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 7/28/2014)

  1. 2 beds, 3 full baths
    Home size: 1,340 sq ft
    Lot size: 15,455 sqft
    Year built: 2004
    Days on market: 5
  2. 2 beds, 1 full, 1 part baths
    Home size: 1,160 sq ft
    Lot size: 28,996 sqft
    Year built: 1969
    Parking spots: 2
    Days on market: 5
  3. 2 beds, 2 full baths
    Home size: 1,174 sq ft
    Lot size: 1.08 ac
    Year built: 1974
    Parking spots: 2
    Days on market: 6
  4. 2 beds, 2 full baths
    Home size: 1,233 sq ft
    Lot size: 11,837 sqft
    Year built: 1963
    Parking spots: 2
    Days on market: 6
  5. 2 beds, 2 full, 1 part baths
    Home size: 1,650 sq ft
    Lot size: 36,106 sqft
    Year built: 1990
    Days on market: 7
  6. 2 beds, 2 full baths
    Home size: 1,300 sq ft
    Lot size: 15,130 sqft
    Year built: 2005
    Days on market: 8
  7. 1 bed, 1 full bath
    Home size: 706 sq ft
    Lot size: 16,827 sqft
    Year built: 1986
    Days on market: 8
  8. 2 beds, 1 full bath
    Home size: 806 sq ft
    Lot size: 2,486 sqft
    Year built: 1919
    Parking spots: 1
    Days on market: 8
  9. 2 beds, 3 full baths
    Home size: 1,499 sq ft
    Lot size: 13,660 sqft
    Year built: 1990
    Days on market: 11
  10. 2 beds, 1 full, 1 part baths
    Home size: 1,255 sq ft
    Lot size: 15,487 sqft
    Year built: 1981
    Parking spots: 2
    Days on market: 11
  11. 3 beds, 1 full, 2 part baths
    Home size: 1,749 sq ft
    Lot size: 6,845 sqft
    Year built: 1922
    Parking spots: 5
    Days on market: 11
  12. 4 beds, 4 full, 1 part baths
    Lot size: 5,072 sqft
    Year built: 1926
    Parking spots: 2
    Days on market: 11
  13. 1 bed, 1 full bath
    Home size: 644 sq ft
    Lot size: 29,826 sqft
    Year built: 1963
    Parking spots: 1
    Days on market: 12
  14. 2 beds, 1 full bath
    Home size: 1,111 sq ft
    Lot size: 2,958 sqft
    Year built: 1929
    Days on market: 12
  15. 1 bed, 1 full bath
    Home size: 914 sq ft
    Lot size: 29,786 sqft
    Year built: 1930
    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.

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Date last updated: 7/28/14 4:07 PM PDT

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