NEW LISTINGS IN LITTLE HOLMBY
920 Westholme – 5BR + 3.5BA, newly rebuilt mid-century Modern, pool $2,495,000 or $8,900/month
For more details please visit http://www.920westholme.com
Open House April 10th
809 Malcolm Ave – 4BR + 3.5BA, stunning with outdoor spa water event, $2,595,000
For more details please visit http://www.809malcomeavenue.com
Open House April 3rd
1021 Manning Ave – 2BR + 2.5BA, new construction w/ custom interiors, $3,395,000
For more details please visit http://www.1021manningavenue.com
Open House TBD
Here we are at the end of the 1st Qtr on the Wilshire Corridor, and the numbers aren’t good. Of the 11 buildings that I track at www.wilshirecorridor.com <http://www.wilshirecorridor.com> only 12 units were sold, amount to $20.612M and averaging $1.718M, or 92.77% of the Listed Price . That’s an average of $564.08/sq ft and 103 days on the market. This compares to same period last year, when only 11 units were sold, averaging $1.216M or 92.77% of the Listed Price, and $609.30/sq ft. If you remove the $9.2M Penthouse sold in The Remington, numbers change dramatically. The average drops to $1.037M from $1.718M, averaging $473/sq ft from $564. Wow, what a difference! The truth of it is that we are basically in the same market we were one year ago, despite higher employment and stronger consumer confidence.
Homes seemed to have reached their bottom in the first quarter of 2010, and have been skidding along the bottom since, while showing healthy activity and interest. In fact, take a look at these statistics in the 1st quarter of 2010 v. 2011 in 90024 (according to MLS statistics):
(A) Homes Sold- 82 in 2010, 15 in 2011
(B) Average Days on the Market for Sold Homes – 66 in 2010, 102 in 2011
(C) Homes On the Market For Sale – 17 in 2010, 14 in 2011
(D) Homes in Escrow – 8 in both 2010 and 2011
(E) Average $/Sq Ft – $619.52 in 2010 and $602.59 in 2011 (sold homes)
(F) Average Square Footage – 2,771 in 2010 and 2,864 in 2011
(G) Percentage Sales Price to List Price – 96.06% in 2010 and 94.38% in 2011.
These statistics are incredibly close to each other, with the exception of Homes Sold and Average Days on Market. This tells me that the market hasn’t changed, prices are remaining the same, but inventory is tightening up. That’s a precursor to higher prices.