Hollywood Riviera Real Estate Update – August 2012 – We have had very low inventory numbers here in the Hollywood Riviera for the last few months. Typically in August, the unsold summer inventory sits around and those numbers build…not this August. There are only 11 homes currently for sale here in the Hollywood Riviera. That’s 1/3 of the normal inventory which has averaged approximately 35 homes for sale this time of year for the last 5 years. There are 16 homes in escrow (or pending sale) right now. Of those homes (when we take out the ‘outlier of $7.8 million) the average Days on Market is down to 45 days – that’s an amazingly low number considering that over the last 5 years the average of the “pendings’ was approximately 65 days on market.
As far as numbers go – the average price of the homes pending escrow (again, not including the $7.8 million dollar outlier) – is $988,320 vs the average of the “pendings’ over the last 4 years of $952K. That represents a 4% increase in the average pending price. (Of course, we don’t know what these homes will end up selling for – but this is a good start.
Let’s look at the average ‘sold’ prices from the last 5 years next:
Year Average Price of Sold homes # of homes sold
2008 $1,145,000 34
2009 $981,000 38
2010 $1,026,000 45
2011 $989,000 55
2012 $1,022,000 49
As you can see, the average SOLD prices have remained fairly stable over the last 5 yers. The number of homes sold this time last year was significantly higher than the other years – including this current year. Homes have been selling quite quickly this year however as evidenced by the large number of homes pending escrow vs. the number of homes actually for sale. We have seen mulitple offers in many situations – particularly on nice homes in good locations that are priced well. These homes are always desirable and especially so. Historically low interest rates are certainly a motivating factor for many people along with what seems like fairly stable prices that have followed the decline in prices 5 years ago. Seems like now may be a great time to buy a home here in the Hollywood Riviera! Feel free to give us a call if you are interested in finding out what your money buys in this lovely Riviera neighborhood.