The Westwood neighborhood of Los Angeles is covered by the 90024zip code and is the home of U.C.L.A. and the upscale Wilshire Corridor, the latter making up the majority of the condo statistics below.
There is a heavy concentration of apartments, condos, and commercial properties in Westwood, mostly south of Wilshire Blvd., with the exception of Westwood Village. North of Wilshire is mostly more expensive single family housing.
Let’s check out the market for the month of October:
OCTOBER SINGLE FAMILY MARKET REPORT
# Homes
List/Sales Price
For sale
15
$1,049,000 to $26,000,000
Under contract
15
$994,300 to $3,995,000
Sold
14
$1,110,000 to $3,350,000
October sold median price
$1,775,000
COMPARISON TO SEPTEMBER
For sale
+6
Under contract
+8
Sold
+8
Sold median price
+36.80%
MARKET ABSORPTION
Market history
1 month
3 months
6 months
12 months
Closed transactions
20
70
138
282
Average sold per month
20.00
23.33
23.00
23,50
Homes currently for sale
84
84
84
84
Months supply on the market
1.1
1.7
1.8
1.9
WESTWOOD SINGLE FAMILY HOMES A SELLERS’ MARKET
Less than 5 months
5-7 months
More than 7 months
Sellers’ market
Balanced market
Buyers’ market
The number of single family homes sold in October was up by 8 over the previous month, and the sold median price shot up by 37.8% from $1,297,500 to $1,775,000.
The median price of homes listed for sale in October is $1,78,500, but the median price of all active listings is $1,975,000.
With inventory this low, Westwood is an extreme sellers’ market.
OCTOBER CONDO MARKET REPORT
# Homes
List/Sales Price
Condos for sale
84
$175,000 to $11,995,000
Condos under contract
51
$279,000 to $2,950,000
Condos sold
20
$320,000 to $6,550,000
October sold median price
$557,200
COMPARISON TO SEPTEMBER
For sale
+19
Under contract
+25
Sold
-1
Sold median price
+2.71%
MARKET ABSORPTION
Market history
1 month
3 months
6 months
12 months
Closed transactions
20
70
138
282
Average sold per month
20.00
23.33
23.00
23,50
Homes currently for sale
84
84
84
84
Months supply on the market
4.2
3.6
3.7
3.6
WESTWOOD CONDOS A SELLERS’ MARKET
Westwood condo sales are down by 1 over September, but the median prices is up $2.71% from $542,500 to $557,200.Homes listed for sale in October have a median price of $749,000, but the overall median price is $787,500.The Westwood condo market is a seller’s market, the bulk of the inventory sitting on the higher priced
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