I seem to be in a major numbers crunching mood these days. Which is surprising, given that I am a people person, not a numbers person. but there continues to be talk of whether we are at the bottom yet (who knows?) and where the market is headed (another who knows?)
So today I decided to look at Westlake Village. For those of you who are not familiar with Westlake Village, it is an upscale community, that straddles both Ventura and Los Angeles County. Click here for more information on Westlake Village.
I will let the numbers below speak for themselves. It seems the hardest hit, price wise, were the smaller homes. I think it is still too early in 2008 to make any judgements as to where the market its headed this year.
| 2500+ sq. ft | $2,044,617 | $2,053,454 | $2,212,567 | $1,941,983, |
|---|---|---|---|---|
| 2000 -2500sq. ft | $1,024,962 | $957,641 | $1,024,161 | $814,000 |
| 1600-2000 sq. ft | $973,578 | $840,215 | $835,413 | $$672,333 |
| up to 1600 sq ft. | $792,115 | $679,875 | $762,273 | $531,667 |
| 2005 | 2006 | 2007 | thru 05-31-2008 |
Information from VCRDS, Rappatoni, for the dates indicated. Information deemed reliable, but not guaranteed.
Click here to SEARCH FOR HOMES IN OAK PARK, AGOURA, WESTLAKE, AND ALL OF VENTURA COUNTY.
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Carol, it is surprising, as you mentioned, that the smaller square footage homes tumbled so much, dollarwise, than the large size homes. My only theory on this is they must have shot up the most in the rah rah days of the boom, therefore they have come back down to earth with more realistic values. I also love your self-deprecating humor that you are a people person that has mastered the crunching of the numbers. This is a problem in my marketplace whereas I can get snapshots of numbers on existing activity I haven't figured out in our MLS how to get the historical one year, two year, three year back trends. I sat in on a class on someone who knew how to do it and he basically had a manual capture process where you would extract the numbers manually yourself and enter them into a spreadsheet. I thought surely there has to be a better way.
In Westlake Village, if you're sitting with one of the larger homes the price decline while not a pretty picture either is not as steep a decline as those with the very small size homes.
Carol
Intersting post, and it gives me something to think about as I hopefully go sell something.
Sincerely
Tom Braatz
Gary-You are most likely correct in the reason the smaller homes have fallen more on a percentage basis. But there have also been a lot more sales in the smaller homes- the Days on Market for the upper tier can be excruciatingly long. I am talking about the Sherwood Country Club mulit-million dollars estates.
Funny thing about people vs number person, about 16 years ago I thought about going for an MBA. As my first degree is a Bachelor of Science in Nursing, I needed to get some basic undergrad courses under my belt, such as econ and accounting. I actually did amazingly well in accounting, considering how long I had been out of school! Anyway, my boys were just babies at the time, and it didn't seem worth the time to go for that degree in that stage of my life.
Tom-Go make a sale, big guy! And give Lars a belly rub and scratch behind the ears for me!