The Good, The Bad and The Ugly of the Los Angeles County New Home Market
Los Angeles County, California, March, 2008 - Reversing the three-quarter downward trend seen in Los Angeles County, new home sales volumes in the first quarter of 2008 were up 29 percent, compared to volumes seen in the fourth quarter of 2007as total new-home sales rose from 946 to 1,219. However, the 1,219 new-home sales posted during first quarter of 2008 was the lowest volume first quarter seen in LA County since the first quarter of 2000 when only 972 new homes were sold. And compared to the first quarters of 2005 through 2007, sales volumes Q1, 2008 are 45% to 55% of those levels. “We refer to these new home statistics as the Good, the Bad, and the Ugly, as there are positive and negative attributes of the posted results this quarter,” said Russ Valone, President, Marketpointe Realty Advisors, Inc.
The average price of a new medium density attached unit (one that features an on-grade garage or carport) rose two percent in the first quarter of 2008 to $536,738. The average price of a condominium conversion unit rose an average of .2 percent to $362,228. The average price of an adaptive reuse project (a commercial or other type of building converted to condominiums) rose an average of six percent to $582,828, according to ResidentialTrends, the housing market statistics publication by Marketpointe Realty Advisors, Inc. However, the average price of all new homes sold in Los Angeles County dropped an average of four percent, and the average price of a new detached home was down 15 percent.
MarketPointe Realty Advisors provides new housing market 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. Comprehensive “Housing Market Overviews” providing new home sales, pricing, housing inventory trends, future housing supply, and new and leading developments are available for regions across California. MarketPointe can be reached in San Diego at 619-233-3781 or Orange County at 714-528-2554 or Sacramento at 916-710-1398 or at www.marketpointe.com
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- Russ Valone
- MarketPointe Realty Advisors
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