Tuesday, January 15, 2008
DataQuick reported on Southern California real estates sales for the month of December and the news wasn't good - it was the slowest December on record, going back 20 years, and prices are now "officially" plunging in Los Angeles County.
Remember how gigantic LA County somehow remained miraculously immune to declining prices up until just a few months ago, posting a new all-time high median sales price of $550,000 as recently as August of 2007?
Angelinos (and a paucity of jumbo loans) have made up for lost time as the median price has fallen 15 percent to $470,000 in just four months.
On a year-over-year basis, all Southern California Counties are now in negative territory by double-digits with Riverside looking like it might force another scale adjustment on the chart below as soon as next month.
Marshall "almost all
if not all of those gains are here to stay" Prentice, President of DataQuick, had these comments:
It looks like anybody who can, is waiting this thing out. Which of course means that the activity we are seeing right now is largely stressed and atypical. Today's numbers form a lousy basis for trending and forecasting. We're in the midst of turbulence and we won't know what really has been going on until things have settled down and we can look back.Oh please, "turbulence"?