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Real Estate Sales on the Westside of Los Angeles Very Strong

April 9, 2009

Analysis of:Signs of life in California real estate | money.cnn.com

Sales have grown exponentially since the beginning of the year, Gibson International is a good case in point as our closings have doubled each month from January through March. There is a general sense of optimism growing among the brokerage community. Open houses are very busy and multiple offers are common. Inventory is stable and there are very few foreclosures. Prices have dropped approx. 25% from their peak and the price decline appears to be slowing in all areas but especially Santa Monica, Beverly hills, and Pacific Palisades. Malibu is the one exception as it continues to have the largest amount of foreclosures and inventory is growing. Prices will continue to drop after other Westside areas have leveled off. Many of the transactions are all cash or with large down payments. The jumbo loan market is an obstacle to sales rising faster as there are very few lenders in that market. however, trhere are signs that even that is starting to losen.

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