Los Angeles Real Estate Market Trends - October 2010
Nearly eight out of 10 Americans believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors®.
The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70 percent of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
Despite economic uncertainty, 68 percent of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75 percent), it’s up from 2008 (66 percent) and 2007 (59 percent). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market – more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40 percent said it was one of their highest priorities.
Lower home prices have improved affordability. Let’s take a look at October home sales and see how improved affordability is affecting our local housing market.
Caution: In all of these Los Angeles 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. 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 |
|
Oct 2010 |
17 |
$1,232,252 |
$ 3,840,000 |
$10,280,000 |
|
Oct 2009 |
14 |
$1,182,000 |
$ 3,150,000 |
$6,850,000 |
Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes
|
Beverly Hills |
Sold Listings |
Low Price |
Median Price |
High Price |
|
Oct 2010 |
7 |
$995,000 |
$ 1,620,000 |
$19,500,000 |
|
Oct 2009 |
8 |
$ 900,000 |
$ 1,393,381 |
$2,400,000 |
Bel Air Real Estate Sales Statistics - Single Family Homes
|
Bel Air |
Sold Listings |
Low Price |
Median Price |
High Price |
|
Oct 2010 |
4 |
$ 888,000 |
$ 1,277,500 |
$1,575,000 |
|
Oct 2009 |
21 |
$ 710,000 |
$ 1,200,000 |
$ 13,200,000 |
Hollywood Hills East Real Estate Sales Statistics - Single Family Homes
|
Hollywood Hills |
Sold Listings |
Low Price |
Median Price |
High Price |
|
Oct 2010 |
9 |
$535,000 |
$ 875,000 |
$1,685,000 |
|
Oct 2009 |
6 |
$966,000 |
$1,129,000 |
$2,875,000 |
Hollywood Hills West Real Estate Sales Statistics - Single Family Homes
|
Hollywood Hills |
Sold Listings |
Low Price |
Median Price |
High Price |
|
Oct 2010 |
24 |
$ 540,000 |
$ 1,135,000 |
$3,495,000 |
|
Oct 2009 |
33 |
$ 380,000 |
$ 1,150,000 |
$4,500,000 |
West Hollywood Real Estate Sales Statistics - Single Family Homes
|
West |
Sold Listings |
Low Price |
Median Price |
High Price |
|
Oct 2010 |
4 |
$ 651,200 |
$ 710,438 |
$ 973,500 |
|
Oct 2009 |
6 |
$ 475,000 |
$ 794,000 |
$1,512,500 |
For the latest Los Angeles real estate market conditions visit our Blog at EileenWalshRealtor.com.
