Friday, February 22, 2008

Weekly inventory update

2/22 - Pretty flat: Santa Monica inventory <$3M is down 2%, Pacific Palisades <$2M is up 4%, and Palms-Mar Vista is down 1% for the week. SM average Days on Market (DOM) is a record 168 days from first listing date.

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 53,805 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 53,853 55 9 70 168 26 6 107 105 91 17 99
2/29/08

9 comments:

Anonymous said...

Did you notice that a house on franklin
south of montana just sold for three million to a family that intends to custom build on the site?

is 3.0 million the highest we have ever seen for teardown south of montana ?

Anonymous said...

Can others post news on teardowns south of montana -

is that area gaining on 90402??

Anonymous said...

closing the gap?

Anonymous said...

Perhaps with the drive by shooting in the 90402 and the increasing number of homeless hanging around Montana Avenue

more people are attracted to the neighborhood around Franklin - there is no commercial right around Franklin - it is close to the country club

i mean i don't know but there has got to be some reason people want to pay three million for that hood

Anonymous said...

The view?

Anonymous said...

You Westside bubble

wassup with the most recent sales of teardowns.

do these data points point to HIGHER prices for teardown houses than in 2007, LOWER or same ??

Let's hear the truth

Anonymous said...

Over on Manhattan beach confidential, I have read about the phenomenon of older couples that own a house in MB buying a house nearby for their kids as their kids graduate from college

the idea is that they want their kids to settle in MB so that they are within easy access to the parents


Can anyone with experience in the 90402 comment on this - are the parents in the 90402 that can afford it buying houses today for their own kids as they get out of college - will the 90402 evolve in to a multi generational home the way MB has ?

I am NOT a bull or a bear. I really don't care what a house in the 90402 sells for - I just want to know what is going on with my neighbors, who my neighbors will be

Anonymous said...

NO ONE SHOULD COUNT ON PARENTS BUYING HOUSES FOR THEIR KIDS IN THE 90402 TO BAIL OUT THE WHOLE HOUSING MARKET

HOWEVER I AM INTERESTED IN HOW COMMON THIS IS IN THE 90402

BY THE WAY ARE THERE ANY OTHER BLOGS THAT DISCUSS LIFE IN SM - NOT THE REAL ESTATE MARKET BUT THINGS LIKE SCHOOLS AND COMMUNITY STUFF - I AM BORED AS HECK BY THE REAL ESTATE MARKET AND WANT TO DISCUSS OTHER STUFF

Westside Bubble said...

recent sales of teardowns

As I posted, it looks pretty flat for now.

buying a house nearby for their kids

News to me, but if you have a couple million per kid lying around, why not?

ARE THERE ANY OTHER BLOGS THAT DISCUSS LIFE IN SM

I don't have any to recommend. Have you tried Googling Santa Monica blog?