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COMBINED LOS ANGELES WESTSIDE REAL ESTATE REGION REPORTS CLOSED SALES DECLINE .3 PERCENT FROM LAST MONTH

      COMBINED LOS ANGELES WESTSIDE REAL ESTATE REGION REPORTS
           CLOSED SALES DECLINE .3 PERCENT FROM LAST MONTH
    LOS ANGELES, July 16 /PRNewswire/ -- Closed sales were down .3 percent from May 1992 and declined 30.9 percent from this time last year for all types of properties under the Combined L.A. Westside (CLAW) Multiple Listing Service, it was reported Thursday by The Los Angeles Association of REALTORS(R).
    Single-family home sales decreased 3 percent from May 1992 and declined 28.4 percent from June 1991.  In June 1992, 394 closed sales were reported with a median price of $532,571, compared to 550 a year ago with a median price of $558,786.
    Condominium sales numbered 169 in June 1992, a decrease of 2.9 percent from last month and fell 37.4 percent from June 1991. The June median price was $253,000, compared to $257,643 last month and $264,571 from last year.
    Gregory J. Pawlik, GRI, president of the Los Angeles Association of REALTORS Inc., stated that "Buyers are still concerned over the economy, sellers must continue to price their homes competitively, because if a property is listed right it will sell."
                 LOS ANGELES BOARD OF REALTORS INC.
                June 1992 Multiple Listing Statistics
                           Listing Status
    Time         New      Active        Pending       Closed  Time on
    Period    Listings   Listings        Sales         Sales  Market
    June 92     3,898      18,332         659           635     122
    May 92      3,642      17,861         625           637     126
    June 91     4,081      17,041         821           919     125
    Change from last month:
    Units         256         471          34            -2      -4
    Percent     7 pct.    2.6 pct.      5.4 pct.   -.3 pct. -3.5 pct.
    Change from last year:
    Units        -183       1,291        -162          -284      -4
    Percent    -4.5 pct.   7.6 pct.   -19.7 pct. -30.9 pct. -3.1 pct.
                         Sales/Lease Status
    Property         Closed         Average Price     Median Price
     Type                                               (active)
                   1991  1992     1991      1992      1991       1992
    Single family   550   394 $530,222  $507,353  $558,786   $532,571
    Condominiums    270   169 $257,841  $247,739  $264,571   $253,000
    Residential
     Income          57    45 $427,659  $312,071  $508,440   $554,143
    Commercial        8     3 $261,463  $324,167  $684,071   $579,000
    Industrial        0     1       $0       $0 $1,108,800   $971,300
    Business
     Opportunity      3     0  $49,667         0  $114,857   $114,286
    Lease
     Residential     17    10 $117,082    $2,260    $3,150     $2,736
    Land             14    12 $435,607  $662,083  $467,286   $463,286
    Motel/Hotel       0     0       $0       $0 $1,359,667 $1,325,000
    Lease Commercial  0     1       $0    $1,500        $0     $2,413
                     Average Sale Price by Area
                               No. of               No. of
    Area                       Sales       1991     Sales      1992
    Beverly Hills                25    $929,981       16    $845,018
    Beverly Hills P.O. Box 14    18    $879,127       11    $936,414
    Sunset Strip/Hollywood
     Hills                       47    $528,746       28    $487,883
    Bel Air/Holmby Hills         14  $1,048,101       12  $1,097,542
    Westwood/Century City        58    $470,828       36    $512,021
    Brentwood                    32    $702,328       27    $710,688
    Western Los Angeles          21    $393,228       12    $332,417
    Cheviot Hills-Rancho Park     8    $663,052        9    $496,592
    Beverlywood                  25    $360,630       16    $314,983
    West Hollywood               46    $259,880       29    $250,664
    Venice                       17    $321,144       35    $384,381
    Marina del Rey               18    $418,751       11    $394,610
    Palms-Mar Vista              37    $336,597       35    $299,150
    Santa Monica                 70    $441,331       50    $429,850
    Pacific Palisades            33    $769,958       24    $736,579
    Mid-Los Angeles              34    $191,356       13    $185,477
    Mid-Wilshire                  4    $207,155        4    $192,333
    Hancock Park/Wilshire        25    $582,057       21    $376,368
    Miracle Mile/Wilshire West   31    $387,284       17    $308,569
    Hollywood                    11    $231,490        5    $209,023
    Silver Lake/Echo Park        34    $248,214       32    $261,124
    Los Feliz                    16    $406,778       14    $416,398
    Metropolitan Los Angeles     11    $139,118        7    $135,490
    Northern Los Angeles         20    $211,455       13    $227,494
    Culver City                  41    $244,485       30    $234,018
    Westchester                  28    $336,030       26    $291,826
    Hollywood Hills East         12    $398,647       10    $322,309
    Playa del Rey                19    $265,746       13    $272,274
    Malibu Beach                  8    $954,333        3    $457,966
    Malibu Landside              18    $565,665       20    $538,473
    Southwest Los Angeles        25    $195,602       27    $216,632
    Inglewood                    11    $202,935        7    $185,700
    Metropolitan Southwest        4    $216,139        4    $125,928
    Metropolitan South            4    $107,256        3    $157,450
                Condominiums vs. Single-Family Houses
                         Sales                Median Price
    June 1992:
    Houses                394                   $532,571
    Condos                169                   $253,000
    May 1992:
    Houses                406                   $528,557
    Condos                174                   $257,643
    June 1991:
    Houses                550                   $558,786
    Condos                270                   $264,571
    Change from last month:
    Houses                -12                     $4,014
    Condos                 -5                    -$4,643
    Change from last year:
    Houses               -156                   -$26,214
    Condos               -101                   -$11,571
    The MLS statistics reflect data recorded from activity of the Combined L.A./Westside Multiple Listing Service.  Neither the association members nor the MLS guarantees or is in any way responsible for its accuracy.
    -0-                    7/16/92
    /EDITOR'S NOTE:  This report contains cumulative and expanded data to include all areas under the Combined L.A. Westside (CLAW) Multiple Listing Service.  CLAW is comprised of seven MLS regions: Beverly Hills, Culver City, Los Angeles, Malibu, Santa Monica, Southwest L.A. and Venice-Marina del Rey.
    /CONTACT:  Ray Rosenberg, executive VP, or Edie Anderson, of The Los Angeles Association of REALTORS, 213-383-5227/ CO:  Los Angeles Board of REALTORS ST:  California IN:  FIN SU: KJ-EH -- LA001 -- 9686 07/16/92 11:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jul 16, 1992
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