Market Update Eagle Rock 90041
At last we have a Multiple Listing Service that has all the listings in one place, no matter what far-flung MLS an agent might put a listing in. So our sales data are now much more complete and, boy, is it interesting. The following table is a sales overview comparing 2007 to 2008:
Eagle Rock followed the news of the day pretty faithfully in that the prices and number of sales dropped a bunch from the second half of 2007. But there are many stories in the details. Look how the number of units sold went down from 2007 through the first half of 2008, but then picked up again. Why? Because the prices continued to drop. This indicates to me that Eagle Rock reached a bottom, at which buyers were seeing value in the market and going for it. Does that mean that prices are going to bounce back up? I don't think so. One expert said that this market cycle is not like a "V" shape, but rather like an "L," where we are in a bottom that stays down flat for some time.
Comparing the two years, you see that 9% fewer units sold in 2008 than in 2007. But if you look at the highest 6 months which were the first half of 2007, compared with the lowest 6 months which were the last half of 2008, you have 12% fewer sold. The lowest price home sold was actually 50% lower in 2008 than in 2007! And the highest price sold was 25% less than in 2007. More indicative numbers were the 19% and 20% drops in the median and average prices. Does that mean the value of your home dropped 20% in the last year? Maybe, maybe not. The really good, well-done homes have maybe only dropped 10%, maybe even less. Because we live in a community of individual, more or less custom homes, it's very tricky to try to generalize.
More facts: 27 of the homes sold in 2008 were REOs or foreclosures, and most of them were in the lower-priced half of the sales. 22% of the homes sold in 2008 were REO, and I'd say that's a significant number for our little town of Eagle Rock.
7% of the homes sold were short sales, while 10% were trusts or probates. So almost 40% of the homes sold in Eagle Rock last year were not "regular" sales. Another way of looking at that is that 60% were "regular" sales.
What about now, 2009? So glad you asked. Of the 43 single family homes active on the market today, 15 are short sales, 9 are REOs, and none are trust sales. That's 35% short sales, 21% REOs over half the properties on the market are distress sales! 28 properties are now in escrow of which 11 are short sales, 8 are REOs, and 2 are trust sales. Percentages again are 39% short sales, 29% are REOS, and only 7% are trust sales, with all of 25% of them regular sales. Again, well over half are distress sales.