Los Angeles County Finishes the Year with a Moderate Decline in New Home Sales
Los Angeles, California- Despite fourth quarter new home sales data showing a decline in overall volume, according to MarketPointe Realty Advisors, Inc. ResidentialTrends, the Los Angeles new home market faired well in 2007 when compared with other counties in Southern California. With explosive sales growth of 69 percent in 2005 followed by another 5 percent increase in 2006, a moderate decline of 7 percent in 2007 to 4,815 units is seen as a stabilizing sales trend.
However, just looking at the numbers in the fourth quarter alone, one may see the numbers as less than favorable. After peaking in the first quarter of 2007, net sales volume declined in each subsequent quarter. This quarter, sales volume fell to 586 total net sales. The attached sector experienced a 52 percent drop-off this quarter while the detached sector saw a 20 percent drop.
Between 2001 and 2004, annual new home sales totaled in the range of 2,000 -3,000 units. In 2005, total net sales jumped to nearly 5,000 homes and continued to increase in 2006 approaching 5,200 homes. While 2007 trended downward somewhat, the year still surpassed the 4,800 overall net sales level indicating a relatively stable level of demand in the region.
In addition to MarketPointe’s quarterly surveys of Los Angeles County, new home sales reports are published for Kern, Imperial, Ventura, Santa Clarita-Antelope Valley, Orange, East Riverside, West Riverside, San Bernardino and San Diego Counties.
MarketPointe Realty Advisors ResidentialTrends is a quarterly publication, and is considered the most comprehensive and detailed audit of new residential activity throughout California, from an unbiased, yet knowledgeable source. MarketPointe Realty Advisors provides new home and available land information and real estate consulting services.
For a complete housing report on Los Angeles County, or a specific development region contact the nearest office, San Diego at 619-233-3781, Orange County at 714-528-2554, Sacramento at 916-710-1398, website is www.marketpointe.com.
- Contact Information
- Robert Martinez
- Director of Research
- MarketPointe Realty Advisors
- Contact via E-mail
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