When buying or selling property in Westwood you may want to check out how the market did in 2011.

Single family homes in Westwood have been split into price range. The Westwood condo market will include Wilshire Corridor condos, already the subject of a previous market report.

What is Market Absorption?

Market absorption trends show the rate that properties are selling compared with inventory which enables us to see if it is a sellers’ or buyers’ market.

6 months worth of inventory is a balanced market. Under 6 months is a sellers’ market, and anything over 6 months is a buyers’ market.

The Westwood single family home market under $2 million remains a sellers’ market. Inventory is low, and the median price is creeping up. If priced right, a Westwood home seller in the under $2 million range can expect a reasonable fast sale. Buyers are always looking for good new inventory.

With only 5 active listings, the sellers of Westwood homes between $2-5M can expect a fast sale, with little difference over 2010’s figures.

The Westwood luxury housing market, homes over $5M definitely favors those buyers willing to take a plunge. There were actually 4 homes sold over the past 3 months to one year, but it has been eliminated from the report in order not to skew the figures too much. That was the Candy Spelling mansion which sold for $85M at 50% of the listing price.

The Westwood condo market has moved slightly towards a sellers’ market and is fairly healthy. The median price is down some, but number of sales and price per sq. ft. is up.