Westside Home sales slow but market appears stable!

We continued to slow sluggish sales activity on the Westside during November. That being said there is some promising news. The number of homes on the market at the end of November has dropped substantially since peaking in mid-September. I have also noticed a lot more calls on our listed properties combining with more viewings too. Even though sales volumes continue to remain well below last year’s levels, the shrinking supply and stable sales volume over the past 6 months points to a stable market moving forward. In fact, I’m going to go out on a limb and predict a robust Winter Market with brisk activity in January & February.

For home owners thinking about selling in 2013, keep in mind if you list your home in March ( based on the last 4 years of sales activity) you missed the best time for selling. Home owners that listed their homes just before Chinese New Year achieved the highest selling prices. The period of Late January to end of the February was the busiest time for housing sales the last 4 years. Why should this year be any different? I do not see any housing crash or even much more downside to house prices. Prices have already slipped 10-15% in some cases and I feel that is as far as it will go.

Too many home owners and buyers try to time the market. I would suggest either buying or selling when the timing is personally right for you.

Here’s how the numbers look from November:

Single Family Homes:

- Home sales in November were down 36% versus November 2011 from 121 units to 77 units. Year to date home sales are down 37%
- The average selling price of a home was down 6% this November verses last Year. Year to date the average selling price is 1% higher to $ 2,425,576.
- The supply of homes is 20% higher at 846 units at November 30^th this year verses 705 last year. At month end the month’s supply now sits at 11 compared with 5.8 months a year ago.

Townhomes and Condos:

- Townhome sales fell 16^% and Condo sales fell 33% this November verses last November. Year to date Townhome sales are down 27% and Condo sales are down 21%.
- The average sale price of a town home was even with last November ( $ 870,000) and year to date is also even ( $ 940,000). Condo prices were 3% higher this November verses last year and year to date condo prices are 1% lower to sit at $ 620,000.
- The supply of townhomes is 7% higher this year verses the same time last year and condo supply is 12% higher

Overall the market looks pretty stable. I am finding that well priced properties are still commanding attention and are selling quickly. If you remove all the “Overpriced Properties” from the market place, there is still demand in the market place.

If you would like an assessment of your home or investment property I am always available to provide my professional opinion.

Wishing you and your family the very best of the season and Happy New Year

Andrew & Jill Hasman