The stats are in for November home sales for Los Angeles County. The graph to the left does not include condo sales. We will make a separate post on that so everyone can see what is happening in the condo market separately. So what happened in November of 2007? Well it appears that many were more focused on Thanksgiving than they were on buying a home.
So what does it mean looking at the sales as far as home values are concerned? Let's take a look.
- Sales of homes in Los Angeles County were down just slightly over 47% in comparison to 2006 which was near a record year of real estate in Los Angeles County.
- Values did not drop 47% in the same period. If they did this would be a much more different environment then it currently is.
- We conducted a small survey of a few hundred buyers that are looking and they felt that it was still a great time to buy and felt that they were just waiting for the right kind of property to become available.
What it looks like to me is that with rates continuing to drop and sales being down sellers are going to be happy to work with buyers. I don't think sellers are going to give their homes way for 50% of their value but it does look like they should be willing to help buyers purchase the home they desire.
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