Today's L.A. Times has an article stating that So. Cal. home prices have fallen to 2002 levels. Well, maybe if they're measuring all So. Cal. counties. But that's not true here in most of the San Fernando Valley. I just ran the sales data from all multiple listing services from Jan. 1 to Feb. 20 for Burbank, Toluca Lake and Studio City. Here's the dope:Burbank Avg. Sales Price:
2 beds = $471k
3 beds = $520k
4 beds = $712k
Toluca Lake Avg. Sales Price:
2 beds = $617k
no data for 3 and 4 beds (I think due to short inventory/long time on market)
Studio City Avg. Sales Price:
no data for 2 beds
3 beds = $696k
4 beds = $1344k
I really love the L.A. Times, but I wish they would better qualify some of the information they print.
Read this article as well and also question the income information.
ReplyDeleteThornberg has been right on in his housing analyses, but the rate at which his chart shows income rising is questionable.
As such, the median price they are predicting is the start of another bubble.
Prices will fall below 2002 levels before this is over, and they won't shoot up anytime soon either.