Hollywood Riviera Real Estate Market Update – October 2012. The real estate market here in the Hollywood Riviera has been on fire all summer long. Since May 2012, there has been little to no inventory with average levels being around 10 houses for sale at any given time. The old standing average over the last 5 years during the same ‘summer months plus’ (May-October) had been in the 35-40 homes for sale at a time. This is a dramatic decrease in inventory and has created a bit of a seller’s market again.
The number of single family homes that are ‘for sale’ here in the Hollywood Riviera right now is 11. The average price of those 11 homes is $1.266K.
The number of homes pending sale (in escrow) here in the Hollywood Rivera as of today, October 26th, 2012 is 15. The average price of those pending sales is $954K. One thing to note is the average days on market of these pending sales is only 38 days. That number this time last year (average days on market of the 11 homes pending sale last October 2, 2011) was 76 days on market. So, our average time homes are staying on the market has shrunk in half!
As far as the ‘Solds’ here in the Hollywood Riviera from January 1, 2012 – October 26, 2012 – there have been 72 homes sold already this year with an average price of $1,012,570 (and that is with the outlier of $6.5K taken out – yes, a home sold for Six and a Half Million dollars this year – it was located on the bluff above RAT Beach (Right After Torrance Beach.) The average days on market of those 72 homes was only 65 days – further proof that our market is on fire this year. This time last year, (Jan 1, 2011- Oct 26, 2011) the average price of the 76 homes that sold was $964,974 (a 4.7% increase in average price year over year!) The days on market for those 76 homes that sold in 2011 was 81 days vs our 65 days this year so far.
Give us a call if you would like to further discuss the real estate market here in the Hollywood Riviera.