Jerry & Rachel Hsieh Real Estate Team - Keller Williams Realty in Los Angeles

Jerry & Rachel Hsieh Real Estate Team - Keller Williams Realty in Los Angeles
IF YOU WANT THE LATEST INFORMATION ON THE LOCAL LOS ANGELES REAL ESTATE MARKET, FOLLOW THIS BLOG! FEEL FREE TO SEND OUR TEAM A REQUEST FOR ANY PROPERTY ON THE MARKET YOU'D LIKE TO VIEW BY CALLING US AT 310.623.1359. Our Cell: 424.242.8856 Email: jerryandrachel@newhomesLA.com DRE #: 01701809

Friday, March 27, 2009

Home Sales Jump 69% in February

Hi folks, this week there was a lot of buzz about the suprise 80% nationwide jump in home sales volume for February, but this is one of the only ones I could find that broke it down specifically for California and Los Angeles. Enjoy.

-Jerry
310-228-8856


Home Sales Jump 69% in February (Direct Link)
From Fox 11 News Website
By: David Dain

Los Angeles (myFOXla.com) - Home sales jumped 69.3 percent in the Los Angeles area in February, compared to the same period a year ago, while the median home price fell 35.5 percent, according to figures released today.

The median price of an existing single-family home in Los Angeles was $308,540 in February, compared to $304,750 the previous month and $478,350 last year, according to the California Association of Realtors.

In Orange County, home sales increased 44.6 percent in February, compared to the same month last year, while the median home price was $433,690, down 28.9 percent from $609,970 in February 2008.

Home sales increased 83 percent in February in California, compared with the same period a year ago, while the median price of an existing home declined 40.8 percent, according to CAR's report.

"Home sales in California continue to be considerably stronger than the nationwide sales figures," said James Liptak, CAR's president. "The market will continue to register large, but diminishing year-to-year percentage gains in the coming months, as current sales are compared against the extremely low numbers that prevailed during the early months of the credit crunch."

The median price of an existing, single-family detached home in California in February was $247,590, compared to $253,330 the previous month and $418,260 in February of last year, according to CAR.

"The California median price has declined by a larger margin than the nationwide price," Leslie Appleton-Young, CAR's vice president and chief economist, said in a statement.

"This can be attributed to the under $500,000 portion of the market, which has experienced larger price declines than the other market segments due to the large share of distressed homes for sale," she said. "This further contributed to the decline in the statewide median."

The median number of days it took to sell a single-family home statewide declined to 51.5 days in February, compared to 69.3 days during the same month last year, according to CAR.

Wednesday, March 25, 2009

Busy month in Picfair Village!!

Dear all my wonderful current (and future) Picfair Village neighbors-

Busy month! The homes in Picfair Village are really starting to sell. We just closed escrow on 1600 Ellsmere, which is a little 2BR, 2BA bungalow home I listed about a month ago. www.1600ellsmere.com. We listed it for $689,000 and immediately got a great offer. We just finished a 30 day escrow. Currently, I have 2 more homes in the neighborhood in escrow, 1 on Genesee, and another on Carmona.

The home on Genesee is a pocket listed 4BR, 2BA Spanish fixer, that has been waiting to be remodeled for sometime now. It was listed for $500,000. The home on Carmona was listed for just a few days at a price of $515,000 before it recieved 5 offers that were all over asking and the bidding war was on! Though there has been a lot of news about pricing, homes are definitely still selling! It's been busy and it looks like more and more buyers are recognizing what a great deal of a neighborhood Picfair Village is. I have about 6 buyers who are actively looking for properties in Picfair Village, and another 10-20 clients passively looking in the neighborhood for fixers/development opportunities. If you or anyone you know is thinking about selling their Picfair Village home, Please let me know!

-Jerry
310-228-8856

Wednesday, March 11, 2009

From LA Times: LA Median Home Sales pricing chart - 2009 vs 2007

Hi everyone!

Hope everyone's doing well. it's been a couple weeks since I've updated this as I've been busy finishing a few escrows and there have been a lot of new foreclosures hitting the market.

Last weekend, the Los Angeles Times published this graph and I just wanted to pass it along. It shows the median price change from 2009 to 2007. This is very relevant because, as you will recall, 2007 is when the bubble began to burst.

According to this, the median price change for homes in LA in the past 2 years: $342,500.

LINK TO ARTICLE

-Jerry