A tick down in L.A. asking prices
Another week, another tick downward in median listing prices in greater LA -- this week down by $1,000, to $509,000, according to Housing Tracker's weekly monitoring of MLS listings. Median listing prices are now down 8.9% from year-ago levels.
The bigger statistical trend is a jump in inventory -- nearly 600 new listings came on the market in the week, bringing the total number of listings to 47,182 -- an increase of 17% over year-ago levels. In a normal real estate market, the number of listings tends to decline after the summer selling season; that is not happening, at least not yet.
Date Median Price Inventory
4/06 $579,666 27,251
4/07 $545,000 35,489
5/07 $545,000 38,297
6/07 $540,000 40,766 (up 20.4% y/y)
7/07 $535,000 42,685 (up 14.5% y/y)
8/07 $529,000 44,483 (up 13.6% y/y)
9/07 $520,000 46,414 (up 16.9% y/y)
10/8/07 $514,900 46,219 (up 15.1% y/y)
10/15/07 $510,000 46,603 (up 15.6% y/y)
10/22/07 $509,000 47,182 (up 17.0% y/y)
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Photo Credit: Reuters
Tick... tick... tick.... and soon there will be a BUST not a BOOM.
And I am waiting in the wings. I got 100K for a down and when a condo that makes sense for a mortgage around 300K is available, I move in.
Someone is trying to sell me a 1 1/2 bed condo in Studio City in a brand-new generic cookiecutter construction :semi-luxe" building, but they have been trying for three months and the price has gone from 750K to 625K... and I still think it's twice what it is worth.
Soon every rational buyer will think the same. I'm just waiting for sellers to realize they are in a pre-spark Hindenberg Blimp and not just a bubble.
Posted by: C | October 22, 2007 at 10:18 PM
Not to change the subject at hand, but shouldn't something be said about the tragedy of all the people who have just lost their homes in these devastating fires? They will all be out there looking for temporary housing while trying to get the insurance to cover the reconstruction of their homes.
Posted by: John T Watts | October 23, 2007 at 03:54 AM
i thought about the fire thing. i think it is going to stimulate some more economy here with home [re]building. i also think that many of these people will take a payout from their insurance and move to the urban areas where devistation is less likely. (you can just get shot more easily). there should be plenty of houses to rent left in the burn areas. shouldn't there? i think all the homeowner insurance premiums will spike and we will ultimatly pay for their burned houses in one way or another.
Posted by: mike | October 23, 2007 at 08:26 AM
DQs state report is out:
http://www.dqnews.com/RRCA1007.shtm
They've been very weird about its release lately, it used to come out immediately after the nor cal report, then they started doing it on Friday nights. Nows its just coming out whenever they feel like posting it.
Posted by: Cal | October 23, 2007 at 12:40 PM