It was just a little over a year ago that the mortgage crisis began to unfold in full force. As we take a look back we can clearly document the impact this financial upheaval has had on our local West Los Angeles real estate markets. It is certainly not hard to see the black clouds in all of this. At the same time there are still some silver linings when you examine the market from a micro perspective vs. a macro perspective. To date, foreclosure and short sale properties have had very little bearing on West Los Angeles despite what you read in the press. Too often the headlines you see in the media are speaking to national, regional, or statewide trends and not specifically to our local real estate markets. Clearly, the macro market news is not favorable. Sales volume is down, median prices are down,  inventory remains practically flat, and it is taking longer to sell a home. Liquidity is still tight except to the most qualified properties and purchasers. The government has stepped in to shore up and back up the financial markets to increase the flow of money, however it will take time for their programs to work their way through the system.

In this ever changing real estate landscape, knowing the statistics of the individual markets you are interested in will be crucial to making the best business decision possible. The message we have been conveying all year long is there are windows of opportunity for both buying and selling at any given time to those persons who are most informed. Our agents and clients are armed with the facts to help them navigate through these challenging and turbulent times. Feelings are not facts and what is taking place on a Macro level may be quite different to what we are experiencing locally.

The following is a summary of our August’s Micro Market Report and a comparison of those statistics to the same month last year. The numbers clearly establish the overall change in the housing market from a year ago.

Micro Markets that increased in Sales Volume Aug. 08 vs. Aug. 07: Brentwood, Malibu, Pacific Palisades, Santa Monica.

Micro Markets that improved in Average Median Sales Price Aug. 08 vs. Aug. 07: Brentwood, Hancock Park, Malibu, Santa Monica, Pacific Palisades.

41.6% of the homes that closed in August sold within the first 30 days of being listed.

We invite you to review this report in greater detail and specifically the micro market summary for your neighborhood so you can formulate your own conclusions by clicking on the link below.

AUGUST 2008 Micro Market Report

AUGUST 2008 Micro Market Report - Condominiums

Filed under: Industry and Economic News, Micro Market Updates on September 30th, 2008