Westwood Real Estate Market Report October 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 October 2012 market report

Let’s check out the market for the month of October:

OCTOBER SINGLE FAMILY MARKET REPORT
# Homes List/Sales Price
 For sale  15 $1,049,000 to $26,000,000
 Under contract  15 $994,300 to $3,995,000
 Sold  14 $1,110,000 to $3,350,000
 October sold median price  $1,775,000
COMPARISON TO SEPTEMBER
 For sale +6
 Under contract +8
 Sold +8
 Sold median price +36.80%
MARKET ABSORPTION
Market history 1 month 3 months 6 months 12 months
Closed transactions  20 70 138 282
Average sold per month 20.00 23.33 23.00 23,50
Homes currently for sale  84 84 84 84
Months supply on the market  1.1 1.7 1.8 1.9
WESTWOOD SINGLE FAMILY HOMES A SELLERS’ MARKET

 

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 October was up by 8 over the previous month, and the sold median price shot up by 37.8% from $1,297,500 to $1,775,000.

The median price of homes listed for sale in October is $1,78,500, but the median price of all active listings is $1,975,000.

With inventory this low,  Westwood is an extreme sellers’ market.

OCTOBER CONDO MARKET REPORT
# Homes List/Sales Price
 Condos for sale  84 $175,000 to $11,995,000
 Condos under contract  51 $279,000 to $2,950,000
 Condos sold  20 $320,000 to $6,550,000
 October sold median price  $557,200
COMPARISON TO SEPTEMBER
 For sale +19
 Under contract +25
 Sold  -1
 Sold median price  +2.71%
MARKET ABSORPTION
Market history 1 month 3 months 6 months 12 months
Closed transactions  20 70 138 282
Average sold per month  20.00 23.33 23.00 23,50
Homes currently for sale  84 84 84 84
Months supply on the market  4.2 3.6 3.7 3.6
WESTWOOD CONDOS A SELLERS’ MARKET

Westwood condo sales are down by 1 over September, but the median prices is up $2.71% from $542,500 to $557,200.Homes listed for sale in October have a median price of $749,000, but the overall median price is $787,500.The Westwood condo market is a seller’s market, the bulk of the inventory sitting on the higher priced Wilshire Corridor.Westwood homes for sale

(Samples below)

 

See all West Hollywood Homes for Sale.
(all data current as of 9/2/2014)

  1. 1 bed, 1 full bath
    Home size: 855 sq ft
    Lot size: 33,179 sqft
    Year built: 1970
    Parking spots: 1
    Days on market: 5
  2. 2 beds, 2 full, 1 part baths
    Home size: 1,650 sq ft
    Lot size: 17,626 sqft
    Year built: 2005
    Days on market: 5
  3. 1 bed, 1 full, 1 part baths
    Home size: 1,187 sq ft
    Lot size: 6,461 sqft
    Year built: 2004
    Days on market: 6
  4. 2 beds, 2 full baths
    Home size: 1,400 sq ft
    Lot size: 14,333 sqft
    Year built: 1981
    Parking spots: 2
    Days on market: 6
  5. 4 beds, 3 full baths
    Home size: 1,863 sq ft
    Lot size: 5,856 sqft
    Year built: 1923
    Parking spots: 4
    Days on market: 7
  6. 4 beds, 3 full baths
    Home size: 1,863 sq ft
    Lot size: 5,856 sqft
    Year built: 1923
    Parking spots: 4
    Days on market: 7
  7. 1 bed, 1 full bath
    Home size: 762 sq ft
    Lot size: 37,358 sqft
    Year built: 1972
    Days on market: 8
  8. 1 bed, 1 full bath
    Home size: 691 sq ft
    Lot size: 14,016 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 8
  9. 1 bed, 1 full bath
    Home size: 691 sq ft
    Lot size: 14,016 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 8
  10. 2 beds, 3 full baths
    Home size: 2,246 sq ft
    Lot size: 1.02 ac
    Year built: 1964
    Parking spots: 2
    Days on market: 8
  11. 1 bed, 1 full bath
    Home size: 674 sq ft
    Lot size: 33,857 sqft
    Year built: 1973
    Parking spots: 2
    Days on market: 8
  12. 2 beds, 2 full baths
    Home size: 1,461 sq ft
    Lot size: 9,467 sqft
    Year built: 1984
    Days on market: 8
  13. 1 bed, 1 full bath
    Year built: 1973
    Parking spots: 1
    Days on market: 10
  14. 2 beds, 2 full baths
    Home size: 1,450 sq ft
    Lot size: 9,437 sqft
    Parking spots: 2
    Days on market: 12
  15. 1 bed, 1 full bath
    Home size: 910 sq ft
    Lot size: 19,995 sqft
    Year built: 1968
    Parking spots: 2
    Days on market: 12

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Buying or Selling Los Angeles Real EstateBuying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.Westside Los Angeles Real Estate, including, but not limited to:

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.

More Posts - Website - Twitter - Facebook - LinkedIn - Pinterest - Google Plus - YouTube

Add Comment Register



Speak Your Mind

*

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

The information being provided by CARETS (CLAW, CRISNet MLS, and/or i-Tech MLS) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing.

Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS and/or i-Tech MLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR) and i-Tech MLS (Glendale AOR/Pasadena Foothills AOR)

Date last updated: 9/2/14 3:19 AM PDT

This IDX solution is (c) Diverse Solutions 2014.