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Los Angeles Real
Estate Agent &
Agency Referral Service
The Southern California real
estate: Up or Down?
Thursday, November
17, 2004
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According to LA
Times writer Annette Haddad, "When it
comes to Southern California real estate, there's the
big picture and then there's the
neighborhood-by-neighborhood view."
Overall, numbers indicate that Southern California real
estate is still booming, though slower than in previous
months. However, a closer looks shows that many
"neighborhood" markets are already falling.
Annette states, "For instance, Orange County's
median has edged 2% lower since May; Los Angeles
County's, 1.2% since June; Ventura County's, 4% since
September."
More important, total homes sold is down more than 13
percent, a critical statistic for analyzing home values.
The majority of these 'lost' homes are in high price
neighborhoods.
Homes in the median price ranges are still selling
pretty well, and in some areas, home values are still
rising.
Los Angeles County October sales, "which accounts
for 35% of sales in the region", showed a median
price of $409,000, up 23.2% from a year earlier, on a
17.8% decline in homes sold, based on last week's data.
Last month's sales decline was less severe than it
appeared, given that there two fewer business days for
which transactions could be recorded compared with last
year, DataQuick analyst John Karevoll said. "The
market is not softening by much, which many
expected," he said.
Click
here for the full article.
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Southern
California real estate: Up or Down?
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