How is the Westwood Real Estate Market | November 2018

Your monthly update on the Westwood real estate market – November 2018, compared with the previous month and the same period in 2017.

 

The number of sales of homes last month was the same as November 2017 and up one over the previous month. Condo sales were up 13.6% over 2017 but down 14% over last month.

 

Inventory for single family homes was up 41% over 2017 and up 7% over last month. Available condo inventory was up 14% over the previous year but down 8% over last month.

The median price for single family homes rose 13.6% over 2017 and 25% over the previous month. Condo prices rose 28% over 2017 and was up 26% over last month.

The average price of single family homes sold compared with the list price dropped  slightly, the same applies to condos. Compared with last month the average dropped slightly for both homes and condos. The difference is not significant enough to show a trend.

<Single family homes stayed on the market significantly longer than last year. Condos sold 34% faster.

 

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

 

The inventory for single family homes and condos has moved from a sellers’ to a buyers’ market compared with last year. And the shift is continuing towards a buyers’ market from last month.

The information provided by the MLS/CLAW and 1oK Research deemed reliable but not guaranteedIndications are that the Westwood real estate market is stabilizing and becoming more balanced. Inventory is loosening up a little, prices are flattening.

 

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