------------- -------------- ----------
1/30/06 27,732
2/28/06 29,420
3/31/06 31,819
5/ 1/06 34,032 38 33
6/ 2/06 37,847 56 36 38
6/30/06 42,317 66 40 49
8/ 4/06 45,315 70 34 50
9/ 1/06 46,781 71 27 59
10/ 6/06 47,369 83 25 98 71
11/ 3/06 45,780 80 20 91 77
12/ 1/06 43,103 65 18 72 96 39 20
1/ 5/07 35,646 54 4 60 117 33 6 71 66
-------- ------ -------------- -------------- ----------
2/ 2/07 36,715 38 15 45 124 29 16 61 71 70
3/ 2/07 41,251 42 14 51 114 26 10 68 79 55 25 76
4/ 6/07 42,857 41 23 49 107 18 8 73 103 54 52 50
5/ 4/07 45,918 46 28 54 92 19 6 82 79 71 37 52
6/ 1/07 52,198 50 25 61 78 17 15 87 78 77 39 53
6/30/07 52,769 42 18 56 81 17 11 92 77 74 33 61
8/ 3/07 54,166 53 28 68 86 23 12 78 76 84 39 68
8/31/07 57,432 57 21 72 98 18 7 69 75 90 40 79
9/28/07 58,973 59 17 74 103 26 9 90 81 87 20 87
11/ 2/07 58,731 62 19 81 120 29 7 106 77 98 35 88
11/30/07 59,108 52 14 67 136 23 11 88 94 96 23 96
12/31/07 53,475 42 5 53 148 19 2 73 119 79 13 116
-------- ------ -------------- -------------- ----------
2/ 1/08 53,722 54 16 67 157 26 16 101 118 89 36 96
2/ 8/08 56,869 57 6 71 158 26 1 104 117 93 7 97
2/15/08 56 7 71 161 25 4 100 107 92 12 99
2/22/08

7 comments:

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Anonymous said...

Now that's funny.

Anonymous said...

Kevin said...
The reason why prices haven't plummeted in SM is precisely the same reason why there are so many people on here blogging about wanting prices to drop - people want to move to SM. Its all about supply and demand. Sure, the supply is way up, but there is still a very strong demand of new buyers who will continue to buy in SM. Whether you're a doomsdayer blogger on here, a working class middle-incomer or a foreign investor, SM the place to buy and live.

Bottom line is, SM is one of the most desirable places to live in LA and as long as it stays that way, there will always be buyers who will be willing to pay these high prices (regardless of how crazy they may be). I think prices are still ridiculous and I hope they continue to drop (so I can buy in SM too), but don't expect to see the same huge declines you will see in LA overall.


______________

my response -
Kevin - i hear ya loud and clear -
can you clarify what your thoughts are about the following three parts of SM -
(1) canyon
(2) la mesa
(3) walk streets between montana and san vicente

i understand what you are saying but which of those areas you think we can look to see fall the farthest

Anonymous said...

Anon 9:28, do you understand how marginal competition works?

Anonymous said...

I think i understand.

Prices are set on the margin. So for example, it doesn't matter what the average person is willing to pay for a house, what matters is what the marginal buyer is willing to pay and the marginal seller

the margial buyer and seller are the ones at the intersection of the supply and demand curve

is this the answer you were looking for ?

stillwating said...

370 S. Canyon View Dr., has anyone seen it? Any thoughts?

Anonymous said...

Yes, and nice areas like Santa Monica compete at the margins with worse ones, which is why decoupling doesn't occur. Anyway, I guess my comments were meant for Kevin, whoever that is. My apologies.