More drops in today's August DataQuick numbers. Median prices are now -30.9% for Los Angeles County from its peak only a year ago, last August. Volumes dipped for the month, (-7.7% for LA County). (July DataQuick post)
This puts Los Angeles County prices back to March 2004, Orange County back to October 2003, Ventura County back to the July 2003, and San Diego all the way back to November 2002.
Calculated Risk noted, "Almost half the sales in SoCal are foreclosure resales. Wow."
Wednesday, September 17, 2008
August DataQuick
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9 comments:
This is great - very interesting
would it be possible to plot 90402 on this same graph - it would be nice to be able to see apples to apples how the 90402 is doing vs these other markets
i am a bear but want to see 90402
LA times shows that nearly half of all sales in August were of foreclosed houses. Does anyone know the % of foreclosed sales in the West LA / Santa Monica area?
Blah,blah, sales are down, blah, blah....but a decent, well located SFR in SM is still up!!!!!!!!!
arrrrgghhhhhh. There is no justice in the westside RE market
Sales in 90402 are too few for monthly median prices to be very meaningful.
I have plotted them intermittently from Melissa Data, most recently through April 2008. Probably worth an update, though.
90402 land was 300k in 1981, 900k in 1990, 600k in 1995, and 2.2 mil in late 2007 and 2.0 right now
The bigger they are the harder they fall. 90402 is not immune. Not everyone who lives there is sitting on a pile of cash. My guess is many are sitting on a pile of debt. The world is deleveraging right now, so why wouldn't the 90402? My guess is it could be the epicenter of "creative financing" It would be interesting to see how many people bought from 2000-2008 there. They will be the ones in trouble.
When all is said in done, 50% drop from peak (2007) to trough (?).
Sorry folks..
http://www.westsideremeltdown.blogspot.com
this is very interesting -
can we get a new thread each time a 90402 non canyon home closes ? It would really be useful to see in real time what is happening there - property by property
can we get a new thread each time a 90402 non canyon home closes ?
Start with July's YTD lists of 90402 outcomes over $3M and below $3M.
The August monthly inventory list has a couple more, and I'll try to note new ones in future weekly / monthly inventory updates.
I read that they are now back to a low...
"Bargain shoppers helped push Southern California home sales higher in May compared with April - a normal, seasonal lift - but it was still the slowest May in more than 20 years. The median price paid fell a record 27 percent from a year ago, the result of sluggish high-end sales, more sellers dropping their asking prices and lenders selling off more of their aggressively priced, repossessed homes.
A total of 16,917 new and resale houses and condos closed escrow in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in May. That was up 8.3 percent from 15,615 in April but down 14.9 percent from 19,874 in May last year, according to DataQuick Information Systems.
Although last month's sales total was the highest for any month since August 2007, when 17,755 homes sold, it was still the lowest for a May in DataQuick's statistics, which go back to 1988. Last month was also 36.5 percent lower than the May average of 26,637 sales.
April sales had risen sharply from March and broken a seven-month string of record lows, where each month's sales had been the lowest for that particular month in DataQuick's statistics. However, a portion of April's sales was likely the result of escrows taking longer to close this year. Some deals that would normally have closed in March, a relatively strong month for seasonal reasons, probably spilled into April, bulking up its sales.
Sales of post-foreclosure homes continue to dominate many inland markets. Of all the Southland homes that resold in May, 37.4 percent had been foreclosed on at some point in the prior 12 months, compared with a revised 36.2 percent in April and 5.5 percent one year ago. Across the six-county area, these "foreclosure resales" ranged from 25.6 percent of resale activity in Orange County to 56.6 percent in Riverside County. "
CHeers,
Kaynal
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