More on the Neighborhood Pages: Los Feliz

Like Christina, I’ve been playing with the new neighborhood pages as well—there’s a ton of interesting information for buyers, sellers, and curious owners like myself who like to know how much their property is worth in the current market.

One of the most interesting features to me is the graph that is meant to help buyers decide if they should wait for a price reduction, or bid now. It’s a bit complicated to follow, but once you figure it out, it really gives an insider’s view of how the market is working in a particular area.

The graph to the right is for the 90027 area. The black bars represent homes that sold without any price reductions. You can see that 5 houses listed in the past 2 weeks have already sold – no reductions. About another 14 sold within 16-45 days without lowering their prices, and about another 16 patient sellers got full asking price by waiting somewhere between 46-90 days for the right offer.

At the other end of the spectrum, 7-8 houses that have been on the market 120+ days have also had four or more price reductions (the dark blue bars). But the majority of those sitting on the market have still only had one price reduction (red bar). So for the 90027, it looks like houses are still moving without dropping the price.

From other info on the neighborhood page, though, you can see another interesting trend—the current median listing price for the 93 homes on the market is $1.399, but the current median selling price is $872,000. That’s a big difference—and it looks like buyers are coming in with low offers even without the official price drops. The median per-square-foot listing price in the area is $564 for houses, and the median selling price is $472. So armed with that data, a buyer can definitely get a clear picture of what an acceptable bid is right now in the area. And even though houses do seem to be selling, that offer may be considerably lower than the asking price.