Things are moving in the Miracle Mile area of Los Angeles. Sales statistics are in for March 2009. For Single Family Homes the total amount of sales volume for March 2010 was $12,452,350. In March 2009 it was only $5,855,000. For March 2009 the Median home price in the Miracle Mile was $930,000. For March 2010 it was $865,000. The average days on market for homes that sold was 45 days and the total number of sales for the month of March was 11 for the area. In contrast there were only 5 sales in March of 2009.
The statistics provided by CLAW MLS indicate that values are down about 10% from last year but sales are up over 50%. People are buying homes!
At the close of March 2010 there were 93 listings on the market with an average days on market of 70 days for active listings. That represents inventory of about 8.5 months. In 2009 the average days on market for a home in the Miracle Mile was 123 days with 125 active listings. At that rate it would take about 24 months to sell all of the homes! Things are improving for both homebuyers and sellers. At the moment itâ€™s looking like a more balanced market and shows signs of stabilization.
The Carrabba Group
Keller Williams Hollywood Hills
P: (323) 899-2900