Rebound in the Hollywood Riviera/California? – Headlines nationally have us worried, but here in the Golden State there are signs of stability! Home prices are rising in virtually every corner of the state. They’ve climbed for nine consecutive months, and in July posted a 10.4% gain year-over-year. That puts the state’s median price at $315,000 — nearly twice the national median of $183,000.
Locally, in our tiny little micro-neighborhood of the Hollywood Riviera we are up almost 3% year over year – 1st 8.5 months average sold price in the Hollywood Riviera for 2010 (Jan 1, 2010 – Sept 16, 2010) is $1,001,473 (59 homes sold) vs. the 1st 8.5 months of 2009 held an average price of $972,152 (41 homes sold). As you can see we are also up 30% for the number of homes sold so far. That’s a pretty dramatic number. With the government subsidizing mortgages with an average 4.5% interest rate on jumbo FHA money (up to $729,750,) it’s no wonder people are taking advantage of the market. We are still off from our high of 2007 – the first 8.5 months of 2007 average price was $1,164,456 (66 homes sold) or down 14% off our high. The number of homes sold those first 8.5 months of 2007 was 66 vs. the 59 of 2010 – we are down almost 11% in that category.
Los Angeles county’s median price is up 9.2% so we are still not up to where our county is up but their average price is still only $345K vs. our $1 million price range.
On a less positive note: we have experienced a slow down since July 2010 – so we will see where all these numbers end up Dec 31, 2010. Check back for updates!
Please refer to the CNN article dated Sept 15, 2010 for more detailed info.