Higher-priced Westside inventory held up in August; only lower-priced Palms-Mar Vista reflects the flurry of conforming-loan sales. Note especially the monthly uptick in the Westside total (bottom chart).
A common message is, now that prices have fallen, sales are up, and reduced inventories are a sign that the market has hit bottom and is improving. Not on the Westside! Even though prices are down some 20-25%, few higher-priced Westside listings are selling, inventories are still high, and prices have rather more to fall.
Sunday, August 9, 2009
Westside inventory charts
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2 comments:
great charts--thanks!
"A common message is, now that prices have fallen, sales are up, and reduced inventories are a sign that the market has hit bottom and is improving. Not on the Westside!"
So true, and a testament to the maxim all real estate is local.
Remember in the 05-06 timperiod when the bears would point out some national stat falling apart and the bulls would point to it not happening in westside cuz its different here. They were right at the time.
Now its the reverse. National stats point to a bottoming - but once again not true in the westside. Westside bottoms later cuz its different here
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