People often ask how is the real estate market in Los Angeles right now. The answer I guess depends on whom you ask.
According to the MLS there are currently 206 foreclosures and 434 shorts sales on the market in the approximately 73 areas they cover, which actually does not seem like a large number. And in the areas frequently covered by me there are 43 foreclosures and 82 short sales, still not a large number.
The problem right now with standard sales is that inventory is low in the desirable areas and when something new does come on the market, and if it is priced right, then it goes into a multiple offer situation and often over asking price. Buyers can’t get a break, especially first time home buyers.
Let’s take a look at the first quarter of 2012 to see what’s going on.
Los Angeles Single Family Homes Sales
| Community | Active Standard | Active REO | Active S/S | Sold Standard | Sold REO | Sold S/S | Median Price | Avg. Sold/Mo |
| Beverly Hills** | 96 | 0 | 0 | 26 | 1 | 1 | $4,075,000 | 9.33 |
| Bel Air/Holmby Hills | 89 | 3 | 3 | 26 | 1 | 0 | $1,751,000 | 9 |
| Beverly Center | MM | 45 | 0 | 3 | 34 | 0 | 6 | $829,500 | 13.33 |
| Beverly Hills P.O. | 96 | 2 | 1 | 31 | 2 | 1 | $1,792.628 | 11.33 |
| Beverlywood | 48 | 2 | 1 | 38 | 5 | 6 | $664,500 | 16.33 |
| Brentwood | 98 | 2 | 4 | 40 | 0 | 3 | $1,800,000 | 14.33 |
| Cheviot Hills/Rancho Pk | 19 | 2 | 0 | 13 | 0 | 1 | $1,375,000 | 4.67 |
| Culver City | 36 | 1 | 1 | 25 | 4 | 2 | $525,000 | 10.33 |
| Hollywood | 15 | 0 | 2 | 7 | 4 | 1 | $459,500 | 4 |
| Hollywood Hills E. | 43 | 4 | 3 | 33 | 2 | 5 | $782,450 | 13.33 |
| Hollywood Hills W/Sunset | 207 | 3 | 6 | 64 | 6 | 6 | $1,049,500 | 25.33 |
| Los Feliz/Atwater Village* | 58 | 0 | 2 | 52 | 2 | 1 | $865,000 | 18.33 |
| Malibu | 248 | 4 | 8 | 40 | 4 | 3 | $1,830,000 | 15.67 |
| Marina Del Rey | 20 | 0 | 1 | 5 | 1 | 2 | $997,500 | 2.67 |
| Pacific Palisades | 103 | 0 | 3 | 43 | 1 | 5 | $1,750,000 | 16.33 |
| Palms/Mar Vista* | 48 | 0 | 4 | 54 | 2 | 3 | $719,900 | 19.67 |
| Playa Del Rey | 14 | 0 | 0 | 11 | 0 | 0 | $800,000 | 3.67 |
| Playa Vista | 4 | 0 | 1 | 1 | 0 | 0 | $925,000 | 0.33 |
| Santa Monica** | 66 | 0 | 3 | 46 | 4 | 3 | $1,575,000 | 17.67 |
| Silver Lake | Echo Park* | 60 | 1 | 5 | 60 | 5 | 4 | $520,000 | 23 |
| Studio City | 81 | 0 | 1 | 46 | 0 | 2 | $768,500 | 16 |
| Venice | 60 | 1 | 3 | 24 | 1 | 3 | $978,500 | 9 |
| West Los Angeles | 17 | 1 | 1 | 18 | 0 | 2 | $716,250 | 6.67 |
| Westchester | 33 | 1 | 5 | 51 | 2 | 6 | $565,000 | 19.33 |
| Westwood | 44 | 1 | 1 | 37 | 2 | 0 | $1,255,000 | 12.67 |
Los Angeles Condo Sales
| Community | Active Standard | Active REO | Active S/S | Sold Standard | Sold REO | Sold S/S | Median Price | Avg. Sold/Mo |
| Beverly Hills | 54 | 1 | 2 | 28 | 2 | 3 | $750,000 | 11 |
| Bel Air/Holmby Hills | 1 | 0 | 0 | 1 | 0 | 0 | N/A | N/A |
| Beverly Center | MM | 19 | 1 | 2 | 17 | 0 | 4 | $477,000 | 7 |
