Observations: Recap Last Quarter 2011

Hancock Park and Larchmont

Surprisingly, there were few changes in the Hancock Park vicinity between 2010 and 2011, when many major Los Angeles markets continued to see downward pricing pressure primarily caused by a large number of short sales and foreclosed properties.
In 2011, the number of houses sold was slightly up while the average sales price was down 1.4% and the average price per square foot was down less than 1%. The statistics for the 4th quarter of 2011 are also very similar to the statistics for the year
when compared to the 4th quarter of 2010. While the results for 2011 appear to be healthy, there is a considerable rise in the
number of homeowners in the vicinity that have been issued notices of default (NOD).
A NOD is a notice from the bank, registered under public records, when a home owner misses monthly mortgage payments. The good news is that there is a huge buyer pool in the market ready to purchase a home and take advantage of historically low interest rates.   If you would like additional information regarding your specific neighborhood, street or or zip code, please call my office and we will be happy to provide the statistics.
The good news is that there is a huge buyer pool in the market ready to purchase a home and take advantage of historically low interest rates.

Monthly Statistical Corner
Year / #Sold / Average Sales Price / Average Price Per Sq ft
2010 / 218 / $1,228,000 / $448
2011 / 223 / $1,211,000 / $444

Year
2010
0 - $1M(124) / $1M-$2M (56 ) /$2M-$3M (30) +$3M (8)
2011
0 - $1M(124) / $1M-$2M (68 ) /$2M-$3M (21) +$3M (10)