Hollywood Riviera Real Estate Market Stats – Sept 2017
Crazy low inventory for September – typically by end of August/early September, we often have pretty good amount of homes for sale. (There were 18 homes for sale this time last year.) Not this year….only 8 single family homes are currently for sale here in the Hollywood Riviera neighborhood. Click here to see them. Nothing under $1 million dollars either – yikes….the least expensive home currently for sale here in the Hollywood Riviera now is $1,130,000 and it’s on Newton and has been for sale for 171 days now. Clearly it’s overpriced.
But the opposite end of the spectrum isn’t much better – $16,000,000 for a home on the bluff overlooking the Pacific and Torrance Beach – that part doesn’t sound so bad – but it’s been on the market for 243 days now – also clearly overpriced.
The average days on market of homes that have actually closed escrow / SOLD in 2017 is 31 days. As you can see things are not sitting on the market very long around here. Not to mention the ratio of list price to sales price is 101% – yes, that means the sold price on average, is higher than the list price. That means that most homes are selling in multiple offers over the asking price. Demand here is very high and the inventory is just not there.
Of course, who doesn’t want to live in a wonderful community with great schools, close to the beach and a cute shopping area – The Riviera Village – where you also find great restaurants and bars. The Hollywood Riviera really has it all.
The average selling price of homes as of today is $1,461,909 and $700/sq ft.
Call me for more information about living here in the Hollywood Riviera.