The CLAW MLS (Combined Los Angeles / Westside MLS) has published an interesting area map of Median Sale Prices for single family homes, highlighting which areas in Los Angeles have been "hot" and which have not. (The Median Sales Price is that price at which 50% of all homes have a lower price and 50% of all homes have a higher price).
The period examined is for August Year-to-date 2008, compared to the same period in 2007.
Single family homes in the Sunset Strip Area has seen zero change in the Median Sale Price ($1,547,500) while West Hollywood has experienced a 5.5% drop in the Median Sales Price ($1,100,000 to $1,040,000).
When put in perspective it is evident that West Hollywood Real Estate Prices have performed extremely favorably compared to other areas of Los Angeles. However, the volume of sales is down for the same period.
Single Family Homes in Hollywood have decreased 30.4% (from $661,000 to $460,200); Los Feliz has decreased 21.8% (from $1,099,000 to $859,000); while the Beverly Center/Miracle Mile area has decreased by 12.9% (from $1,125,000 to $980,000).
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