Pacific Palisades Real Estate Update

 You do not need to be a rocket scientist to know that things are slow, but homes are still selling and people are moving. Here are the facts and figures to show our current position relative to the same time yast year, month by month.

The actual number of sales is actually down slightly from the same time last year with 19 homes closing December 2010 vs 17 from December 2011,  an 11%  decrease.

The number of properties currently in Escrow is 13, exactly the same from same time last year. We like that

Another important number to watch is the inventory level where less is better. That number is 29% less which is positive. Traditionally this number will change as previously listed homes trickle back on the market along with fresh new seasonal listings. This can signal a good time to beat the rush and sell now to that home buyer who needs a new home now.

Another interesting and not so good statistic is the increase in expired listings. These are homes that did not sell and are in the process of reconsidering their new strategy. The increase from same time last year is 4%. This is not a significant increase and does not signify a big trend. An interesting side note, the second time around is very important and not a time to just relist and do the same things over again. As an Agent with over 25 years experience I actually specialize in listing and selling these types of homes. Repackaging a previously listed home is twice as hard as a fresh listing and requires some important out of the box thinking.

Last but not least the average time homes are on the market has decreased a significant 40% over December 2010 but is rather stable for the past 6 months, this is good.

All in all the numbers paint a favorable picture. The word on the street is not as positive with significant concern about the current administrations financial policies including new proposed taxes and fees.