Hollywood Riviera Real Estate Market Update for March 24th, 2010 – Currently there are 26 homes for sale. Their average price is $1,184K with the lowest priced home listed for $735,500 (fixer upper that was auctioned off and now is up for court overbid with the minimum bid being $735K) and the highest priced listing at $2,550,000 (brand new construction oceanfront home at Torrance Beach.)
The good news for 2010 is that the market has picked up as far as the number of homes in escrow right now vs this time last year. Currently there are 17 in escrow (pending sale.) This time last year there were 6 homes pending sale – that is a 64% increase. Good news for number of sales. The average price of the current 17homes in escrow is $1,063K vs. the average price in March 2009 of $1,077K – that is not off by much (just over 1% difference.) That is good news for prices so far this year.
Let’s look at what has SOLD so far in the Hollywood Riviera so far in 2010. There have been 14 single family homes sold in the Hollywood Riviera so far. That is a 43% increase over the 8 homes that sold in the same period of 2009 (1/1/2009-3/24/2009). Of the 14 homes sold this year (2010) their average price is $1,016K vs. the 2009 average of $982K (that’s actually an increase in average price of 4%…not huge, but better than sliding backwards more!) As you can see there was a high priced sale this year, 2010, for $1,972K that most likely brought up the average however. Overall, I’d say we are just off a touch over this time last year…but we’ll see what 2010 really holds as we move along.
(Solds Jan 1 – March 24, 2010) (Solds Jan 1, 2009 – March 24, 2009)