Westside Sales Activity

Activity on the Westside has picked up quite a bit compared to the prior two months. Most of the increase can be attributed to the spring/summer selling season (perfect time for families to move without disrupting school for the kids), low interest rates and banks finally beginning to loan jumbo money a little more frequently.

I don’t see this trend continuing on a long-term basis once the summer is over. As you will see in future postings, I believe inventory will continue to rise and any near future increase in activity will be at lower price points.

Per the MLS and the article I sent out last week in The Skinny on Real Estate, please see the data below for selected Westside areas comparing recent activity with activity earlier this year and for the same period last year and in 2005 which is very insightful to show the difference in the markets. This data is through May 27th, 2009.

Beverly Hills
April/May 09: Sold 19 (58% increase over Feb/March total of 12)
In Escrow: 21
April/May 08: Sold 19
April/May 05: Sold 28
**829 Whittier Drive finally sold for $10 million after originally being listed for $17 million! A 42% reduction from the Original listing price (OLP).

Beverly Hills Post Office
April/May 09: Sold 8 (Feb/March total 14)
In Escrow: 31!
April/May 08: Sold 1
April/May 05: Sold 37
**40 Beverly Park Circle sold for $31.5 million after having an OLP of 45 million.

Brentwood
April/May 09: Sold 19 (same as Feb/March total)
**However, 46 homes in escrow!!
April/May 08: Sold: 34
April/May 05: Sold: 53

Bel Air
April/May 09: Sold 4 (Feb/March total 10)
In Escrow: 20
April/May 08: Sold 22
April/May 05: Sold 43
**1030 Stone Canyon Rd. sold for $2.162 after having an OLP 3.695 (41% drop).

Malibu Beach
April/May 09: Sold 2 (Feb/March 4)
In Escrow: 7! (the most in escrow at the same time in Malibu Beach in six months)
April/May 08: Sold 7
April/May 05: Sold 13

Santa Monica
April/May 09: Sold 22 (Over 100% increase over Feb/March total 10)
In Escrow: 38
April/May 08: Sold 33
April/May 05: Sold 44

Pacific Palisades
April/May 09: Sold 29 (Feb/March total 24)
In Escrow: 26
April/May 08: Sold 36
April/May 05: Sold 58

*Less pricier locales:

Mar Vista
April/May 09: Sold 16 (Almost 50% drop from Feb/March total of 31)
In Escrow: 56!
April/May 08: Sold 35
April/May 05: Sold 60

Culver City
April/May 09: Sold 23 (Feb/March 18)
In Escrow: 29
April/May 08: Sold 17
April/May 05: Sold 36

Westchester
April/May 09: Sold 24 (Feb/March 26)
In Escrow: 40
April/May 08: Sold 36
April/May 05: Sold 54