How is the Westwood real estate market starting out this year?
The January 2012 report is broken down into price ranges and includes the Wilshire Corridor which also has its own report.
Westwood single family homes under $2 Million
Sold: 6 / +3 over same period last year
Median Price: $1,278,500 / -25.23% over same period last year
Absorption Rate*: 3.5 months
Westwood single family homes $2 to $5 Million
Sold: 3 / +2 over same period last year
Median Price: $2,808,000 / $2,900,000 was the one sale over same period last year
Absorption Rate*: 4.15 months
Westwood single family homes over $5 Million
Only one home sold over the past 6 months for $10,175,000.
There are two active listings on the market , one for $14,995,000 and one for $21,000.
Average days on the market for these two homes is 76.
Westwood condos under $1 Million
Sold: 19 / +11 over same period last year
Median Price: $570,000/ +12.32 over same period last year
Absorption Rate*: 4.35 months
Westwood condos $1 to $2 Million
Sold: 1 / = same period last year
Price: $1,850,000 / + 42.31% over same period last year
Absorption Rate*: 10.14 months
Westwood condos $2 to $5 Million
Sold: 0 / = same period last year
Absorption Rate*: 22 months
Westwood condos over $5 Million
Median Price: $5,895,000
Average Days on Market: 209
*Absorption rate is the number of months it will take to sell the existing inventory, here based on the past 6 months sales. 6 months is a balanced market, below six months favors sellers, and above six months favors buyers.
Westwood single family home sales under $5 Million are pretty stable with the market favoring sellers. There is little new, good inventory. The market over $5 Million is limited.
Westwood condo sales under $1 Million is a sellers’ market. The median price is up over the same period last year. Over $1 Million Westwood home buyers should be out in force. This does include Wilshire Corridor condos, where the market is pretty sluggish.