Average Sold Prices in the Hollywood Riviera Real Estate Market – October 2014

The average sold price of the 78 single family homes that have sold far this year is $1,197,667 which represents a 6% increase over the sold price of the 88 homes in the same period (January 1 – September 30th) in 2013.  The sold price of the 78 homes that sold the first 9 months of 2014 is for the first time as long as I’ve been running numbers for the last 15 years is higher than the list price during the same period – higher by a half a percent.  This is significant and shows that when homes are priced properly they sell very quickly and often for more than list price with multiple offers.  The inventory of available homes for sale in the Hollywood Riviera this year has been extremely low.  In the first half of 2014, there were often less than 10 single family residences for sale at one time.  Thus the number of homes sold was very low this year so far and the demand was high, also leading to the multiple offer scenario.  If you are looking for a home to buy in the Hollywood Riviera today, you will still find it difficult as the inventory is still very low.  There are only 10 homes currently for sale.  They range in price from $939,000 for a 1800+ sq ft home near the Richardson Middle School to $4,500,000 for a home right on the Paseo de la Playa bluff overlooking Torrance Beach.  There are often homes in the high $700K range up to the million dollar mark, but none are available as of today.