If you’ve been interested in how the market is doing in Westwood, you will be happy to know that we are one of the many communities that’s lived up to expectations. We started off the year with a strong sales report and the outlook for 2012 was extremely positive. Signs of a recovery were everywhere. Last year, almost all the major retailers reported significant gains during the back to school shopping season surpassing most projections. Even the high unemployment rate saw a couple basis point decline.
Since the first of the year, there have been 34 new listings added to the market in the Westwood-Century City area. In the same time period, there have been 41 properties sold. Here are two very interesting graphs that paint a picture of a market heating up.
The first chart shows the Months Supply of Inventory. This is a one year look at the available supply of homes on the market in Westwood-Century City. This chart shows us that the supply of homes is down, way down. This time last year we had a little more then a seven month supply of homes on the market. January of this year was high but still below the average. As you can see, in just two months we are well below the average months supply for the year.