Courtesy of the L.A. Times' LALand, here's a chart of average home price reduction percentages between 2007 and 2008 by neighborhood. This is the same L.A. Times that has been crowing about the 30%-50% price reductions we've seen in the area. Now, as you'll see from the chart, that's just not true in most of the San Fernando Valley and Hollywood Hills. Yes, prices have gone down. But Studio City, for example, is down just over 10% for SFRs and just over 9% for condos. Burbank's worst number is -21% for condos in 91506. Hollywood Hills, zip 90068, is down 15+%.
Just as I've been saying, all real estate markets are local. And I'll make another (safe) prediction: in the areas that I serve, for the remainder of the first and second quarters at least, we are at the bottom of the market for houses listed under $600,000. We may also be at the bottom in the $600,000 to $800,000 range. Lending has loosened up at the same time that inventory has shortened. I'm seeing multiple offers and over-bids again in that category.
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