Westwood Real Estate Market Report November 2012

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 Corridorthe 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.

Westwood Real Estate Market Report November 2012

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

For more information on how I can best serve your Los Angeles real estate needs, don’t hesitate to fill out the contact form or give me a call at 310-473-6919.

Jane Peters

Jane Peters is a Los Angeles Realtor®, specializing in absentee owners, out-of-town-buyers and those needing that extra personal touch to make the buying and selling of Los Angeles real estate a smooth and, believe it or not, fun process.

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