Westwood Real Estate Market Report October 2012

Westwood Real Estate Market Reports / By / November 3, 2012

The Westwood neighborhood of Los Angeles is covered by the 90024 zip 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

Wilshire Corridor.Westwood homes for sale

(Samples below)

 

Condo Condo
Land Land
Rental Rental
Single Family Single Family
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