Attached Units Make Up 77 PERCENT of Overall New Home Sales in the Los Angeles Basin
Los Angeles, California, March, 2008 - Except for the far northeast submarket, smaller in-fill attached developments dominate the new home market in the Los Angeles County. MarketPointe divides Los Angeles County into two primary submarkets, the northeast submarket which encompasses the Santa Clarita Valley and Antelope Valley submarkets and the LA Basin which encompasses the San Fernando Valley, San Gabriel Valley, West Los Angeles and the Long Beach/South Bay submarkets. Countywide, the 166 attached developments account for 53% of the total 316 new-home projects in the county. However, when we focus on the LA Basin submarkets, the true dominance of the attached housing sector is realized as 162 of the 235 new-home developments or 69 percent of the developments in the LA Basin are attached.
From a sales perspective the attached sectors market share is even greater. Countywide, the 641 attached sales posted during the first quarter of 2008 accounted for 53 percent of total new-home sales. However, when we focus on the LA Basin submarkets, eliminating Santa Clarita Valley and Antelope Valley submarkets where the highest concentration of detached product is centered, the 608 new attached sales in the LA Basin accounted for 77 percent of the Basin’s total 791 new-home sales.
In tracking proposed development activity through our LandTracker database, we have concluded that “the dominance of the new-attached housing sector in the LA Basin is not a trend but an established fact of life”, said Russ Valone, President, MarketPointe Realty Advisors, Inc. While builders will continue to find numerous detached development opportunities in the Santa Clarita Valley and Antelope Valley submarkets, and while some limited development opportunities to build new detached product will continue to exist in the San Fernando and San Gabriel Valleys, for those looking at the West Los Angeles, Long Beach/South Bay and Los Angeles Central submarkets for future developments opportunities will be primarily developing attached projects with fewer than 100 units.
MarketPointe Realty Advisors provides new housing statistics throughout California via its ResidentialTrends new-home database and its LandTracker proposed development database, as well as site specific, tailored housing market research and consulting services. The offices are located in San Diego and Orange County, with representation throughout California. Phone San Diego 619-233-3781, Orange County 714-528-2554, and Sacramento 916-710-1398, website is www.marketpointe.com.
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- MarketPointe Realty Advisors
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