REAL ESTATE MARKETS ARE LOCAL, SOME LA AREAS SEE DOUBLE DIGIT GAINS

Nationally, the real estate market has been declining in most major cities. But what the general public and media fail to see is that real estate markets are local. Each city and areas within cities have different industries that fuel their local economies. As a result, appreciation rates vary tremendously across the country and in different zip codes and towns. The Los Angeles area has a well diversified economy with one industry that is unique and indigenious to the city; the Entertainment Industry. The Entertainment Industry offers executives, celebrities, and creative professionals high salaries that help increase median prices in the most desirable areas of the county. The Los Angeles County median price sales data for July 2008 proves that real estate markets are local. There were 20 areas in Los Angeles County where median prices rose in July 2008 from July 2007. The most notable area, Playa del Rey zip code 90293, tops the list for the highest gain in median sales price for July 2008 at 41.40% with a median price of $1,238,000. Other areas include, LA/Westwood zip code 90024, where the median price for properties sold in July 2008 was $1,791,000, an astounding 32.60% gain in value from July 2007. Beverly Hills zip codes 90210 and 90212 saw appreciation rates of 23.5% and 26% respectively. Malibu had median price gain of 18.3% and Pasadena zip code 91105 had a gain of 25.90%.

Please copy this link into a new browser to see the median home sales data for all cities and areas in Los Angeles county.

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For more information please visit www.MarkSellsLA.com
Written by Mark Gonzales Copyright 2008 Mark Gonzales, Realtor, real estate agent specializing in marketing and selling residential homes, condos, and commercial real estate sales in Los Angeles, San Fernando Valley, Woodland Hills, Sherman Oaks, Studio City, Encino, Tarzana, Calabasas.
Please visit www.MarkSellsLA.com for more information.