Saturday, February 28, 2009

Monthly inventory update

2/27/09 - Santa Monica, Pacific Palisades, and Mar Vista are all up for the week and month (typical for this time of year). The first two are up year-to-year - Palisades hugely - but Mar Vista is down. Charts coming soon.

A second low-end north-of-Montana member joined the $1.8M club: 209 25th Street. And 1135 Berkeley (originally listed April 2006 for $2,450K) is finally "Looking for Backup" after reducing its price to $1.5M.

2/20/09 - Santa Monica is up slightly; Mar Vista and Pacific Palisades are up more. Seems like a lot more price reductions than sales in SM and PP, while low-end Mar Vista does have new escrows.

2/13/09 - Pacific Palisades was up, while Santa Monica and Mar Vista were flat. Another north-of-Montana house joined the $1.9 million club: 415 17th, 3 bed / 3 bath, originally listed 12/4/08 for $2,245K, abruptly dropped its price to $1,899K at the beginning of the week (see SM Distress Monitor).

2/6/09 - Pacific Palisades inventory jumped for the week, while Santa Monica and Mar Vista was pretty flat. More price reductions and churn of expired/ withdrawn listings back on the market as others leave. And a couple into escrow.

Not unlike the LA Times, the Santa Monica Daily Press on Friday had its front page "Housing price slide comes to Westside" article (pdf). Gary Limjap, the main real estate agent interviewed - who was pretty realistic, especially saying "Sunset Park being among the hardest hit, seeing its home values drop 25-30 percent in the third quarter 2008 from the same time in 2007" - just happened to have a bottom front page ad. Hmmmm.

      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
3/28/08 53,566 57 17 81 171 32 14 122 92 82 22 105
5/ 2/08 54,098 59 14 83 159 35 7 136 93 90 33 96
5/30/08 53,216 56 23 79 147 34 9 142 106 91 29 89
6/27/08 53,058 74 28 98 131 30 6 129 107 96 26 95
8/ 2/08 51,906 66 14 89 125 34 8 120 136 99 35 101
8/29/08 50,124 62 9 79 122 29 5 108 156 91 25 104
10/ 3/08 48,113 58 14 82 145 41 15 128 132 84 24 109
10/31/08 47,017 64 22 90 131 55 18 159 126 83 21 103
11/28/08 45,216 64 12 91 141 54 7 151 124 73 9 130
12/31/08 40,810 52 3 80 171 47 5 130 134 63 10 144
-------- ------ -------------- -------------- ----------
1/30/09 38,486 67 16 94 181 59 15 157 145 66 15 157
2/ 6/09 67 5 93 159 64 7 164 132 67 4 155
2/13/09 68 6 93 160 67 10 170 133 68 7 156
2/20/09 69 6 95 165 70 13 180 147 73 12 154
2/27/09 37,647 73 12 98 164 73 17 181 148 75 19 131
3/ 6/09
All Westside

            1/30    3/27    5/29    7/31    10/2   11/27
2/27 5/1 6/26 8/28 10/30 12/31

B.Air-H.Hls. 101 106
Bv.Ctr.-M.M. 58 65
Beverly Hls. 109 123
B.H. P.O. 127 147
Bvywd.Vic. 47 54
Brentwood 146 162
Chv.-R.Pk.'8' 31 38
Culver City 52 44
Malibu 254 267
Malibu Beach 63 70
Marina D.Rey 32 32
P.Palisades 157 181
Palms-M.Vista 66 75
Playa Del Rey 24 24
Playa Vista 6 6
Santa Monica 94 98
Sunset-Hwd.H.285 299
Topanga 70 73
Venice 104 121
W.Hwood.Vic. 61 58
West L.A. 20 30
Westchester 53 60
Wwood.-C.City 67 72
___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
2009 Total 2027
2205
2008 Total 1509 1694 1917 2019 2006 2128
1524 1846 1974 1942 2085 1822
2007 Total 1282 1274 1457 1522 1671 1600
1308 1377 1483 1551 1731 1329

Notes

See here for 2007 monthly totals. LA County inventory via OC Renter. Santa Monica Days on Market (DOM) is for <$3M, and omits Santa Monica Canyon (in City of Los Angeles but S.M. Post Office). Pacific Palisades DOM is for <$2M and count omits mobile homes. "New" is for previous month, or month-to-date for current partial month.

9 comments:

Just call me Maria said...

1135 is one of my favorites-

Listing History for 1135 Berkeley:

7/8/05 $2,799,000 108 days on market

11/3/05- $2,679,000 209 days on market

6/21/06- $2,190,000 110 days on market

2/1/08 - $1,995,000 46 days on market

Frank said...

2/27/09 $1,500,000
2/28/09 Looking for backup

Anonymous said...

sweet sweet sweet

DOWN 45% off the peak

Anonymous said...

Pac Pal is dead as it gets!

Anonymous said...

1135 Berkeley was a train wreak of a house.....

You should of hung in there Maria and picked it up for a song....

Anonymous said...

Yeah, train "wreaks" for 1.5MM won't last for long. Better hurry!

Just call me Maria said...

Not singing- We purchased our house and we are still OK with what we paid for it. Thank the stars we didn't get 1135. We offered over a year ago!

dlp said...

This is the info for 1108 Ocean Park: SHORT SALE,EXCEPTIONAL R3 PROPERTY,FRONT 2BED IBATH APROX 1260 SQFT AND BACK 1BED 1BATH +DEN APPROX 912SQFT ,CLOSE TO BEACH. SELLER,S LOST IS BUYER'S GAIN.TENANTS OCUPIED (4000 MONTHLY INCOME)PLEASE DRIVE BY ONLY. ANY QUESTION CALL ME 714-863-8531.

Sadly, I think a lot of sellers are feeling lost at the moment...

Westside Bubble said...

DLP, see this 2007 post about 1100-1108 Ocean Park Blvd. I'll do an updated post.

And thanks for still dropping by, Maria!