Homes seemed to have reached their bottom in the first quarter of 2010, and have been skidding along the bottom since, while showing healthy activity and interest. In fact, take a look at these statistics in the 1st quarter of 2010 v. 2011 in 90024 (according to MLS statistics):
(A) Homes Sold- 82 in 2010, 15 in 2011
(B) Average Days on the Market for Sold Homes – 66 in 2010, 102 in 2011
(C) Homes On the Market For Sale – 17 in 2010, 14 in 2011
(D) Homes in Escrow – 8 in both 2010 and 2011
(E) Average $/Sq Ft – $619.52 in 2010 and $602.59 in 2011 (sold homes)
(F) Average Square Footage – 2,771 in 2010 and 2,864 in 2011
(G) Percentage Sales Price to List Price – 96.06% in 2010 and 94.38% in 2011.
These statistics are incredibly close to each other, with the exception of Homes Sold and Average Days on Market. This tells me that the market hasn’t changed, prices are remaining the same, but inventory is tightening up. That’s a precursor to higher prices.
