How is the Westwood Real Estate Market | September 2018

Your monthly update on the Westwood real estate market – September 2018, compared with September 2017.

The number of homes sold in September compared with the same month in 2017 pretty much remained the same.

 

Inventory for single family homes remains close with an increase of 10 in the condo market. With a tight inventory any increase is good news.

 

The median price for single family homes dropped 29.9% and increased 5.3% for condos.

 

The average price of single family homes sold compared with the list price increased slightly, the same applies to condos. This indicates that, overall homes were priced reasonably well.

 

The average number of days that homes sat on the market dropped significantly, from 58 to 36. For condos it increased from 47 to 51, not a noticeable change.

 

Less than 5 months = sellers’ market | 5 to 7 months = stable market | Over 7 months = buyers’ market

The inventory for single family homes has moved that market to favor buyers from a stable market last year. Condos moved in the opposite direction.

The information provided by the MLS/CLAW and 1oK Research deemed reliable but not guaranteed
When looking at the Westwood condo market it includes the luxury market of the Wilshire Corridor, 67 of the current 99 active listings and 9 of the sold listings are on the Corridor. Alone, the median price for the Wilshire Corridor September sold listings is $1,526,000.

 

There has been no dramatic change in the Westwood real estate market over the past year.

More Westwood market reports

Other neighborhood market reports

Need Help? Have questions? Fill out the CONTACT FORM or call Jane at 310-351-9208