It’s mid September 2015 and you didn’t find the house you were looking for this summer here in the Hollywood Riviera. The low inventory we’ve had going for the last year has finally tripled in the last few weeks. Only problem is that we still seem to have limited inventory, especially for those looking for something nice and in the $1,100,000 – $1,200,000 range. Currently there are 26 single family homes for sale here in the Hollywood Riviera. Of those 26 homes, the average price is $1,465,015. The least expensive house for sale is $850,000. It’s a 3 bedroom, 2 bathroom off of Bluff Street in the 90505 zip code side of the Riviera. It needs some TLC to really make it shine. It’s been on the market now for 63 days, which seems like an eternity in this market. The house does have Air Conditioning…a pretty important feature these days! The most expensive house on the market here in the Riviera right now is listed for $3,999,000 which is reduced from its original list price of $4,135,000 after it’s been on the market for 82 days now. It’s a beautifully remodeled contemporary home right across from Torrance Beach with very pretty ocean views from many rooms in the home.
But what if you are that buyer looking for a basic 3 or 4 bedroom with 2 baths and you can spend in the $1.2K range? What is for sale then? Well, there are 8 homes currently listed for sale here in the Hollywood Riviera that are priced between $1,049,000 and $1,299,000. The problem is that the 8 homes in this price range currently have been on the market for an average of 64 days. This tells you something. Even though we have a bit more inventory than we’ve had in a long time, the inventory we seem to have active right now is clearly over-priced or it would be sold. Buyers today are very savvy. They have access to so much information and they just know if something is priced well or not. While the average price here in the Hollywood Riviera is up 7% over the same YTD as last year, some sellers have gotten a different memo and think that prices are up 20%. Homes are selling in multiple offers and sellers see that too. Maybe they think they can sell their house for more right away too – but not if they over price it. Buyers are very sensitive to this and if they think a house is over priced, it’s amazing how they won’t even make an offer, not even a low one. Thus, we have 8 homes in this price range that are not sold for one reason or another. One of the houses has been on the market for 124 days now. You’d think they would get the memo and reduce their price.
Homes in the Hollywood Riviera that come on the market that are priced well and show well – especially if they are in a good location are selling for top dollar in multiple offers immediately. Yes…this is still happening. How do you put your home in this category? Hire a professional realtor who knows a little bit about staging your home for sale and strategically pricing the home in today’s market. We love to help people on both ends…buyers and sellers – navigating the purchase or sale of a home in today’s market is very easy with the right team on your side. Give us a call today for more information! (310) 613-2465 Kelly Evans