Hollywood Riviera Market Update – October 28, 2009

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There are currently 29 single family homes for sale here in the Hollywood Riviera.  They range from $530K (small fixer on PCH) to $3.5 Million (house on the bluff above the beach!)  That’s not a lot of inventory especially when you consider that only 6 months ago – May 09 – there were 49 homes for sale.  Our inventory has been selling.  Another plus is that the all the inventory is moving – including the high end inventory. 

Currently there are 15 homes here in the Riviera “pending” sale.  That means they are in escrow with a buyer in the process of purchasing the home.  That is typically a 30-60 day process depending what worked best for all parties.   These 15 homes range in list price between $589K – $2,248 Million.    The average price of the homes pending sale is $1,012,580.

Sold homes – if we go back and compare solds the 1st half of the year vs. the (not finished) 2nd half of the year you will see how the 2nd half of the year has gone much better for everyone.  Jan 1, 09 – June 30, 09 – there were 24 homes sold.   Their average price was $1,002,500.  sold1sthalf.jpg
                                                                 Jan 1, 09 – Jun 30, 09 Solds 

Since then, July 1st, 09 – today (October 28th, 09) we’ve had 36 homes sell (that’s a 30% increase already and the 2nd half isn’t even over – remember those 15 pendings – most likely at this rate they will all sell prior to the end of the year which would make 51 homes sold vs that 24 (more than double the number of sales 1st half 09 vs. 2nd half 09.)  That’s good news for those who thought to sell the 2nd half of the year.  It also shows that the stimulus package the government is backing is working.  Not many of the people who get a $8K tax credit for purchasing a first home was seen here in this specific neighborhood, but people probably bought homes in lesser expensive areas and now those people who sold those homes can afford to move up to this neighborhood.  sold2ndthalf002.jpg
July 1, 09 – Oct 28, 09 Solds