Los Angeles CA Real Estate Sales Statistics - February 2009
Initial construction of U.S. homes unexpectedly surged in February, after falling for eight months, according CNNMoney.com.
Housing starts rose to a seasonally adjusted annual rate of 583,000 last month, up 22% from a revised 477,000 in January, according to the Commerce Department. It was the first time housing starts increased since June, when they rose 11%.
New construction of single-family homes, considered the core of the housing market, increased 1.1% to an annual rate of 357,000 versus 353,000 in January.
February's increase was driven by a nearly 80% increase in construction of multi-family homes. New construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000 in January.
Let's take a look at Los Angeles CA Real Estate sales statistics for February 2009 compared to February 2008:
Caution: In all of these neighborhoods, housing quality and size, as well as lot size, vary greatly. Therefore, the highest and lowest sold prices often reflect which particular houses sold and are not generally indicative of an increase or decrease in overall value. For example, Beverly Hills did not drop 50% in value overall year over year. It just so happens that in February 2008, the highest priced home sold for $16,000,000 and this year the highest priced home sold was for $8,000,000. Those two homes, and the lots on which they are situated, are certainly not equivalent in size, location and condition. So I caution against reading too much into the following statistics:
Beverly Hills Real Estate Sales Statistics - Single Family Homes
| Beverly Hills | Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 5 | $1,050,000 | $2,300,000 | $8,000,000 |
| Feb 2008 | 52 | $1,170,000 |
$3,065,000 |
$16,000,000 |
Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes
| Beverly Hills Post Office |
Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 2 | $731,000 | $1,115,000 | $1,499,000 |
| Feb 2008 | 2 | $1,995,000 |
$2,697,000 |
$3,400,000 |
Bel Air Real Estate Sales Statistics - Single Family Homes
| Bel Air | Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 5 | $1,015,000 | $2,300,000 | $6,350,000 |
| Feb 2008 | 5 | $1,115,000 |
$1,840,000 |
$6,555,000 |
Hollywood Hills East Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills East |
Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 4 | $535,000 | $852,500 | $1,875,000 |
| Feb 2008 | 5 | $499,000 |
$790,000 |
$1,300,000 |
Hollywood Hills West Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills West |
Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 16 | $575,000 | $1,255,000 | $10,000,000 |
| Feb 2008 | 25 | $720,000 |
$1,620,000 |
$12,600,000 |
West Hollywood Real Estate Sales Statistics - Single Family Homes
| West Hollywood |
Sold Listings | Low Price | Median Price | High Price |
| Feb 2009 | 2 | $860,000 | $870,000 | $880,000 |
| Feb 2008 | 9 | $783,000 |
$1,000,000 |
$1,795,000 |
With prices continuing to moderate paired with historically low interest rates and an $8,000 tax credit for first time home buyers, Los Angeles CA real estate is a great buy.
