Micro Market Activity is Changing. Again.
The slow down in open escrows earlier this year finally revealed itself in fewer closing for March year over year. While it’s too early to predict with any certianty, late January and early February may prove to be the low point of this current cycle. Sales volume was down in 13 of 17 markets we watch and only in the Westwood / Century City market was there an increase in sales. Median prices dropped in 9 of our markets, 6 were up and 2 remained flat.
There are signs, however, of increased activity. At Teles Properties, we have had an increase in sales activity and open escrows for March and April. We hear similar reports from our colleagues in the industry. The trend of average days on market for a home to sell is dropping with only 12 of our 17 markets experiencing a shorter period of time to sell a home. With prices lower and the average days on market shorter Spring and summer should improve.
The hot spots this month are Westwood / Century City, Cheviot Hills / Rancho Park, Pacific Palisades and Hancock Park which all experienced good sales activity. They are also the areas experiencing an upturn in available listing inventory. And this appears to be the news. Inventory is down.
Teles Micro Market watch has added a new category of new listing inventory. Comparing the month of March ‘08 to March ‘07 inventory of new listings is down in 12 of the 17 markets we track. Sunset Strip, Pacific Palisades, Hancock Park, and Los Feliz are the only markets that experienced increases. Comparing the first quarter of ‘08 to ‘07 inventory is down in 11 of the 17 markets we monitor.
We are also looking at quarterly sales activity and for the first quarter sales volume is down in every market except Cheviot Hills/ Rancho Park. Median prices are down in 11 out of 17 markets for the quarter.
Click on the link below to see a PDF of the report & statistics.
Filed under: Industry and Economic News, Micro Market Updates, Teles News and Press Releases on April 22nd, 2008
Wow. This is very informative and helpful to me during my home purchase. Thanks Teles.
I think that your Micro Market udate is very interesting, considering so many other markets in California are not doing so well.
Please add me to your email list for future reports. I enjoyed watching your media videos on your site, pretty impressive. for a new company.
I will be moving to the Beverly Hills area in the next couple of months from London, I was searching the web and I came across your site and i checked it out.
According to your report it sounds like your market place is not as bad as the media makes it sound.
I think that I will buy right away because of the exchange rate, I will check it out and do my own due diligence prior to arriving. If you could please hook me up with a good agent I would appreciate it. You have my email information.