Los Angeles Real Estate Sales Statistics - January 2009

Thursday, February 19, 2009

by Eileen Walsh

The following is a statement by National Association of Realtors® President Charles McMillan:

"An economic recovery is not possible without a housing recovery, and the legislation contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit availability has been extended until December 1, meaning you must close by November 31, 2009. Click here for a summary of the bill.

“These important provisions will help bring first-time home buyers to the market and reduce housing inventory,” said McMillan. NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from being “underwater” on their mortgage, which can often lead to foreclosure.

The bill also reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac. “These higher loan limits are important to make mortgages affordable regardless of where you live. This will also help reduce inventory and improve liquidity in the overall mortgage market,” McMillan said.

Let's take a look at Los Angeles real estate sales statistics for January 2009 compared to Janaury 2008:

Beverly Hills Real Estate Sales Statistics - Single Family Homes

Beverly Hills real estate sales of single family homes dropoped by 96 percent in January compared to January 2008. The median price declined 21 percent to $2,413,000. The lowest priced home to sell was 12 percent below the previous year and the highest priced home was 78 percent below January 2008.

Beverly Hills	Sold Listings	Low Price	Median Price	High Price
Jan 2009	2	$1,312,000	$2,413,500	$3,515,500
Jan 2008	52	$1,170,000	$3,065,000	$16,000,000

Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes

January 2008 saw 67 percent fewer homes sold in Beverly HIlls Post Office. The median sales price dropped 4 percent to $1,500,000, but the low and high prices increased 110 percent and 79 percent, respectively.

Beverly Hills Post Office	Sold Listings	Low Price	Median Price	High Price
Jan 2009	4	$1,500,000	$2,676,063	$3,700,000
Jan 2008	12	$715,000	$2,800,000	$18,000,000

Bel Air Real Estate Sales Statistics - Single Family Homes

78 percent fewer Bel Air homes sold in January 2009 than January 2008. The median price increased 77 percent. The low price increased 40 percent. The high price for the month was down by 1 percent.

Bel Air	Sold Listings	Low Price	Median Price	High Price
Jan 2009	2	$3,230,000	$3,230,000	$3,230,000
Jan 2008	9	$645,000	$1,825,000	$3,260,000

Hollywood Hills East Real Estate Sales Statistics - Single Family Homes

Sales in Hollywood HIlls East declined 50 percent in January, while the median price increased 1 percent to $971,750. Both the low and high prices declined with the low price down 3 percent and the high price down 29 percent.

Hollywood Hills East	Sold Listings	Low Price	Median Price	High Price
Jan 2009	4	$635,000	$971,750	$1,495,000
Jan 2008	8	$656,500	$1,825,000	$2,100,000

Hollywood Hills West Real Estate Sales Statistics - Single Family Homes

Sold listings dropped by 7 percent and the median sales price dropped 48 percent this January in Hollywood Hills West. The low and high prices declined 25 percent and 33 percent, respectively.

Hollywood Hills West	Sold Listings	Low Price	Median Price	High Price
Jan 2009	13	$517,000	$1,075,000	$3,100,000
Jan 2008	14	$692,500	$2,060,375	$4,600,000

West Hollywood Real Estate Sales Statistics - Single Family Homes

Sales were also down 50 percent in West Hollywoood this past January with the medain price down 43 percent. The low sales price dropped 15 percent, while the high price increased 25 percent.