The big story for 2012 was much lower MLS inventory numbers throughout the year, for both Santa Monica less than $3 million and the Westside in general (the orange bars). Anecdotally desirable houses are selling very quickly, an expected result of low inventory and searching buyers.
We'll see if the trend continues in 2013. Will potential sellers allegedly waiting for a better market finally list? What about remaining foreclosures?
1/29/12 3/30 6/1 7/27 9/28 11/30 3/2 4/29 6/29 8/31 11/2 12/28 Bel Air-Holmby H. 99 94 96 90 100 107 103 99 104 100 92 79 Beverly Ctr.-M.M. 51 44 47 44 49 49 48 40 30 29 36 26 Beverly Hills 85 82 89 98 98 100 107 97 83 76 67 58 B.Hills P.O. 107 96 98 95 97 101 100 90 86 89 75 68 Beverlywood Vic. 51 44 38 44 43 40 39 34 34 30 22 21 Brentwood 87 94 92 104 104 83 85 75 85 67 66 48 Cheviot-R.Park '8' 19 14 16 22 19 19 21 17 11 4 6 5 Culver City 31 29 36 37 37 42 34 42 39 30 18 16 Malibu 174 198 191 189 192 186 180 164 155 137 139 122 Malibu Beach 82 77 71 71 74 85 83 83 74 67 67 57 Marina Del Rey 17 22 19 24 20 12 16 13 10 10 8 7 Pacific Palisades 89 94 89 96 114 111 107 90 101 76 66 54 Palms-Mar Vista 66 61 53 56 46 43 53 41 45 34 35 21 Playa Del Rey 19 23 16 14 10 13 11 8 10 10 11 7 Playa Vista 1 2 3 4 5 2 2 2 2 1 0 0 Santa Monica 55 57 56 61 61 66 54 49 51 41 42 27 Sunset-Hwd.Hills 192 188 188 203 213 212 209 183 189 186 162 126 Topanga 48 53 53 51 50 52 46 42 42 36 35 29 Venice 60 69 57 67 59 59 53 37 50 39 37 30 W.Hollywood Vic. 28 26 32 35 35 33 30 35 22 23 21 17 West L.A. 33 31 31 27 25 20 23 13 22 19 18 10 Westchester 45 38 33 45 44 39 46 36 23 27 26 22 Westwood-Cent.City 39 43 41 44 46 36 42 30 30 23 20 10 ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ 2012 Totals 1478 1445 1541 1492 1298 1069 1479 1521 1510 1320 1154 860 2011 Totals 1695 1797 2013 2022 1921 1648 1802 1908 1995 1896 1821 1397 2010 Totals 1585 1745 1998 2129 2094 1831 1691 1910 2038 2064 2062 1509 2009 Totals 2027 2281 2196 2233 2034 1827 2205 2262 2160 2133 1979 1486 2008 Totals 1509 1694 1917 2019 2006 2128 1524 1846 1974 1942 2085 1822 2007 Totals 1282 1274 1457 1522 1671 1600 1308 1377 1483 1551 1731 1329
See 2007, 2008, 2009, 2010, and 2011 monthly totals. Santa Monica here omits Santa Monica Canyon (in City of Los Angeles but S.M. Post Office).
3 comments:
Hi, your blog has been a valuable asset to regular folks trying to figure out what's going on in the real estate market, especially in the year or so before the big crash in 08’. Thanks banks!
However, I think that you’ve been giving people the wrong impression over the last year or so. Posting statistics, but not analyzing what they mean and the ‘let’s wait and see what the market does’ commentary is now misleading to potential home buyers (at least in L.A.’s beach cities and the Westside.)
Sales of properties on the beaches and Westside in L.A. finally began moving (some) in 2011 and started picking up momentum towards in the summer of that year. By February 2012 far more homes had sold or were pending in the previous few of months than were listed for sale at the time. This trend continued throughout 2012 and the inventory homes (especially the more affordable ones) was an increasingly severe problem all year.
By the spring of this year (2013) the inventory of affordable properties closer to the beach has now been completely stripped and we’re seeing many properties selling in under a month with multiple offers on them. Higher-end properties have also been moving quickly and the existing inventory of these properties for sale is now a real problem as well.
The significantly declining number of total sales on the Westside in the second half of 2012 is in no way a reflection of a faltering market and there’s nothing anecdotal about it. We’re in a major seller’s market on the Westside right now and the supply of homes for sale is nowhere close to meeting the high-demand going into the summer season. I saw many buyers get frustrated with the lack of options over the last year and abandon the possibility of getting an affordable home closer to the water altogether.
Interestingly, all of this didn’t start translating into higher prices until last fall (2012.) It’s actually difficult to get a handle on what prices are doing this year (2013) because there are so few current sales to analyze due to the extremely low inventory.
I can’t comment on what effect the mysterious backlog of foreclosures held by the banks (thanks again,) government layoffs, and the various economic crises brewing around the globe will have in the future. Obviously there are a lot of unresolved long-cycle issues to consider as the country continues to wean itself from the post WWII ‘sugar high’ over the next 10 or 20 years, but it seems to me that for all intensive purposes the market has clearly stabilized over the last couple of years and is recovering significantly.
Best Regards,
Andrew Jones / Realtor
Venice, CA
Sales of properties on the beaches and Westside in L.A. finally began moving (some) in 2011 and started picking up momentum towards in the summer of that year. By February 2012 far more homes had sold or were pending in the previous few of months than were listed for sale at the time. This trend continued throughout 2012 and the inventory homes (especially the more affordable ones) was an increasingly severe problem all year.
Midtown Miami Real Estate | Midtown Miami Condos
Thanks, Andrew, for the detail. Any more thoughts on why inventory remains so low?
For me, I'll continue to document these statistics post-bubble.
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