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Westwood Real Estate Market Report | 1st Quarter 2012

Let's see how the Westwood real estate market fared this first quarter compared with the same quarter in 2011

How is the Westwood real estate market doing this year?  Let’s check out the 1st Quarter of 2012 compared with the same period last year.

The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed.

Westwood Single Family Homes

Number Sold:  34  a 100% increase over the same period in 2011.

Median Price:  $1,358,000, a 20.58% decrease over the same period in 2011.

There are 24 active listings and with an average sale of 11.33 homes per month over the past 3 months, this means that there is an absorption rate of 2.12.  This means, it will take 2.12 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 are in an excellent position to find buyers for their homes, especially if priced right.

Westwood Condos

Number Sold:  74, a 68.18% increase of the same period last year.

Median Price:  $542,500, a 5.24% decrease over 2011.

There are 118 active listings.  With an average sale of 24.67 per month over the past 3 months the absorption rate is 4.78.  A sellers’ market.

Although the median price is down, sales are way up and inventory is low.  Westwood home sellers, there are buyers out there!

Westwood Homes for Sale

Read more: http://www.homejane.com/westwood-real-estate-market-report-1st-quarter-2012.html#ixzz1sKoOvV1G

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