Cheap At Home For Sale

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Note: An important update has been filed on this post, which you can read here. Bottom line: Year-over-year, sales fell on the Westside in the second quarter, as prices continued to rise. Here’s the original post, which went out under the -- not quite accurate -- headline, ‘Sales solid on Westside’

Good morning. One of the fascinating, and challenging, aspects of trying to cover Los Angeles real estate is the complexity of the market and the statistics that attempt to capture it. Example: new statistics indicate the second quarter was stronger than the first for Westside real estate. On average, homes sold faster, and closer to the asking price, in the second quarter.

Santa Monica realtor Chris Gordon Clark likes to crunch numbers, and here’s what he’s come up with for second-quarter sales on the Westside, compared to first quarter sales:

Number of homes sold: 570 (2Q) vs. 455 (1Q).
Avg. Square footage: 1970 (2Q) vs. 1819 (1Q) (Up 8.2%)
Avg. list price: $1.698 million (2Q) vs. $1.451 million (1Q) (Up 18.9%)
Avg. sales price: $1.678 million (2Q) vs. $1.411 million (1Q)
Sales price vs. list price, 2Q: -1.2%
Sales price vs. list price, 1Q: -2.8%
Days on market: 49.1 (2Q) vs. 60.4 (1Q)

A footnote: Chris breaks out condo sales separately, and there are some signs of weakness in the Westside condo market: Avg. sales price dropped 3.3% from 1Q to 2Q.

Photo Credit: A builder’s lot in Santa Monica by L.A. Land
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