A Red Hot Real Estate Market!
As we all know, the market is heating up. Many properties are back into multiple offers and selling over asking. This shows signs of a hot real estate market and it is definitely the time to buy if you have been considering, before prices go up any further.
The Beverly Hills condo market, although not affected too bad during the downturn, has seen incredible growth over the last few years. Over the last 30 days over 10 condos have sold, with only 40 condos being active for sale, this is great. The average selling price was 88.11% of the asking price. The days on the market are roughly 60 days, and that includes the average 30 day escrow, making their time on the market more like 30 days or less. The average price per square foot is about $960.00.
For single family, there were 15 sales in the last month. The average sale price was $4,600,000, which includes the lower end homes under 2 million, selling for 93.37% of their asking price. The largest sale was $11.8 million. Not including the Estates of Beverly Hills Post Office which topped out at $12,750,000.
An almost record setting sale of $11,250,000 was made at the Montage Residences.
The Westwood condo market in particular is seeing alot of activity. This once slow selling area has bounced back, quite aggressively. Over the last 30 days over 30 condominiums have sold, at over one a day that is quite impressive. The average selling price was 97.67% of the asking price. The days on the market were roughly 60 days, and that includes the average 30 day escrow making their time on the market more like 30 days or less. The price per square foot is about $600.00.
For single family, due to a lack of inventory, there were only 6 sales. With an average time on the market less then 60 days, and an average sale price that was 94.74% of the list price. The average price per square foot is about $776, with the highest sale being $5,300,000.
This gorgeous Traditional Estate sold for $5,300,000
Finally, the West Hollywood condo market has been exploding. With 54 sales in the last 30 days at 99.65% of the asking price this area is by far the fastest growing. The average price per square foot is around $510 and the days on the market are around 50 days, again including the escrow period of 30 days or more. Properties priced correctly go into escrow in less then a few days after hitting he market.
For single family, which are in limited supply in this area, there were 14 sales. The average time on the market was 39 days. Incredible to say the least. With an average price per square foot of $1,722, and an average sale price of 99.97% of the list price, this area is red hot once again.
This Condo at Croft Villas sold $40,000 over asking for $1,000,000
You may keep hearing that the time is now to buy. With prices still below the height of the market there are still great opportunities to be had. Pair that with our incredibly low interest rates and you are set with a great value for a long time.
The Beverly Hills condo market, although not affected too bad during the downturn, has seen incredible growth over the last few years. Over the last 30 days over 10 condos have sold, with only 40 condos being active for sale, this is great. The average selling price was 88.11% of the asking price. The days on the market are roughly 60 days, and that includes the average 30 day escrow, making their time on the market more like 30 days or less. The average price per square foot is about $960.00.
For single family, there were 15 sales in the last month. The average sale price was $4,600,000, which includes the lower end homes under 2 million, selling for 93.37% of their asking price. The largest sale was $11.8 million. Not including the Estates of Beverly Hills Post Office which topped out at $12,750,000.
The Westwood condo market in particular is seeing alot of activity. This once slow selling area has bounced back, quite aggressively. Over the last 30 days over 30 condominiums have sold, at over one a day that is quite impressive. The average selling price was 97.67% of the asking price. The days on the market were roughly 60 days, and that includes the average 30 day escrow making their time on the market more like 30 days or less. The price per square foot is about $600.00.
For single family, due to a lack of inventory, there were only 6 sales. With an average time on the market less then 60 days, and an average sale price that was 94.74% of the list price. The average price per square foot is about $776, with the highest sale being $5,300,000.
Finally, the West Hollywood condo market has been exploding. With 54 sales in the last 30 days at 99.65% of the asking price this area is by far the fastest growing. The average price per square foot is around $510 and the days on the market are around 50 days, again including the escrow period of 30 days or more. Properties priced correctly go into escrow in less then a few days after hitting he market.
For single family, which are in limited supply in this area, there were 14 sales. The average time on the market was 39 days. Incredible to say the least. With an average price per square foot of $1,722, and an average sale price of 99.97% of the list price, this area is red hot once again.
You may keep hearing that the time is now to buy. With prices still below the height of the market there are still great opportunities to be had. Pair that with our incredibly low interest rates and you are set with a great value for a long time.
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