How is the Real Estate Market in Los Angeles Right Now? First Quarter 2012 Stats

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.

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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

Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!

When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.

If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.

Westside Los Angeles Real Estate, including, but not limited to:

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Jane Peters

Jane Peters is a Los Angeles Realtor®, specializing in absentee owners, out-of-town-buyers and those needing that extra personal touch to make the buying and selling of Los Angeles real estate a smooth and, believe it or not, fun process.

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Comments

  1. 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!

  2. Thank you, Carla. It helps to differentiate for sure.

  3. 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.

  4. Definitely, Larry. We need more inventory.

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