Westwood Real Estate Monthly Market Report August 2012

Let’s look at Westwood real estate performance over the past year, from August 2011 to August 2012.

Single Family Homes

Year over year the median sold price is up 25%
The numer of sold properties is up 25%
The number of new properties on the market is down 22%
The average months supply of inventory is down 50% to 4 months supply, indicating a sellers’ market.

Condos

Year over year the median sold price is up 11%
The numer of sold properties is up 67%
The number of new properties on the market is down 22%
The average months supply of inventory is down 90% to 2.6 months supply, indicating a strong sellers’ market.

The Westwood real estate market is definitely on the mend, but, as with many other areas of Los Angeles, inventory is low.  We need to see more homes come on the market soon for the recovery to continue.

Homes for sale in Westwood


 

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