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 10/24/2014)

  1. 2 beds, 2 full baths
    Home size: 1,174 sq ft
    Lot size: 1.09 ac
    Year built: 1974
    Parking spots: 2
    Days on market: 1
  2. 1 bed, 1 full bath
    Home size: 793 sq ft
    Lot size: 2.76 ac
    Year built: 1973
    Days on market: 2
  3. 2 beds, 2 full baths
    Home size: 1,190 sq ft
    Lot size: 19,991 sqft
    Year built: 2007
    Days on market: 4
  4. 2 beds, 2 full, 1 part baths
    Home size: 1,330 sq ft
    Lot size: 5,347 sqft
    Year built: 2012
    Parking spots: 2
    Days on market: 4
  5. 4 beds, 3 full, 2 part baths
    Home size: 2,437 sq ft
    Lot size: 5,730 sqft
    Year built: 1925
    Parking spots: 2
    Days on market: 5
  6. 2 beds, 2 full baths
    Home size: 1,317 sq ft
    Lot size: 1.32 ac
    Year built: 1965
    Days on market: 5
  7. 2 beds, 2 full baths
    Home size: 943 sq ft
    Lot size: 13,483 sqft
    Year built: 1974
    Parking spots: 4
    Days on market: 7
  8. 2 beds, 3 full baths
    Home size: 1,646 sq ft
    Lot size: 11,137 sqft
    Year built: 2000
    Days on market: 8
  9. 2 beds, 1 full, 2 part baths
    Home size: 2,101 sq ft
    Lot size: 32,195 sqft
    Year built: 1965
    Days on market: 8
  10. 1 bed, 1 full bath
    Home size: 761 sq ft
    Lot size: 2.76 ac
    Year built: 1973
    Parking spots: 2
    Days on market: 8
  11. 3 beds, 2 full, 1 part baths
    Home size: 1,850 sq ft
    Lot size: 19,991 sqft
    Year built: 2007
    Parking spots: 2
    Days on market: 8
  12. 1 bed, 1 full bath
    Home size: 766 sq ft
    Lot size: 14,654 sqft
    Year built: 1955
    Parking spots: 2
    Days on market: 8
  13. 1 bed, 1 full bath
    Home size: 740 sq ft
    Lot size: 40,236 sqft
    Year built: 1973
    Parking spots: 4
    Days on market: 9
  14. 1 bed, 1 full bath
    Home size: 724 sq ft
    Lot size: 14,654 sqft
    Year built: 1955
    Parking spots: 1
    Days on market: 9
  15. 2 beds, 2 full, 1 part baths
    Home size: 1,404 sq ft
    Lot size: 37,263 sqft
    Year built: 1975
    Parking spots: 2
    Days on market: 9

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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