LOS ANGELES BUSINESS JOURNAL reports on Current Real Estate Market Conditions

A February 9, 2009 article titled “Median Home Price Falls 35 Percent in January” in the Los Angeles Business Journal reports that the median home price in LA County was $320,000, which was down from the mid-2007 figure of $585,000.

The good news is that the number of homes sold hasn’t changed much from past months. In January, 3,108 homes in LA County sold, compared to between 2,000 to 3,000 during the beginning of 2007.

My son Michael Nourmand, President of Nourmand and Associates, was asked about how the real estate downturn has affected business in LA’s Westisde and Malibu.

“In the days after the stock market got hit on September 29, we lost about six homes in escrow from prices ranging from $1 million to $5 million. Nothing and no one is untouchable in this economic climate. We’re seeing about a 15 percent softeness in the Westside housing market,” he said.

For the full article, which details how the slowdown has affected other parts of the state, click here. There you’ll read about how areas like Palmdale are experiencing jaw-dropping drops in value whereas areas like Lancaster are seeing record high sales figures. Very strange times indeed.

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