This is really a tough time for home buyers, especially in the Westwood area.
At present there are only 21 single family homes on the market, five of which came on the market over the past month.
Eight homes have sold during the last 30 days and there are 16 currently under contract.
Based on sales over the past three months (17) this means that the absorption rate (the time it will take to sell existing inventory) is 3.7 months. And some of those homes have been on the market a long while, either because they are overpriced or for some other reason.
Single family inventory in Westwood is sorely needed. Prices are on the rise as is demand.
