West Los Angeles Home Sales Report Priced Under $1 Million for the Month of May by Steve, Shull. Teles Properties

The dynamics of this segment of the West Los Angeles real estate market are very interesting to say the least. This is the segment of the market that was hit first and hit the hardest. In fact if you break the West Los Angeles real estate market into homes priced below a million dollars and homes priced above a million dollars you will see two very different stories.

Homes priced below $1mm are down 22% in price comparing May 2009 to May 2007. However homes priced above $1mm are basically unchanged in price during the same time period comparison (hard to believe but true statistically looking at average median sales prices on a monthly basis) .  And while prices are down significantly in this price range, the tide is turning quickly. There are now 221 homes under contract in this price range as compared to only 99 homes under contract in December of 2008. There is only a 2.9 month supply of inventory (technically a Sellers market) as of last month. Compare this to a 10.8 month supply of inventory in October of 2008. Right now there are only 633 homes for sale in this price range as compared to 1216 homes for sale in July of 2008. In fact 22% of the listings on the market in this price range are selling on a monthly basis. This number was as low as 7.6% in October of last year.

If you are a Buyer in this price range be prepared to pay asking price or above. Also be prepared to be in multiple offers. Demand is far out-striping supply in this end of the market.

If you click on the images on the left, they will enlarge. The numbers posted above are for Single Family Residences. The West Los Angeles Areas covered in this report by Teles Properties include: Bel Air Homes for Sale, Beverly Center Homes for Sale , Beverly Hills Homes for Sale ,
Beverly Hills Post Office Homes for Sale , Beverlywood Homes for Sale, Brentwood Homes for Sale, Century City Homes for Sale,
Cheviot Hills Homes for Sale , Culver City Homes for Sale, Echo Park Homes for Sale , Hancock Park Homes for Sale , Hollywood Homes for Sale,  Hollywood Hills East Homes for Sale , Hollywood Hills West Homes for Sale , Holmby Hills Homes for Sale , Los Feliz Homes for Sale,  Malibu Homes for Sale, Malibu Beach Homes for Sale, Marina Del Rey Homes for Sale, Mar Vista Homes for Sale , Mid Los Angeles Homes for Sale, Mid  Wilshire Homes for Sale, Miracle Mile Homes for Sale, North Hollywood Homes for Sale, Pacific Palisades Homes for Sale, Palms Homes for Sale,
Playa Del Rey Homes for Sale, Playa Vista Homes for Sale, Rancho Park Homes for Sale, Santa Monica Homes for Sale, Silver Lake Homes for Sale,  Sunset Strip Homes for Sale , Westchester Homes for Sale , West HollywoodHomes for Sale , West Los Angeles Homes for Sale, Westwood Homes for Sale,  and Venice Homes for Sale.

Filed under: Micro Market Updates on June 2nd, 2009