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.
Homes for sale in Westwood
- 100 -400 AC Split mountain RD
- BRAWLEY CA
- $999,999,999
- Beds | 0 Baths | SqFt
- 100 Acres
- 594 S Mapleton Dr
- Los Angeles CA
- $137,500,000
- 14 Beds | 27 Baths | 56,500 SqFt
- 4 Acres
- 24331 Coto de Caza DR
- COTO DE CAZA CA
- $125,000,000
- 12 Beds | 20 Baths | 47,044 SqFt
- 137 Acres
- 16401 Calle Feliz
- RANCHO SANTA FE CA
- $84,995,000
- 26 Beds | 22 Baths | 15,000 SqFt
- 77 Acres
- 16401 Calle Feliz
- Rancho Santa Fe CA
- $84,950,000
- 26 Beds | 32 Baths | 15,000 SqFt
- 77 Acres
- 1210 Benedict Canyon Dr
- Beverly Hills CA
- $75,000,000
- 11 Beds | 20 Baths | 27,000 SqFt
- 2 Acres
- 120 Montecito Ranch Ln
- Summerland CA
- $70,000,000
- 12 Beds | 25 Baths | 27,000 SqFt
- 19 Acres
- 9214 Nightingale Dr
- West Hollywood CA
- $63,000,000
- 5 Beds | 7 Baths | 13,870 SqFt
- 0 Acres
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CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share).
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