News of the HomeFront

From the MLS Data of the Southland Regional Association of Realtors (SRAR) for the East sout (ES) area of theeh valley, covering Toluca Lake, NoHo, Studio City, Valley Village

As of July, in our ES area the number of listings totaled (both homes and condos) 710. Since I used only the single family stat last month this may be misleading. To back track, the number of new listings was down but since so many fell out of escrow the numbers are flat for total listings. Their average Days on Market (DOM) was 103 and their average list price was $597K.  Of those, 181 listings sold in an average time of 66 days. But also of those 181, 49 fell out of escrow. Further 58 listings expired without selling and went  off the market. They may be back with a change of price/change of agent. Sometimes it takes two or three listing periods to sell, mostly due to sellers trailing down the market in their pricing and not getting under it as the current crop of REO's are poised to do to attract that buyer.

Tip to Sellers:  After Location, Location, Location, the second rule of real estate and the one that is most important to selling (rather than buying) is Pricing, Pricing, Pricing. There has never been a sicker feeling in the stomach of a seller (their agent too for that matter), who has trailed down the market, than when he accepts an offer lower than the one(s) he refused. Or when that seller can't sell his home for what he wanted and the home he wished to purchase is sold too...for less than he was willing to pay. These are the hard lessons of a declining market. Even a month on the market can make a difference in the price you need to chose to be the home that goes into escrow ..and comes out with a check.

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