Hollywood Riviera Real Estate Market Update – April 27, 2013 –
There are currently 19 homes for sale here in the Hollywood Riviera. They range in price from $720,000 to $4,200,000 (but I am going to take this outlier from the equation to keep things on an even playing field) So the next highest priced home is $1,989,000. Keeping these numbers in mind, the average price for a home here in the Hollywood Riviera today is $1,271,206. Which means the average dollars per square foot are $538. The average days on market of these 19 homes is 48 days. (This time last year there were 12 homes for sale with an average days on market of 72.)
There are 13 single family properties that are currently under contract or in escrow here in the Riviera. They had an average days on market of only 33 days. The average price of the pending properties is $1,020,077, or $524 a square foot. (Notice that the average price and average dollars per square foot goes down from the ‘active’ homes to the ‘pending’ properties. And it will go down further for the’ solds.’)
There have been 32 homes sold since January 1st, 2013. The average price of those 32 homes was $1,058,622. And the average days on market of those homes was 44 days. The average dollars per square foot is $514. Let’s compare this to last year (same time period: Jan 1 – April 26th.)
Jan 1 – Apr 26 – 2012
Number of homes sold = 26
Avg price = $997,750
Avg dollar/sq ft = $460
That means we’ve sold 19% more homes this year over last year with a 2.2% average price increase. 13 of the 32 homes that sold this year so far sold at or over the asking price. 9 sold over the asking price – that is 28% of the homes sold in 2013 selling above their list price. This is an exciting time for sellers and still a great time for buyers to enter the market. The inventory has increased over the last few weeks which means there are a few more homes to choose from. Interest rates are still being offered at historic rates (thanks to the Feds who are still looking to stimulate our economy. Thank you, Uncle Sam.)