More significant than Tuesday's latest DataQuick numbers for July is to comment on the press reaction and apply it to our Westside area.
Los Angeles County's median barely rose, from $320K to $321K, now down 41.6% for Los Angeles County from its peak in August 2007. Volumes were up 23% year-to-year from July 2008. (June DataQuick post)
That left Los Angeles County prices at May 2003, Orange County at June 2003, and Ventura County at April 2003. San Diego County advanced one month to June 2002.
The L.A. Times story about it yesterday appropriately cites a number of reservations about recovery anytime soon. In addition, noteworthy to the Westside it cited:
Analysts say the recent increase in the median price also reflects the fact that more expensive homes are selling again after a long drought. In many affluent neighborhoods, real estate agents say, owners are finally accepting the diminished value of their properties and pricing their homes to sell.Santa Monica and Mar Vista July sales were below a year ago, and Pacific Palisades' one-month spike was unsustainable, leaving little in escrow for August closings. Inventories remain high. I expect prices to continue to fall here.
That is beginning to attract more buyers. Malibu, Beverly Hills, Brentwood and Del Mar all posted July sales increases over the prior year.
2 comments:
Noooo! Price increases. Say it ain't so!
As the top comes down, more sales will occur which should bring the median up which has been artificially lowered by all the foreclosures dominating the sales.
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