The Palms and Mar Vista housing report statistics below are taken from the MLS CLAW and are for single family homes only. They do not include condos, income property, or private sales.
Home sales in Palms and Mar Vista, show continued growth in May, with buyers taking advantage of the federal tax credit which expired at the end of April, but allowed those under contract to close until June 30th. Also the California home buyers tax credits started on May 1st so many waited to take advantage of both. The number of homes sold was down slightly again over April, but the number of homes under contract was up by 200%. The median price was down slightly and the median sales price vs listed price took another upward spike. The number of days on the market for homes sold was up slightly. Palms is very much a Seller's market with around 3 months inventory. Another good month for the Palms area of Los Angeles.
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Jane, what a positive report. Do you think these buyers were shift from July and August because of the tax credit? What wasy (is) the Ca credit?
Good to see continued growth, I am waitigng to see what the numbers for May were here in out market. Things have slowed down pretty much since the end of April.
Jane....that's good news for your area......we have been very busy here also.....I hope a chunk of those sales are yours.
Janice, this is definitely tax credit-related. The CA first time home buyers tax credit kicked in on May 1 and people were delaying their April closings to take advantage of the double-dip. The CA credit is $10K over 3 years, but is due to run out of money very quickly.
Gerry, I would imagine. That will be interesting to see.
Barb, absolutely every single one of them. I have time now to come over and supervise.
Great to hear about the old neighborhood! I bought a fixer at 1131 Superba in 1985; paid $143K, sold for $290K in 1990, now I hear it's up over a mill... ouch!@
Barb, Superba is Venice, but those houses are around the mil now. Amazing.