After crunching the numbers on single-family home sales and inventory for the 4th Quarter of 2008 (and peeking at how January is going), I’ve spotted a few areas of Los Angeles that have some encouraging signs.
All five of these five zip codes seem to have good sales trends going for them in recent months and have low unsold housing inventory relative to other areas of town.
1) 90048 – Beverly Grove/West Hollywood – Still the best, most consistent neighborhood in town. Sales were up Q4 over Q3. Sales were up December over November. January is looking good. A normal six months of inventory.
2) 91607 – Valley Village/North Hollywood – Up sharply in December and in the 4th Quarter. It has only two months of inventory, but sales are very slow in January.
3) 90064 – Cheviot Hills/Rancho Park – Sales were up in December and are looking great in January. 4th Quarter overall was down. A manageable 7 months of inventory.
4) 90035 – S. Robertson/Carthay – Sales up strong in December and look strong in January. 4th Quarter was barely down over 3rd quarter. A good 5 months of inventory.
5) 90027 – Los Feliz – A huge spike in sales in December has cooled thus far in January. The 4th quarter was down minimally compared with Q3. Inventory is 7 months.
The biggest overall conclusion I think you can draw from this is that the areas east and south of Beverly Hills – 90048, 90035, 90064 – are holding up quite well. People are buying in these areas despite the economy. This is just a tremendously desirable area to live and is still affordable relative to other areas nearby.
The biggest overall conclusion I think you can draw from this is that the areas east and south of Beverly Hills – 90048, 90035, 90064 – are holding up quite well. People are buying in these areas despite the economy. This is just a tremendously desirable area to live and is still affordable relative to other areas nearby.
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