Where is our Summer Bounce?
The summer bounce that we all anticipated did not materialized in July. The market trended downward when comparing July ’08 to July ‘07. Total Sales Volume for July of ’08 was down 23.6% at $518,293,749 compared to $678,135,592 for July of ‘07.
The number of transactions was also down 22.8% at 265 vs. 343. The average number of days a home was on the market was up 39% at 71 days vs. 51 days. 37% of all listings that sold were sold in the first 30 days. The ratio of sales price to listing price dropped 2.4% to 95.3% from 97.7%. The Median Sales Price for the Micro Markets we track was down 3.8% to $1,553,288 from $1,613,881.
There was good news. Sales volume for the following Micro Markets was up: Beverly Hills, Hancock Park, Santa Monica, and Venice. Micro Markets where the number of sold listings were up included Bel Air – Holmby Hills, Beverly Hills, Hancock Park, Santa Monica, and Venice.
The Micro Markets where the average number of days to sell a home was down compared to July ‘07 were Hancock Park, Hollywood Hills, Palms, Mar Vista, Sunset Strip – Hollywood Hills West, and Venice.
The Micro Markets where the sales price to listing price was above average included Beverlywood, Cheviot Hills, Hancock Park, Hollywood Hills East, Los Feliz, Palms, Mar Vista, Santa Monica, Silver Lake – Echo Park, Sunset Strip, Venice, West Hollywood, and Westwood.
Micro Markets where the median sales price was up year over year in July were Bel Air – Holmby Hills, Beverly Hills, Hancock Park, Pacific Palisades, Santa Monica, and Westwood.
The strongest markets for July ‘08 compared to July ‘07 were Beverly Hills, Hancock Park, and Santa Monica.
The Most Challenged Markets in July ‘08 compared to July ‘07 were Beverly Hills Post Office, Beverlywood, Brentwood, Malibu, Malibu Beach, Silver Lake – Echo Park, Sunset Strip – Hollywood Hills West, and West Hollywood.
The trends we saw in July ’08 were that homes are taking longer to sell and prices softened in 13 out of 19 Micro Markets studied. August will be a good month to watch as the trends continue to vary from Micro Market to Micro Market and from month to month.
Click on the link below to download our report & statistics:
JULY 2008 Micro Market Report - Condominiums
Filed under: Micro Market Updates on August 20th, 2008
Here’s feedback on our July Micro Market Report:
Subject: Re: July Micro Market Report
Hi Chaya,
One word describes this….”Wow” ! Seriously, this is truly an excellent document. This truly sets Teles apart from other real estate firms and clearly shows an in-depth knowledge of the markets in which Teles specializes.
I’m going to send this around to people to as an example of the quality of the Teles organization.
Thanks!