Timely Real Estate News ………………………………………………….17 April 2008
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Westside’s prices continue to hold….but sales are down
So what is more important — the volume of real estate sold in your neighborhood or the value of your home? The answer is clear to any homeowner who is selling (vs. the ones who are not): Home prices affect the homeowner more than the volume sold, even though the two are linked like brother and sister. In this real estate market, strength is measured by both sales volume (the total amount of homes sold in any given period) and by the selling price of homes (what the MLS refers to commonly as the median sales price).
But for the homeowner, the actual selling price is the all-important measurement. No one likes to see the median sales prices fall, because it affects — directly and indirectly — the value of your home investment. So there is good news for homeowners.
Median sales prices in three communities — Bel-Air, Brentwood and Beverly Hills are all up over the past two months. For example, the MSP for Beverly Hills was up 43% over 2007 for March and up 72% over February 2008 — a sizable jump. Bel-Air was up 10% over 2007 for March 2008 and up more than 54% over February. And in Brentwood, the median sales price went up 50% over the previous 2007 March period and up a whopping 89% over February 2008. Beverly Hills Post Office recorded 10% decline over 2007 (March comparison) and 54% under February 2008.
What does all this mean?
It means, for the most part — that real estate prices are holding for homes in three of the four areas (but also recognize that BHPO has performed well through 2007 — so the declines the past two months are not indicative of the community’s strength).
Total sales volume for the first quarter 2008 is off by more than 50% in our four areas (Bel-Air, Brentwood, Beverly Hills and Beverly Hills Post Office) vs. the same period in 2007. The slowdown in real estate sales is not new news, but the current market reflects buyers’ reluctance to move quickly in these more challenging times of tighter credit and less “ good” inventory. But the good news is that sellers are getting the price if their home is priced right, and many homes are getting multiple offers, including one in Bel Air Crest this week, and another on another home a few weeks ago..
Days-On-Market (DOM) is another sign of the market’s strength, and I am happy to see that the average number of days a home is on the market is dropping — just 73 DOMs average for all four of these communities. Lowest average DOM is Brentwood (42 days) and the highest is Beverly Hills (108). So, we are moving homes quicker and the average sales price is 95% of the original asking price — another good sign.
In the end, we are seeing signs that Spring is beginning to shows signs of life in the local real estate market. As a 25-year real estate professional, I get energized by the Spring weather and the increased real estate activity — this is a great time to sell and a great time to buy. There are buyers out there who are anxiously looking for their dream home. There are sellers who have chosen this time of year to sell — and whether you’re a buyer or seller, you should consider making your move now. And I’m here to help.
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Green Tip of the Month – Mothball alternatives
Mothballs may be effective, but the smell leaves a lot to be desired. Matching the smell is a mothball’s toxicity – they are rather nasty from an environmental point of view.
Back when I was growing up, mothballs were made mainly of naphthalene, which is highly flammable. These days mothballs are made from dichlorobenzene instead. Anything with the word “benzene” in it is cause for alarm as these substances tend to be carcinogenic.
While dichlorobenzene breaks down “safely” in the air – it’s a pesticide and heavy concentrations can have ill effects on animals and humans. Dichlorobenzene doesn’t dissolve easily in water nor is it readily broken down by soil organisms. It can also accumulate in the fatty tissues of animals and humans.
Another component of traditional mothballs is camphor. While camphor is a natural product that comes from the wood of the camphor laurel tree; much of the camphor used in commercial products these days is a synthetic – and how that’s made is anyone’s guess.
Ditch the mothballs – greener alternatives
While having moths dine on your expensive woolens is very undesirable, there are some more earth friendly alternatives to mothballs:
– Ensure all your woolens are washed before storing. This is to ensure any eggs have been removed and odd as it may seem, it appears moths are attracted to human scents.
– Wipe out all containers or drawers to be used for storage to remove any existing moth eggs.
– Ensure clothes are thoroughly dry before storing
– Store clothing in well sealed containers
– Try one of the following in a cheesecloth bag; but ensure the bag doesn’t touch the clothes: Bay leaves, cedar shavings, cinnamon sticks, cloves, eucalyptus leaves, lavender, peppercorns, rosemary, wormwood.
Cedar balls and blocks are also said to be effective in repelling moths, but need to be sanded occasionally in order to “refresh” them.
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Thank you.
