$700K range holding value better than overall market
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Because so many of you are interested in what is happening to housing prices in more established and more expensive neighborhoods, I’ve been tracking price trends for single family homes in 14 fairly expensive ZIP Codes, where median prices are in the $600,000 to $900,000 range. The data comes from MDA DataQuick.
The headline from the September numbers: Prices in these 14 ZIPs are slipping -- from a ‘median of medians’ of $710,000 in July to $690,000 in September. That is a much better performance, however, than the entire county, where the median fell from $400,000 to $360,000 in that period.
The weakest ZIP, by far, is the one I visited yesterday with Laker -- 91364 in Woodland Hills, where the median price paid for a single family home has slipped almost $200,000 in two months. I wouldn’t read too much into that -- the sample of homes sold (24 in September) is pretty small.
In the chart that follows, the bottom line shows a ‘median of medians,’ for both prices and percentage change. I’m quite certain this is not a very meaningful statistic, but I enjoy calculating it.
Area/ZIP July median Aug. median Sept. median/% change from ’07
Sherman Oaks/91423 $750,000 $968,000 $807,000 -18.8%
West Hollywood/90046 $940,000 $765,000 $1.28 m. +16.6%
Stevenson Ranch/91381 $650,000 $717,000 $726,000 -34.0%
Northridge/91326 $625,000 $566,000 $550,000 -19.7%
La Crescenta/91214 $619,000 $599,000 $555,000 -24.2%
Agoura Hills/91301 $870,000 $735,000 $710,000 -38.3%
Arcadia/91006 $698,000 $775,000 $740,000 -6.9%
Torrance/90503 $693,000 $608,000 $660,000 -14.2%
L.A./Mar Vista/90066 $810,000 $697,000 $745,000 -21.0%
Pasadena/91104 $621,000 $585,000 $498,000 -27.3%
L.A./Westchester/90045 $693,000 $700,000 $670,000 -18.3%
Woodland Hills/91364 $726,000 $593,000 $528,000 -42.3%
Redondo Beach/90278 $755,000 $620,000 $620,000 -14.8%
Arcadia/91007 $930,000 $848,000 $1.0 M. -22.4%
Median $710,000/-11.1% $698,000/-17.4% $690,000/-20.3%
--Peter Viles