2006 vs. 2009. . .Talk About Dropping Off A Cliff

Since the market peaked in 2006, a steady decline in sales volume and increase in housing inventory is substantially apparent. You can see through a small representative sample of three entry level zip codes on the Westside, [Mar Vista (90066), Culver City (90232) and Santa Monica (90405)], exactly how much the market has slowed in May (year over year) the past four years.

Mar Vista 90066
(2006) 49 sales x $782K = $38,318K
(2007) 34 sales x $824K = $28, 016K (-26.9%)
(2008) 13 sales x $843K = $10,959K (-71.4%)
(2009) 11 sales x $569K = $6,259K (-83.7%)

Culver City 90232
(2006) 14 sales x $795K = $11,305K
(2007) 4 sales x $676K = $2,704K (-75.7%)
(2008) 5 sales x $805K = $4,025K (-63.9%)
(2009) 1 sale x $675K = $675K (-93.9%)

Santa Monica 90405
(2006) 26 sales x $1,178K = $30,628K
(2007) 17 sales x $1,020K = $17,340K (-43.4%)
(2008) 15 sales x $789K = $11,835K (-61.4%)
(2009) 8 sales x $734K = $5,872K (-81.8%)

With the last real estate recession continuing for 7 years, how long will this last?

(*Sources: Melissa Data and Westside Meltdown)