Hollywood Riviera Real Estate Market Update – February 20, 2013

10 Hollywood Riviera Homes have sold so far this year (January 1st – February 20, 2013)  The average price of those 10 homes is $1,008,420 with the least expensive sale being $850,000 and the most expensive single family home to sell is $1,334,000.  The average days on market of those 10 sold homes was 60 days.  Let’s compare this to the same time period last year (Jan 1st – Feb 20, 2012.)  10 homes also sold in the same time frame last year, but their average days on market was 92 which represents a 30% decrease in the time on market year over year.  The average price of the 10 homes sold last year was $938,850 – which represents a 7% increase in average price year over year.  All this good news makes 2013 a good year to sell your home.  Let’s see what the Hollywood Riviera real estate market is doing so far this year…

There are currently 10 homes actively being marketed on the MLS as of today.  Of those 10, 8 are over $1 million dollars.  In my professional opinion, there are really on a couple that are priced properly.  One of the homes has been on the market for 317 days now – clearly the price is too high or it would be sold by now.  Another one has been on the market for 203 days now – I’ve been inside this particular home and it’s a nice home on a nice street with lots of great curb appeal, but it’s not sort of overpriced, it’s grossly overpriced, by maybe $300K.  It’s a real shame.    Sellers need to be aware that today’s buyers are very savvy and have typically done lots of research on the internet before they even come into a realtor’s hands.  And if the realtor they choose has any fiduciary duty to their buyer at all, they are providing that buyer with comps from the area of current sales which would lead them to the fact that a home is either priced right or not.  But honestly in today’s market, a home that is priced right doesn’t last very long and typically receives multiple offers.

If you are interested in finding out the value of your home in today’s market, please feel free to contact us.

Thanks so much, Kelly & Laura

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