Since it is difficult to separate out Wilshire Corridor condos and they form approximately half of the activity in Westwood, condos are omitted from this report.
Number Sold: 43. This is a 30% increase over the same period in 2011
Median Price: $1,450000. This is a $14.7% decrease from the same period in 2011.
The sold vs list price has increased around 4%.
19 units are under contract
There are 24 active listings and with an average sale of 7.16 homes per month over the past 6 months, this means that there is an absorption rate of 3.35. This means, it will take 3.35 months to sell the existing inventory based on the average monthly sales.
A balanced market is 6 months. Anything less trends towards a sellers’ market.
Westwood home sellers , now is a great time to put your properties on the market. There are anxious buyers out there looking for new inventory which, like in many other Los Angeles neighborhoods is in short supply.