Zillow: sales continue to rise on falling prices
August 11th, 2009 Categories: Real Estate Tools
Zillow.com has released its housing stats for the second quarter. Los Angeles metro-area sales were up 11% over the same quarter last year, and prices were down 35% from the 2006 market peak.
As has been true for some time, high-end sellers continue to hold homes on the market longer. Some of the higher median days that homes were listed for sale were in:
- Malibu: 153 days
- Manhattan Beach: 127 days
- Newport Coast: 120 days
- Palos Verdes Estates: 127 days
- Rolling HIlls: 146 days
The highest sale price per square foot, $707, was in Laguna Beach and was down 23% from a year ago. The lowest per-square-foot price was $75 in Lancaster, down 41% from a year ago. The full Zillow report can be accessed here.
Stan Humphries, Zillow’s chief economist, said the rising sales in some markets were encouraging. But he warned: “There are still many hurdles to true market recovery. Foreclosure resales are buoying overall sales numbers, but their low prices are keeping home values down.
Reports of increasing mortgage defaults signal that foreclosures are likely to increase again and peak in mid-2010. With increasing unemployment and high rates of negative equity, we have a fertile breeding ground for even more foreclosures, which add to the already-high level of for-sale inventory that needs to be cleared before values begin to rise.”
From L.A. Times: Peter Y. Hong
Valerie Fitzgerald specializes in luxury residential real estate in Beverly Hills, Bel Air, Brentwood, Santa Monica and Malibu. Valerie has more than 20 years of real estate experience and is known for her solid reputation in the West Los Angeles brokerage community. She’s also the author of Heart and Sold: How to Survive and Build a Recession-Proof Business.
