Beverly Hills Housing Market Report – February 2011

Are you thinking of buying or selling a Beverly Hills home, check out how the market is doing.  Be sure to click on each chart below for more detailed numbers by month.

Overview of Beverly Hills single family home sales over past year to February 2011

The statistics to take note of are, in this case February 2010 vs February 2011 as these take seasonality out of the equation:

February 2010 had one 18 – February 2011 had 11.  December 2010 had the highest number of sales – 30

Average days on the market of  Beverly Hills homes sold is down from 86 to 74

The median list price is up 15% from $2,995,000 to $3,450,000.  The median sold price is down 47% from $3,200,000 to $1,685,000.  This indicates that sellers’ and buyers’ expectations are way out of balance.

Number of  Beverly Hills homes for sale in any given month is down 12% from 330 to 292.

New Beverly Hills homes coming on the market each month is up from 52 to 68.

Supply vs demand shows a market trend.  Supply has come down 12% vs demand which has dropped by 39%.  But there is a long way to go before  the market stabilizes (numbers become flatter)

The ultimate indicator as to whether the Beverly hills real estate is a buyers’ or sellers’ market is Months Supply of Inventory, or Absorption Rate.  The months supply has come down significantly from 22.2 months in February 2010 to 9.5 months in February 2011.  It is still a buyers’ market.  A stable market is 6 months.  Beverly Hills single family home market is headed in the right direction.

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