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Monday, January 18, 2010

Playa Vista Market Report: December 2009

As the economy and real estate markets continue to change, the nuances between different areas and different neighborhoods are becoming increasingly magnified.

One neighborhood may show a sales increase, while another neighborhood just blocks away may be experiencing a dramatic drop in sales from the previous year.

While the media publishes its statistics based on national, state, and county trends, this distorts the public’s perception of what could actually be happening in their own neighborhood. We at the Cherniss Group have observed that our local micro markets are often behaving quite differently.

Our observations reveal:
Neighboring markets may be performing very differently from each other and national averages.

In a tough lending environment, knowing specific market trends in the neighborhood you are considering is crucial for a successful transaction.

What is actually happening in your market is often different from what you might think or feel.

Don’t mistake feelings for facts.
Having all of the facts will help you make an informed decision, whether you are thinking about a purchase or sale in the high end market or entry level market.

Here are the December 2009 figures for Playa Vista.

DECEMBER 2009 CONDOS/TOWNHOUSES
(% Change from December 2008)
Total Sold Dollar Volume:................................. $ 5,863,750
(+116.18%)
Average Selling Price:....................................... $ 586,375
(-13.53%)
Average List Price:............................................ $ 576,765
(-20.28%)
Average Sales Price / Average List Price:............. 101.67%
(+8.47%)
Median Price:.................................................. $ 556,000
(-20.57%)
Average Days on Market:................................... 37
(+117.65%)
Number of Listings Sold:.................................... 10
(+150%)


DECEMBER 2009 HOUSES (% Change from December 2008)
Total Sold Dollar Volume:................................. $ 905,000 (N/A)
Average Selling Price:....................................... $ 905,000 (N/A)
Average List Price:............................................ $ 919,000 (N/A)
Average Sales Price / Average List Price:............. 98.50% (N/A)
Median Price:................................................... $ 905,000 (N/A)
Average Days on Market:................................... 254 (N/A)
Number of Listings Sold:.................................... 1 (N/A)



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