Tracking: City of Los Angeles real estate trends
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Faithful readers will know I am now officially enamored of Redfin’s neighborhood tracking widget, which allows you to track price trends in any city or ZIP Code. Micro-medians, I call them.
Without further ado, an update on the City of Los Angeles -- which rarely shows up in housing stats, because the most widely reported numbers are county-wide.
Date August 13 Oct. 2 Oct. 28
--Listed for sale 16,859 16,127 16,003
(home and condos)
--Foreclosures for sale 1,698 2,032 2,040
--Median list price $475,000 $459,000 $450,000
--Median sales price* $400,000 $380,000 $365,000
--Median sold price/sf n/a n/a $252
--Median days listed 85 90 92
--% reduced in price 43.9% 44.7% 44%
--Median total reduction 9.3% 10.0% 10.1%
*Based on homes sold or taken off the market in the previous 90 days
Two cents: I don’t see any sign of a bottom in these numbers. The Los Angeles market is absorbing foreclosed properties at roughly the same rate they are coming onto the market. In other words, the market is working, but it also weakening.
-- Peter Viles
Pictured: ‘Wolf’s Lair,’ an eight-bedroom mansion overlooking Lake Hollywood. First listed for sale for $7.5 million, since reduced to $5.99 million.
Photo Credit: Michael McCreary