The Westwood neighborhood of Los Angeles is covered by the 90024 zip code and is the home of U.C.L.A. and the upscale Wilshire Corridor, the latter making up the majority of the condo statistics below.
There is a heavy concentration of apartments, condos, and commercial properties in Westwood, mostly south of Wilshire Blvd., with the exception of Westwood Village. North of Wilshire is mostly more expensive single family housing.
Let’s check out the market for the month of October:
| NOVEMBER SINGLE FAMILY MARKET REPORT |
| # Homes | List/Sales Price | ||
| For sale | 3 | $1,975,000 to $4,795,000 | |
| Under contract | 11 | $994,300 to $26,000,000 | |
| Sold | 10 | $1,165,000 to $3,850,000 | |
| November sold median price | $1,500,000 |
| COMPARISON TO OCTOBER |
| For sale | -11 | |
| Under contract | -4 | |
| Sold | -4 | |
| Sold median price | -15.49% |
| MARKET ABSORPTION |
| Market history | 1 month | 3 months | 6 months | 12 months |
| Closed transactions | 9 | 35 | 55 | 102 |
| Average sold per month | 9.00 | 11.67 | 9.17 | 8.50 |
| Homes currently for sale | 3 | 3 | 3 | 3 |
| Months supply on the market | 0.03 | 0.26 | 0.33 | 0.25 |
| Less than 5 months | 5-7 months | More than 7 months |
| Sellers’ market | Balanced market | Buyers’ market |
The number of single family homes sold in November was down by 4 over the previous month, and the sold median price was down by 15.49%.
With only 3 listings currently active, Westwood real estate for single family homes is a strong sellers’ market.
| NOVEMBER CONDO MARKET REPORT |
| # Homes | List/Sales Price | ||
| Condos for sale | 77 | $374,900 to $11,995,000 | |
| Condos under contract | 49 | $299,000 to $3,250,000 | |
| Condos sold | 26 | $357,500 to $2,735,000 | |
| November sold median price | $752,500 |
| COMPARISON TO OCTOBER |
| For sale | -6 | |
| Under contract | -2 | |
| Sold | +6 | |
| Sold median price | +35.05% |
| MARKET ABSORPTION |
| Market history | 1 month | 3 months | 6 months | 12 months |
| Closed transactions | 15 | 64 | 139 | 284 |
| Average sold per month | 15.00 | 21.33 | 23.17 | 23,67 |
| Homes currently for sale | 77 | 77 | 77 | 77 |
| Months supply on the market | 5.13 | 3.61 | 3.32 | 3.25 |
Westwood condo sales are up by 6 over November, and the median prices is up $35.05%. The Westwood condo market is a seller’s market, with the bulk of the inventory sitting on the higher priced Wilshire Corridor.
Homes for sale in Westwood
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