The chart below reflects the sales of homes in Westwood and the Westside of Los Angeles for March 2010. The report is taken from the MLS CLAW, is for single family homes, and does not include condos, income property, and private sales. The zip codes covered are 90024 and 90025.
Overall the figures are promising. From one home sold in February to 10 in March, with a 70% drop for days on the market for the homes sold, a 63% increase in homes under contract and a drop of 40% in months supply of inventory, this shows a healthy recovery in Westwood homes sales last month.
Although the Federal home buyers tax incentive is due to end on April 30th, thoughts are that buyers will wait to close in May to take advantage of the California first time home buyers credit which starts May 1. April may be a slow month.
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increase in homes under contract and decrease in inventory.....that's a good sign....
Barb, can't be bad :)
Good signs. It will be interesting to see in April's end results show a decrease in activity.
Things are definitely looking up in Westwood, at least on a short time frame. Hope the trend continues!
Lisa, methinks April is going to be a sloooow month in California.
Judi, I hope so too. thank you.
Jane: The stats you post are encouraging. Hopefully your intuition regarding the new incentive proves spot on and you see a burst of activity in your CA market. I think my personal intuition is a little askew regarding what a client will and will not do ... can I borrow your crystal ball????
Gene
Gene, it is intuition, not foretune telling :) I am only repeating something I heard that makes sense. Why would anyone close in April when, if they wait until may they can add another $10Ks worth of tax credit.
Jane: Aaahhh yes ... you are only repeating info or stats. But Jane ... YOU choose what topic is interesting, informative, and helpful to repeat. Your buyers and clients gain much from that. Never sell your choices or wisdom short. I and all your other AR readers always gain something from each of your posts ...
Gene
Gene, thank you kind sir.