Compared to last year at this time…

One cannot help but notice that, despite the looming dark clouds on the horizon of foreclosures and unemployment, the momentum has definitely shifted from the financial meltdown that occurred in November of ’08.

Is the market making a come back? Have prices bottomed? It all depends. It depends on what micro market you are analyzing and then what price point you are considering.

Is the market price sensitive? Very. But inventory is low and depending on the price point it can vary from a seller’s market under $1,000,000 to a buyers market in the high-end. Listing prices matter a lot. If properties are listed too high the property languishes on the market and sells for a lower price. If the property is accurately priced, the property sells for more in a shorter time.

The statistics for the markets we track show sales volume is up in 21 out of 34 markets, the number of transactions is up in 24 out of 34, Average sales price is up in 13 markets and the average median price is up in 15 markets. 12 Micro Markets have an increase in sales volume of over 50%! This is comparing closed sales from November 2008 to closed sales of November 2009.

Star markets include Brentwood where the sales volume was up over 300%, the average sales price was up, and the number of transactions was up. Check this market out for November in our Micro Market Report.

Other markets you have to check out are Beverlywood, Cheviot Hills / Rancho Park, Culver City, Hollywood East, West, and Sunset Strip, Malibu Beach, Palms / Mar Vista, and Westwood / Century City. All of these markets have shown shifts in momentum for the same month in the prior year.

Every month, like every market, can be different due to the sampling of inventory or buyers in the market place. The markets are dynamic. We find it very useful for our clients to keep a close watch on the statistics rather than relying solely on gut instincts, the press, and experience.

The bet on the street is that the December Micro Market Report should be even better. Stay tuned.

We wish everyone a prosperous and healthy 2010.

Teles Properties

*Click to view: November 2009 Micro Market Reports

Filed under: Micro Market Updates on December 21st, 2009