West Hollywood and Venice take a big hit

The sales figures for West Hollywood and Venice (90291) mirror those I reported last week concerning other Westside cities. It is brutal out there.

Melissa Data, which lumps Single Family Residence’s and Condos together, gives an average selling price which is a great overall indicator of what is selling and what is not. We can clearly see from the data below the recent dismal sales activity is happening at lower price points.

West Hollywood 90069

Total Sales Volume – (2/2008) $22,865,000, (2/2009) $5,430,000 (-77.3%)

Average Sales Price – (2/2008) $1,345,000, (2/2009) $543,000 (-59.6%)

Venice 90291

Total Sales Volume – (2/2008) $10,087,000, (2/2009) $6,592,000 (-35.6%)

Average Sales Price – (2/2008) $1,441,000, (2/2009) $824,000 (-42.8%)