Los Angeles Real Estate Sales Statistics - April 2009
Pending home sales rose in March as a result of many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
Let's take a look at Los Angeles real estate sales statistics for April 2009 compared to April 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 Post Office did not increase 1000% in value overall year over year. It just so happens that in April 2008, the highest priced home sold for $3,200,000 and this year the highest priced home sold was for $31,500,000. 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 |
| April 2009 | 6 | $2,500,000 | $4,240,000 | $6,500,000 |
| April 2008 | 8 | $1,610,000 |
$3,725,000 |
$17,500,000 |
Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes
| Beverly Hills Post Office |
Sold Listings | Low Price | Median Price | High Price |
| April 2009 | 4 | $2,150,000 | $5,137,500 | $31,500,000 |
| April 2008 | 5 | $1,395,000 |
$2,050,000 |
$3,200,000 |
Bel Air Real Estate Sales Statistics - Single Family Homes
| Bel Air | Sold Listings | Low Price | Median Price | High Price |
| April 2009 | 1 | $2,162,000 | $2,162,000 | $2,162,000 |
| April 2008 | 9 | $1,330,000 |
$800,000 |
$6,730,000 |
Hollywood Hills East Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills East |
Sold Listings | Low Price | Median Price | High Price |
| April 2009 | 5 | $375,000 | $801,000 | $1,325,000 |
| April 2008 | 6 | $625,000 |
$1,274,000 |
$1,550,000 |
Hollywood Hills West Real Estate Sales Statistics - Single Family Homes
| Hollywood Hills West |
Sold Listings | Low Price | Median Price | High Price |
| April 2009 | 26 | $425,000 | $1,400,000 | $6,250,000 |
| April 2008 | 21 | $850,000 |
$1,740,000 |
$4,250,000 |
West Hollywood Real Estate Sales Statistics - Single Family Homes
| West Hollywood |
Sold Listings | Low Price | Median Price | High Price |
| April 2009 | 2 | $700,000 | $765,000 | $830,000 |
| April 2008 | 8 | $587,500 |
$7,095,000 |
$1,912,500 |
With prices continuing to moderate paired with historically low interest rates and an $8,000 tax credit for first time home buyers, Los Angeles real estate is a great buy.
