Sellers' new math

FOR four long months, there has been a "For Sale" sign in front of David and Jody Saltzman's Malibu home. Located in Sea View Estates, on a cul-de-sac in a kid-friendly neighborhood with excellent public schools, the 3,100-square-foot Mediterranean has four bedrooms, three bathrooms, a bonus room and a remodeled kitchen with granite countertops. There's no ocean view, but the owners believe garden enthusiasts will love the lush landscaping and tropical plants on the half-acre lot.

"I was hoping it would sell in 60 days," David Saltzman said. When it didn't, the couple lowered the price by $100,000 in April. They took another $100,000 off in May. With the house eventually listed at $1,495,000 -- making it the least-expensive listing in the development for a house of its size -- they finally entered escrow a week ago.

Though the median home price is higher in Southern California now than it was a year ago, the Saltzmans aren't alone in their prolonged struggle to sell. Houses throughout Southern California are staying on the market longer than they were a year ago.

Without question, the market has changed. Bidding wars are fewer and farther between. Word-of-mouth sales before a sign goes up are less frequent. And deals struck in the first minutes of open houses are all but history, agents say.

Anecdotal evidence aside, one sure measure of a market slowdown is the number of days homes are listed before a contract is signed. Across the Southland, the median time had grown as of the end of April, the latest period for which figures are available, reports the California Assn. of Realtors.

In Los Angeles County, houses were staying on the market 34 days, according to the trade group, up from 25 days a year earlier. In Orange County, it was 39 days compared with 26, and in the combined San Bernardino and Riverside counties region, 39 days, up from 27.

In some pockets, however, it's even longer. The average time on the market is 85 days for parts of the Westside and Malibu, said Aaron Lider, an agent with Keller Williams Brentwood, citing figures from the Multiple Listing Service.

"The market is normalizing," said Lider, calling the development "quite refreshing."

"It's taken the panic out of the buyers," he said. Today's larger inventory gives buyers more choices.

"It makes pricing accurately far more important than it has been for the last six years," said Michael Edlen, an agent with Coldwell Banker Pacific Palisades.