048. Market Report for the Week ending August 28, 2010

I discuss some overall numbers for the Westside Market as well as discuss what has happened in the last week.

Happy Monday everybody and welcome to another episode of The Reside Daily Bite; I’m your host, David Doucette. Today and on Mondays, what I’m going to do is cover some market analysis of what’s been happening on the market here on the Westside of Los Angeles. I’m going to be doing this every Monday. This report is also going to be on my website (ResideRealEstate.com) and you can check out the blog page.

The areas I’m going to cover (I’m going to stay under the price point of $1.2 Million) are Santa Monica, Venice, Mar Vista/ Palms, Culver City and Westchester. I’m going to give you some overall statistics right now of where we are in the market and then, I’m going to tell what’s happened this past week.

So, where we are in the market right now? There are 259 homes for sale, actively on the market right now. There are 145 homes that are in escrow. There have been 124 homes that have expired in the last 6 months – which I think is a lot (that means, the homes didn’t sell). There could be variety of reasons of why they didn’t sell, but most of the time, it’s because that they were not priced at market value, they were priced out of the market or above market value.

A good agent should help you, if you’re thinking of selling your home, price your home correctly. There’s been 444 homes sold in the last 6 months (again, this is just the communities of Santa Monica, Venice, Mar Vista/ Palms, Culver City and Westchester, under the $1.2 million price point). Average days on the market is about 51 days, as what we are seeing right now.

So, let’s talk about what’s happened in this last week.  New listings: we’ve had 20 new listings come on the market in the past week. We’ve also had 20 price reductions. Remember when I was just saying about the expired listings. These homes that are having the price reductions, they basically came on the market above market value and the sellers were unrealistic or the agents were not properly doing their market analysis to determine the list price. But, 20 homes, just in the past week have had price reductions. I don’t really like to see that but that is the nature of the market we’re in right now.

There had been 32 accepted offers in the past week –so, this is encouraging news. It means escrow opens; so then all the inspection periods and the loan funding and all that are going to take place. And then, we’ve had 10 solds in the past week ( Solds meaning escrow has closed; it’s final; the new owner is moving into the house).

Now, what’s interesting here is, the accepted offers is 32, the solds is 10. It is taking longer for escrows to happen. Typically, it used to be 30 days. We might still be able to get them in 30 days but it’s more often than not, 30 pushing 45 days, sometimes even longer. The banks are just requiring a more sort of thorough process with the lending.

So, here is the chart (hopefully you can see it so the light’s not blinding). So this is going to come out every Monday. I’m going to put it on my blog- ResideRealEstate.com/blog.  I’m also going to put it on my Facebook fan page – facebook.com/ResideFan.

That’s my market report for today. Questions or comments: 1-800-476-5579. I want to thank you so much for joining me on today’s Reside Daily Bite.

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