Hollywood Riviera Market Activity – March 10, 2009

Hollywood Riviera Market Activity – March 10, 2009

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The 4th quarter is closing on us quickly – how did it get to be March 10th already – and we’ve got Daylight Savings Time started now too – which makes it seem even later in the year.   Maybe the spring feeling in the air will get people moving.  The 2009 Stimulus Package sure hasn’t seemed to have made a dent yet.  The brakes are really on right now here in the Hollywood Riviera.  There are 38 homes currently “for sale” or active on the market (and that’s just what is on the MLS.)  They most likely are more than that as “pocket” listings – which is a house for sale if someone brought them a buyer.  Of those 38 homes – the average sales price right now is march10.jpg $1,241,034.  And the average price per square foot is $548.  If you compare this to last year in March 08 we had 22 homes for sale on March 26, 2008.  They had an average sales price of $1,295,490 and average $/sq ft was $593.  That’s over 50% more homes for sale this year vs. last year same time. 

Let’s look at what is “pending sale” (or in escrow) same time last year vs this year.  6 properties are currently in escrow vs. 10 this time last year – that is not great news for us – especially when you consider that the 10 “in escrow” properties last year was quite low from the year prior to that.  The average pending price this time last year was $1,212,600 vs this years pending average price of $1,076,667 – that represents an 11% difference.  We noted that the 2008 average price was 6% off from 2007, but I don’t think the slide is over yet.  Our area is really starting to feel the crunch.  It is the “spring” selling season – it’s started.   I sure hope it really “starts” soon!

Let’s also look at what SOLD so far this year – 2009: only 6 houses have closed escrow this year and the average sales price is under $1 million for the first time in a long time….although with only 6 closed that is really not enough to give an accurate picture.  For the first time however – part of these 6 solds included to “REO’s” or bank owned properties. 

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