We at Teles Properties closely watch micro market trends. For February, sales trends changed from the previous month. Sales statistics trends are moving back and forth throughout the local markets and are moving either up or down in almost all of the categories we track. Nothing is stable or consistent.

The following is a summary comparison of February ‘07 to February ‘08. The market statistics are available on the link below.

Brentwood, Sunset Strip, West Hollywood, and Cheviot Hills / Rancho Park all experienced improved sales volume activity.

The West Hollywood area performed better in all categories we track.

Beverly Hills remained steady with virtually no change in sales volume activity.

Bel Air, Venice, and Beverly Hills Post Office, however, showed declines in sales volume for February in comparison to the same month in the previous year. In January 2008 these markets performed better compared to the same month in 2007.

Sales volume was up in 4 markets and down in 12

Median Price was up in 8 markets and down in 8

The Average days on market for a property to sell in 9 markets was down, in 10 markets the same, and in 6 markets it took longer on average to sell a home.

The number of units sold in a month was down in every market except the West Hollywood market which experienced more unit sales.

In summary, units and sales volume are down due to lack of good inventory. Well priced listings are selling with multiple offers. The average days a property is on market is actually dropping because sellers are pricing at market value. Values in our market are holding steady despite what is being reported in macro market trends. ~~ Peter Hernandez

Statistical information obtained from the MLS.

Filed under: Micro Market Updates on March 27th, 2008