Let’s see how the Beverly Hills real estate market did in the 1st Quarter of 2012 as compared with the same period in 2011.
The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed. Also, they reflect single family home sales only.
Number sold: 28, a 20% decrease over the same period last year.
Median price: $4,075,000, a 54.65% increase over the same period last year.
There are 100 active listings. With an average sale of 9.33 homes per month there is an absorption rate of 10.72 months. This means that it will take 10.72 months to sell the existing inventory. A balanced market is 6 months of inventory. Anything above that does not favor sellers.
If you look at the absorption rate for homes below $4 Million, then the picture is a little rosier, with 7.62 months’ inventory.
As in most other L.A. areas, it is the luxury market which is still slow coming back.
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