Friday, March 14, 2008

Weekly inventory update

3/14 - SM and PP are up, but Mar Vista is down (it appears partly from expired listings).

3/7 - Santa Monica is up; Pacific Palisades <$2M is down, but up overall; Mar Vista is down. Amazing that people are committing to house purchases (including 4140 Sunnyside, below) just as the economy appears headed off the cliff.

       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
2/29/08 53,520 50 10 68 178 29 8 108 108 88 21 103
3/ 7/08 52 4 71 187 27 4 116 91 79 5 99
3/14/08 53,359 57 11 75 176 31 6 118 90 72 9 101
3/21/08

6 comments:

Anonymous said...

"Amazing that people are committing to house purchases (including 4140 Sunnyside, below) just as the economy appears headed off the cliff."

I can see it being foolish to buy a house that you cannot afford. Those people have no business buying whether we are headed for a cliff or not. And, in my limited understanding of all this, those people are the ones that got us into this mess in the first place (yes, the banks and those sub-prime loans did it but they had people who wanted these products !!!)

I was raised that you buy a house you can afford (being sure you can afford it today AND tomorrow to the best of your ability) and that you make it a home. That it's a place where you live your life - creating memories. The people who buy for those reasons and are financially stable can't possibly be foolish, or are they? Perhaps it's a story book way of looking at it, perhaps I'm old fashioned - I know I'm a sitting duck with this opinion but please don't slam me - I come in peace! ;)

Anonymous said...

yes i agree completely

by the way did you see that a house in the 90402 just sold for 6 million bucks, with a substantial portion of that being paid in cash?

shows that there are still plenty of people out there eager to get in to nicest neighborhood at the $5 million plus price level.

most of the westside is going in to the crapper for sure but there is still an audience for the best

dlp said...

Unfortunately, a lot of people were convinced they could afford these products - the teaser rates, the idea that there house would always increase in price and they could refinance before it got too expensive, etc etc. So the idea that people were bieng foolish -yes, but based on the fact that most people really didn't understand what they were being sold.
However, most of our economic problems aren't really based on those foolish people. Rather it was this crazy crazy crazy wall street structuring of the debt. It was basically a ponzi scheme that everyone bought because the people really at the heart of it were some Brits with fancy accents. Honestly - they are responsible for BILLIONS in losses from a fictional value they attached to "structured investment vehicles." So in terms of foreclosures, I have no problem buying from real estate agents who bought their own hype. Its the folks who got sold a bill of goods -well we should consider our responsibility as a community to those who caught in that web.

Anonymous said...

"Its the folks who got sold a bill of goods -well we should consider our responsibility as a community to those who caught in that web."

dlp --- you are so right --- good karma all around! And to those who misled these poor folks --- well, I guess it's bad karma for them! ;)

Anonymous said...

i also have my fingers crossed that this is a bubble that will burst more considerably....so that i can buy a home.... But the reality is, prices have not come down that significantly on the west side -- and everything on the market is tear-down crap. we looked at 4140 sunnyside, and it was one of the only liveable houses in mar vista, venice AND santa monica UNDER a million. and with a decent downpayment, we could afford the payment - but it still seems outrageous in that neighborhood to pay a million to us. But there are other people who are willing to pay that, and foolish or not, they are keeping the market going. and there are plenty of people waiting to buy. i hope hope hope for a drop back to 2002 prices, but let's not fool ourselves - there are enough people out there who can afford the payments. and how many foreclosures have there been on the westside? not so many, i would bet?

Westside Bubble said...

there are enough people out there who can afford the payments. and how many foreclosures have there been on the westside?

Tightening mortgage standards have to make a difference, and if the economy heads down that'll do more. True, not many foreclosures here (yet). Prices did fall some 25% 1990-1996.