Hollywood Riviera’s Market Update ~ As of October 1, 2011, there are currently 33 houses for sale with a range of $689,000 to $12 million. The normal top range if you take out that $12 million dollar outlier is $1,995,000 as the most expensive house currently for sale. That makes our average ‘for sale’ price come in at $1,205,000. (without the outlier.) Now the average days on market for those 33 homes is 97 days now. This time last year there were 31 homes for sale with a days on market time of 104 days…so we are pretty much on target with what’s happened last year.
There are 11 houses currently ‘in escrow/under contract.” The average price of those homes is $934,000 (remember this is the average listing price. We won’t know the average ‘sold’ price until the house actually sells.) Usually, there is a difference here. This time last year there were 12 houses in escrow with an average price of $925,000.
Sold-wise – so far this year 69 homes have sold – that’s 6 more than this time last year. The average price of those sold homes for this year is $972,015 after an average of 81 days on the market. This time last year 63 homes had sold with an average price of $1,002,000. Looks like we are off 3% so far this year on our average price.
Big question is of course…what will happen for the rest of this year? Well, we can look at what happened last year from Oct 1 – Dec 31st and bet it will be similar. Last year 16 homes sold between 10/1/2010-12/31/2010. They had an average price of $895,942 and were on the market an average of 86 days before they got sold. With that said, the Riviera has 33 homes that would love to be sold prior to Dec 31st…but from what we gather from last year only half of these will sell.
What will it take to sell in the last quarter of the year? A good price is a good start. Typically, buyers are out to get a good price this time of year. Buyers this time of year are serious though….so keep your house looking nice and priced right and be one of teh 16 houses to sell in the last quarter!
464 Via El Chico is one such home! Does this home ever show well and the views this time of year are stunning! The city lights twinkle at night and with the nights getting longer there is more time to enjoy your view.   AND they just reduced the price to $1,299,000!