| Beverly Hills P.O. | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A |
| Beverlywood | 15 | 0 | 1 | 5 | 1 | 0 | $478,500 | 2 |
| Brentwood | 41 | 4 | 1 | 26 | 2 | 1 | $543,000 | 9.67 |
| Cheviot Hills/Rancho Pk | 0 | 0 | 0 | 1 | 0 | 0 | N/A | N/A |
| Culver City | 25 | 2 | 7 | 39 | 6 | 9 | $251,072 | 18 |
| Hollywood | 40 | 1 | 3 | 0 | 9 | 1 | $505,000 | 3.33 |
| Hollywood Hills E. | 5 | 0 | 1 | 8 | 1 | 2 | $349,000 | 3.67 |
| Hollywood Hills W/Sunset | 24 | 0 | 2 | 8 | 3 | 3 | $369,500 | 4.67 |
| Los Feliz/Atwater Village* | 9 | 1 | 0 | 10 | 1 | 1 | $377,000 | 4 |
| Malibu | 42 | 0 | 1 | 14 | 0 | 4 | $712,500 | 6 |
| Marina Del Rey | 101 | 2 | 12 | 40 | 5 | 8 | $505,000 | 17.67 |
| Pacific Palisades | 18 | 0 | 3 | 9 | 0 | 2 | $672,500 | 3.67 |
| Palms/Mar Vista | 20 | 1 | 3 | 21 | 1 | 6 | $365,000 | 9.33 |
| Playa Del Rey | 27 | 3 | 2 | 15 | 3 | 7 | $350,000 | 8.33 |
| Playa Vista | 19 | 1 | 4 | 12 | 1 | 6 | $420,000 | 6.33 |
| Santa Monica | 84 | 5 | 4 | 70 | 7 | 7 | $655,500 | 28 |
| Silver Lake | Echo Park* | 7 | 1 | 1 | 6 | 0 | 0 | $324,500 | 2 |
| Studio City | 19 | 0 | 2 | 26 | 0 | 4 | $367,500 | 11.33 |
| Venice | 14 | 1 | 1 | 8 | 1 | 1 | $930,000 | 3.33 |
| West Los Angeles | 44 | 2 | 3 | 31 | 4 | 0 | $577,000 | 11.67 |
| Westchester | 12 | 1 | 1 | 8 | 3 | 0 | $221,450 | 3.67 |
| Westwood | 196 | 2 | 13 | 115 | 9 | 6 | $577,000 | 43.33 |
The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed
| Seller’s Market | Buyers’ Market | Stable Market |
| Less than 6 months inventory | More than 6 months inventory |
*These areas are not split in the MLS and are difficult to separate accurately. Therefore, with places like Los Feliz and Atwater Village, two distinctly different neighborhoods, a truly accurate picture is not painted.
** These areas are not broken down according to price range which varies significantly depending in specific neighborhoods. So the figures are a general overview.
Los Angeles single family homes lean a little towards a sellers’ market, with the luxury market still remaining slow.
Los Angeles condos are definitely in a sellers’ market.
As expected the percentage of foreclosures and short sales compared with standard sales, is low.
Again, fresh inventory is low, and buyers are looking. This is a great time to be thinking of putting your Los Angeles home on the market.
Los Angeles homes for sale
Buying or Selling Los Angeles Real Estate
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What a thorough reveiw of the 1st Quarter in Los Angeles real estate markeplace. The blue / red designation really helps identify the seller / buyers markets. Nice report!
Thank you, Carla. It helps to differentiate for sure.
Great report on Los Angeles real estate, and it seems like after a really long time the markets have switched back to giving sellers favorable options.
Definitely, Larry. We need more inventory.