Brentwood Real Estate Market Report, November 2011

Let’s see how the Brentwood real estate market is doing. There are actually two Brentwoods in California.  I of course am referring to the community in Los Angeles.

I always struggle with what information to include in these reports.

Average price vs. median price:  Average prices can affect what is really going on if there is one extremely high-priced sale.  So I use the median price.

Average days on the market:  One house staying on the market for a long time, possibly because it is overpriced, can also skew the equation.  However, the MLS only provides average days on the market as stats.

Price per square foot: this really is somewhat meaningless in the Los Angeles real estate market since there are so many variables that can affect this figure.

Probably the most important part of these reports is the absorption rate – how much inventory their is compared with the number of homes sold.  Six months worth of inventory is a balanced market.  Anything below that is a sellers’ market,and above, a buyers’market.

So let’s see how the Brentwood real estate market is doing based on sales over the past year.

Brentwood single family homes:  Brentwood single family homes are teetering on the edge of a buyers’ market, but with 34 pending sales this could swing it over into a sellers’ market.  We will have to see.  The median prices is down somewhat, days on the market steady and sales price vs list price quite healthy.

Brentwood condo market:  the  condo market is fairly balanced.  The absorption rate is under 6 months with the exception of the last month’s figures, but there are 30 pending sales which is a pretty healthy number and should bring the inventory way down. The median price is down a little and the price sold vs price listed, but not by much.  Days on the market are down.

So overall, Brentwood is going along nicely.

Previous Brentwood Real Estate Market Reports

 

Brentwood Los Angeles Luxury Real Estate Market

Brentwood Los Angeles Real Estate Market.  Home Sales Under $2 Million

Brentwood Los Angeles Housing Market Report – June 2010

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