I have some more stats to share with you for Westwood single family homes. These include all areas of Westwood (90024,90025,90064)

This data comparison is Year-to-date 2007 vs 2008. And this data comes straight from the CLAW-MLS.

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Median Sales Price 07 $1,335,000
Median Sales Price 08 $1,295,000

Down 3%

Average Sales Price 07 $1,459,079
Average Sales Price 08 $1,518,111

Up 3.9%

High SP 07 $3,750,000
High SP 08 $4,070,625
Low SP 07 $720,000
Low SP 08 $800,000

Sales Volume 07 $121,103,526
Sales Volume 08 $98,677,218

Down 19%

Average Days On Market 07 49
Average Days On Market 08 41

Time Spent on Market down by 16%

# Sold 07 83
# Sold 08 66

Down 20%

Sales Price To List Price 07 99.31%
Sales Price To List Price 08 98.34%

Down .97%

Price Per Sq. Ft. 07 $706.78
Price Per Sq. Ft. 08 $709.08

Up $2.30

Hi, Tsingh, thanks for commenting. Any day you take a snapshot of the last three months, it could be different from the day before because of new sales that show up and older ones that disappear. I have no way to verify Scott McIntosh's data, and I can only go with what I get here. Although our numbers don't match, they do speak to a general trend.

I was reading this thread as a first time user of Redfin. Its a great resource by the way.

But the 3 or 6 sales in Westwood issue is quite a bit one I'd say. Having data that's offset so largely is one concern; second is to draw some trending information based on partial data, even if correct is still not consistent I'd think.

Redfin, I would suggest looking at it to bring closure.

Thx again for the great resource!

Well, the Redfin data now say six sales in the last three months. But if your data are correct, sales of SFRs in Westwood are off around 50 percent from 2005 levels.

Let me first start by saying you guys provide alot of good information here for the general public and I know you work hard at providing it. Thank you.

As far as the data is concerned you should probley have redfin look into why your not getting proper stats. Because saying only 3 sales is a whole lot different than 12 sales. And in the same exact time period in 2005 there were 21 sales.

Scott, as I said, the data comes from the MLSs themselves. Even if it is not 100 percent accurate at all times, I think it can still speak to trends. Whether it's three sales or 12 sales, that doesn't strike me as a ton of single-family home sales in three months in one ZIP code. How many were sold in the same period in 2005?

And Redfin data does indicate a very soft condo market in Westwood, which you've agreed is the case. Condos were subject to a lot of speculation during the run-up, so it's not surprising that this is happening. Single-family homes, probably not so much.

Cindy- I'm sorry I don't know how Redfin aquires its data from the MLS. But it makes me think that if this data is not correct, and the reports here are given using Redfins data base that these reports are invalid if they don't have all the information. I'm sure its not just 90024 that you cannot get all the data for. I'm sorry to point that out.

la guy - I agree with you that you cannot just hang your hat on statistics alone. Data can be skewed by a couple of the numbers, especially when your data pool isn't that large. This rings true of all the other statistics reported out there in the media that people are saying.... Southern California is down 25%..etc..etc.. Well there was a recent report out there saying that buyers are eating up the under $500,000 homes, especially in the valley areas, riverside, etc and that 70% of the sales are coming from this price range. That can also skew medians and average's making it look like prices have come down tremendously in Southern California. I think what is really important to remember is that real estate is local and you should pay more attention to what’s happening in a particular neighborhood or block or street etc.. There is no doubt that the market is difficult right now. Even in the nice areas and Westwood is no different. Virtually no area is immune. The question is...how bad is it and how bad will it get? Predicting can be very difficult so all I can tell you is what’s going on in the present and I can tell you that homes are still selling in Westwood. And it’s not uncommon for homes to go into multiple offers right now. A few weeks ago I reported that 20-25% of all the homes sold this year in Westwood, sold at or over asking price. I think that’s a pretty significant statistic that sheds some light on the health of the particular neighborhood and its demand.

http://www.thewestwoodblog.com

Hi, Scott. Thanks for the info. Well, all I can tell you is that when I wrote that post, there were three recent sales in 90024 that came up on the database. Redfin gets its information from the MLS, so I don't know why these sales you're talking about aren't showing up. Any ideas?

The problem with trying to draw any conclusions from some of these zips is that one or two big ticket sales can really skew the data. On the one hand it's hard to believe that prices in Westwood aren't trending down just like other nice neighborhoods, but a few high end sales can obscure that trend, at least for a while.

Hi Cindy,

Well you know I can't help myself when you post something about Westwood :). I apologize for having to correct your information. From today, the MLS shows 12 sales in 90024 in the last 3 months. The average days on market for these 12 sales is 61 DOM. The lowest price was $1,195,000 and a high of $4,070,625. The average sales price was $2,148,083 and the median sales price was $2,125,000. The average price per sq ft was $769. And the homes sold with an average sales price to list price of 99.08%.

The one bedroom that you referenced, sold in 'Little Holmby' and was an architectural home done by Architect L. Anthony Greenberg in 1962.

Now for the fun part, lets compare the exact same dates to last year (3/19/07-6/18/07) and see what stats we find.

# of Listings Sold - 19
Average Days on Market- 51
Low Sale Price - $1,195,000
High Sale Price - $3,750,000
Median Sales Price - $1,599,000
Average Sales Price - $1,934,947
Average Price per Sq Ft - $694
Average Sale Price / List Price - $99.64

There was a quick and dirty snapshot of the 90024 market. The stats were taking from the MLS and are deemed to be accurate.