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A Glimpse at the Home Prices for December 2015
The statistics and figures noted in this article were obtained through the MLS and AccuFlip.com, and are for Los Angeles single family residences.
It’s the third week of December and we only have four closing days left in the month. So, let’s see how this month is performing so far. Before going into the numbers for December, take a look back at November. We had a 24% drop in sales volume from October to November. Prices dropped another 1.5% in the same period, which was a total 7% drop from the July peak price. I had noted that for the last few years, the winter month that had a significant drop in volume from the previous month, 17%-25%, was the month that market the bottom of the winter price dip. We still have a few days left for closing this month and the winter lull usually lasts to and sometimes through February, but did November mark the bottom? Let’s see…
Sales Price
The median sales price for December (so far) is at $550,000. Up 4% from November!!! This month is looking to come in showing a 7.6% gain from December 2014.
Volume
So far, 2,967 homes have sold this month. It looks like we are going to outpace November’s 3,198 sales count, but I don’t know if we can beat December of last year, which had 3,528 sales. If we don’t beat last year’s sales, then we will break our nine month streak of positive year over year volume change.
Comments
I did not run any of the key ratios for this update, there’s more data to come. I will say this though; if we do not beat last year’s December sales volume, I think we could have a slight dip in median price when January’s numbers come out in February. Even if we do beat the 2014 sales volume, prices could dip next month, but it is highly likely we will see a dip if we don’t beat last year. If we do have a drop in price come January, it will likely only be 1% to 2%, which is relatively insignificant.
It’s an interesting market right now. I hope to see mild gains over the next year to preserve sustainability. Unfortunately, I think we could see a sizeable jump in prices as interest rates rise.
I will talk more about all of this on my podcast. The Tack Real Estate Podcast. Available on ITunes and at www.starboardresidentialrealty.com
Please comment below or email me any questions or comments. [email protected].
Sponsored by www.goldenstatemoldinspections.com
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By Bret Pfeifer: Real Estate Broker and Real Estate InvestorThe statistics and figures noted in this article were obtained through the MLS and AccuFlip.com, and are for Los Angeles single family residences.
It’s the third week of December and we only have four closing days left in the month. So, let’s see how this month is performing so far. Before going into the numbers for December, take a look back at November. We had a 24% drop in sales volume from October to November. Prices dropped another 1.5% in the same period, which was a total 7% drop from the July peak price. I had noted that for the last few years, the winter month that had a significant drop in volume from the previous month, 17%-25%, was the month that market the bottom of the winter price dip. We still have a few days left for closing this month and the winter lull usually lasts to and sometimes through February, but did November mark the bottom? Let’s see…
Sales Price
The median sales price for December (so far) is at $550,000. Up 4% from November!!! This month is looking to come in showing a 7.6% gain from December 2014.
Volume
So far, 2,967 homes have sold this month. It looks like we are going to outpace November’s 3,198 sales count, but I don’t know if we can beat December of last year, which had 3,528 sales. If we don’t beat last year’s sales, then we will break our nine month streak of positive year over year volume change.
Comments
I did not run any of the key ratios for this update, there’s more data to come. I will say this though; if we do not beat last year’s December sales volume, I think we could have a slight dip in median price when January’s numbers come out in February. Even if we do beat the 2014 sales volume, prices could dip next month, but it is highly likely we will see a dip if we don’t beat last year. If we do have a drop in price come January, it will likely only be 1% to 2%, which is relatively insignificant.
It’s an interesting market right now. I hope to see mild gains over the next year to preserve sustainability. Unfortunately, I think we could see a sizeable jump in prices as interest rates rise.
I will talk more about all of this on my podcast. The Tack Real Estate Podcast. Available on ITunes and at www.starboardresidentialrealty.com
Please comment below or email me any questions or comments. [email protected].
Sponsored by www.goldenstatemoldinspections.com