How is the Beverly Hills real estate market doing? We are already in the 4th Quarter of 2014 so it’s time to check in on sales of single family homes.
The median price of sold properties has only dropped 1% over the previous year, and improvement over the previous quarter. At the end of June the median price of sold properties was down 32%. This quarter shows a vast improvement.
There is still a disconnect between the asking price and sold price, a 37% difference. This is not unusual in the luxury homes market. But it is an improvement over the 2nd Qtr.
The number of sold properties is down 23% compared with the same time last year and down 5% from the end of the 2nd Qtr, June.
Inventory per month is down 71% over the same time last year and down 11% over the end of the 2nd Qtr, June.
Days on the market are actually up 110% over the same time last year but pretty much remain the same as the end of the 2nd Qtr.
With this low inventory if you have any thoughts of selling your Beverly Hills home and price it competitively, now is still an excellent time.
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