The biggest challenge facing a professional real estate agent is to overcome the false impressions of the market. On one hand, overall volume and pricing is down in virtually every market segment. However, the lender owned properties are still uncommon in West Los Angeles and are still concentrated in 2 main areas: Area 16 Mid Los Angeles (south of the 10) and Area 3 Sunset Strip - Hollywood Hills West.
Today, in our Multiple Listing Service (MLS) there are only 80 single family residences currently listed as Active listings that are identified as lender owned. Of those, 27 are in Mid-Los Angeles and 16 Mid Los Angeles, leaving only 37 in the balance of our MLS, covering from downtown West to the ocean, north to Malibu, and South to LAX.
While there are less lender owned condos, they are more spread out. All of the city and surrounding cities West and North up to Malibu total only 66 condos, with 2 areas (Marina Del Rey and Mid-Wilshire) each having 8 and 1 area (Inglewood) having 7 and the rest less.
Now, they may be a lot more coming, but for now the lender owned properties are a small part of the overall active listings. While the MLS statistics are hard to get clear since the CARETS merger, the lender owned portion of the actives are no more than 4% or so. Using MLS data, it is impossible to determine the percentage of sales with any certainty, but since the lender owned actives have an average days on the market of 66 days, it would seem at the most lender owned sales could be 10% of the total in our westside service area.
I would appreciate any feedback or data you can offer.
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