How did 2011 compare to 2010 in Real Estate?

People often ask me how things are in Real Estate.  When I tell them that things are great, they look at me doubtfully.  It is so interesting to me, to find out how people get their Real Estate info.  It seems to me that everyone has a friend who is a realtor or that someone they know has not been able to sell their house. (tell them to call me!)  Why do people prefer to only listen to the bad out there?  Frankly, last year was a
fantastic year for Real Estate.  The year before that was great too.  Last year (2011) I closed 20 deals and the year before that (2010) I closed 18 deals.  I know that I am not the only person out there selling Real Estate, I just can't be.
Many thousands of homes were bought and sold in LA county last year.
If you want real info on the market, take a look at the numbers below.  As you can see, properties are selling (see # of units sold), but Days On Market (DOM) are up, and cost per sq foot is down slightly.  Is the market in a downward spiral?  I don't think so.  Sellers are still selling.  Buyers are still buying.  Interest rates are at an all time low of about 4% (or less!).  If you are thinking of getting into your first home, this is a great time to do so.  If you are thinking of moving into a bigger house, this is a great time too.  We are so fortunate to live in an area where people will always want to live.  Will there ever be a time when they will be giving away properties?  Not likely.  Although I do often tell buyers that the places where they are giving away property are not the places where they would want to buy or live.

If you are curious about the market, let's set up a time to meet and I will gladly share some some of my real estate stories from the past year.  Although I closed a good number of deals, I did not say it was easy.  To be able to close deals in this market, you need to be a  proven negotiator and a solution oriented Realtor.  It is amazing to me how sometimes all it takes to get a deal closed is a little creativity and a good sense of humour.                  

  

Area Stats 2011 vs 2010

Beverly Hills Single Family

      2010                         2011

# of units sold                       165                                      156

Avg DOM                              75                                          90

Avg price persf                   $913                             ($945)  $900 w/out 1004 Hillcrest            

Beverly Hills Post Office

                                   2010                        2011

# of units sold                       121                                       142

Avg DOM                              90                                         102

Avg price persf                    $703                                      $620  

                                                    

Bel Air (w/out Spelling Mansion)

      2010                            2011

# of units sold                      131                                           163

Avg DOM                              80                                              81

Avg price persf                   $706                                          $680            

Westwood/CC

                                   2010                           2011

# of units sold                       137                                           150

Avg DOM                              48                                               52

Avg price persf                   $587                                          $554   

Brentwood

      2010                              2011

# of units sold                      216                                             188

Avg DOM                              72                                                70

Avg price persf                  $690                                            $686            

Santa Monica

                                   2010                            2011

# of units sold                       239                                              235

Avg DOM                               63                                                66

Avg price persf                    $745                                           $735               

Sunset Strip

                                   2010                            2011

# of units sold                         94                                                92

Avg DOM                               92                                                 96

Avg price persf                     $715                                           $670