L.A. listing prices dip under $400,000, but barely

Here's a milestone: Median listing prices in Los Angeles County, which peaked at nearly $580,000, have now dipped under $400,000. Listing prices, as tracked by Housing Tracker's analysis of MLS listings, fell by $1 over the past week, to $399,999.

Numbers: Median listing prices, down from $400,000 a week ago, have fallen 3.6% in the past month and 23.1% during the past year. Could the decline be slowing? Might be. Tune in next week.

Inventory of for-sale homes and condos continues to edge lower, dropping by 200-plus units over the week, to 41,803, a decline of 9.9% from year-ago levels.

Pictured: A foreclosed house in Long Beach, listed for sale at $256,499. At peak prices (March 2006), it sold for $518,000.

-- Peter Viles

Your thoughts? Comments? E-mail story tips to Peter Viles.
Photo credit: Leo Nordine Realtors

Comments

[GDC]

Laker,

You've been dead on for the SFV areas for the past year or so that I've seen your posts. I just sold my first home and made a decent profit for a down payment. I'm gonna lease for about 9-12 months. What is your prediction of homes in the Encino and Sherman Oaks areas that are currently listed for $1mil. I'm looking at just south or north of Ventura Bl. I see prices coming down but I don't see a whole lot of inventory.

[Drew]

Laker sez: "High end area in SFV is down 50% from peak! Eat this as a proof."

Talk to me when you find a similar trend in a higher-end area in LA proper. Not just a single example in an outlying part of SFV.