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Bottom Dwelling: Where L.A. House Prices are Going Down
Top 10 Cities & Neighborhoods with falling home prices this month via Redfin
Thinking about kicking off 2009 by buying a home? It seems prices are falling month after month, but you may be interested to know where the biggest price drops are happening around Los Angeles. Real Estate website Redfin put together their monthly index of rate-drops and compiled some charts representing area cities and towns as well as L.A. neighborhoods to help potential buyers, or the just plain curious, see where things are getting cheaper. They explain that the charts "show the percent of MLS, FSBO or REO listings that were price-reduced at some point before leaving the market (either sold or removed unsold from the market) in the past 90 days," excluding areas too small to provide helpful data. (A full ranking of areas is available to download from their site, too.)
The top 10 cities with the most price-reduced listings included six that have "made the top ten for the last three months," and they are Signal Hill, Mayflower Village, La Verne, Westlake Village, West Hollywood, and El Segundo. Also noteworthy is that about one third of the 112 cities/towns Redfin ranked in the County "had price-reduced ratios of fifty percent or more." As for the neighborhoods, "78 of the 173 neighborhoods [they] ranked in Los Angeles County had a price-reduced ratio of fifty percent or more. Baldwin Hills and Sunpark both made the top ten for the third month in a row."
All right, so it's time to start looking for a house. What do these statistics mean?
For home buyers, cities and neighborhoods that consistently remain near the top of the list for price reductions may be a good place to potentially hunt for bargains. Once a home has been on the market a while, many buyers tend to overlook it, even though a price reduction or two may have brought it into a more desirable price range.
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