When we last took a look at sales trends in MB, we called 2010 "clearly a rebound year for local RE." (See "4th Qtr: More Sales, Lower Prices.") So has that feeling carried over into 2011?
Signs point to "yes."
There were more closed sales in the first quarter of 2011 than in any year since 2007, a year when the…
When we last took a look at sales trends in MB, we called 2010 "clearly a rebound year for local RE." (See "
4th Qtr: More Sales, Lower Prices.") So has that feeling carried over into 2011?
Signs point to "yes."
There were more closed sales in the first quarter of 2011 than in any year since 2007, a year when the bubble was popping but not everyone had gotten the message yet. As our graph here shows, that was true of data for all of MB as well as for the region west of Sepulveda.
(Click on either of our graphs here to enlarge.) The boost in sales was +9 for both the region west of the highway and for the whole city – which leads to a logical deduction: it was West MB that drove the boost this year, while East MB was flat.
West of the highway, though, median prices were down 7% compared to last year – from $1.607m in Q1 2010 to
$1.5m this year.
The citywide median for Q1 2011 was also $1.5m, a little jump from $1.430m last year.
A trough was carved out for WoS prices at $1.326m in 2009. Each of the past 3 years is down markedly from the 3 years prior (2006-2008).
These quarterly medians are hard to rely on, though, with fairly small numbers of sales to go on.
Look to the bumpiness of the 4th-quarter medians in our
prior post on this subject. Though you see the same kind of general downtrend since 2007 – no surprise there – the Q4 2010 median price was $1.362m west of Sepulveda, and $1.252m for all of MB.
If you were to compare the most recent quarters to quarters, you could actually say that Q1 2011 saw MB prices go up 20%!
The changes in sales mix were readily apparent as we compiled these data, with lots more sub-$1m sales in the soup. We'll take a deeper look at some of these numbers next week.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 11:10pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.