Bidding wars in Socal

So we've been saying for many months that basing the housing market on aggregate sales and price numbers for all of L.A. County can be misleading. Some offers, in fact, have beaten the asking prices. The reasons range from bargain-priced foreclosures that generate bidding wars to still sought-after communities that are relatively immune to major price drops. ZipRealty, an online brokerage, has done a survey of "hottest" zip codes and of the top 10, eight are in California. Youngstown, Ariz. was No. 1, with homes selling for 11 percent above their asking price, followed by San Pedro, at 10 percent. From the WSJ:

While eight of the top 10 zip codes came from California, ZipRealty's Leslie Tyler notes that "many California banks may be holding onto 'shadow inventory' ... meaning more homes could come on the market pretty quickly to change the dynamic." Six of the 10 "coldest" zip codes were in Florida, where sellers have taken advantage of a big overhang of supply-or wildly unrealistic list prices from sellers-to win huge cuts.

Hottest Cities % of Asking
Youngtown, Ariz. 111.08%
San Pedro, Calif. 109.90%
New Haven. Conn. 107.30%
Oakland, Calif. (94606) 105.61%
SD-Encanto, Calif. 103.31%
Oakland (94601) 103.18%
Hermosa Beach, Calif. 102.58%
Chula Vista, Calif. 102.52%
Richmond, Calif. 102.52%
Rialto, Calif. 102.45%

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Most of budget passed

Next story: The term limit mess

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook