Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.
Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”
Let's take a look at Los Angeles real estate sales statistics for January to see hjow the recovery is progressing locally:
Los Angeles Real Estate Sales Statistics - January 2010
Beverly Hills Real Estate Sales Statistics - Single Family Homes
|
Beverly Hills
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
8
|
$100
|
$ 1,687,500
|
$ 3,575,000
|
|
Jan 2009
|
2
|
$1,312,000
|
$ 2,413,500
|
$ 3,515,000
|
Beverly Hills Post Office Real Estate Sales Statistics - Single Family Homes
|
Beverly Hills
Post Office
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
7
|
$ 1,200,000
|
$ 2,150,000
|
$ 7,050,000
|
|
Jan 2009
|
4
|
$1,500,000
|
$ 2,676,063
|
$ 3,700,000
|
Bel Air Real Estate Sales Statistics - Single Family Homes
|
Bel Air
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
9
|
$ 700,000
|
$ 1,550,000
|
$ 18,000,000
|
|
Jan 2009
|
2
|
$ 3,230,000
|
$ 3,230,000
|
$ 3,230,000
|
Hollywood Hills East Real Estate Sales Statistics - Single Family Homes
|
Hollywood Hills
East
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
6
|
$ 670,000
|
$ 780,375
|
$ 1,125,000
|
|
Jan 2009
|
4
|
$ 635,000
|
$ 971,750
|
$ 1,495,000
|
Hollywood Hills West Real Estate Sales Statistics - Single Family Homes
|
Hollywood Hills
West
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
21
|
$ 841,500
|
$ 1,565,000
|
$ 19,500,000
|
|
Jan 2009
|
14
|
$ 517,000
|
$ 1,075,000
|
$ 3,100,000
|
West Hollywood Real Estate Sales Statistics - Single Family Homes
|
West
Hollywood
|
Sold Listings
|
Low Price
|
Median Price
|
High Price
|
|
Jan 2010
|
10
|
$ 620,000
|
$ 1,012,500
|
$ 2,150,000
|
|
Jan 2009
|
2
|
$ 775,000
|
$ 1,575,000
|
$ 2,375,000
|
California First-time Buyer Affordability Index - Fourth Quarter 2009: 64 percent (Source: C.A.R.)
Mortgage Rates - week ending 2/11/10 30-yr. fixed: 4.97 Fees/points: 0.7% 15-yr. fixed: 4.34% Fees/points: 0.6% 1-yr. adjustable: 4.33% Fees/points: 0.6% (Source: Freddie Mac)