Coldwell Banker: Sunset Strip - West Hollywood Market Update
After finishing a strong 2014, the first three weeks of 2015 are active throughout the areas surrounding Hollywood Hills/West Hollywood when compared to last January. Our West Coast Escrow office already has 33% more new escrows in the first three weeks of 2015 as compared to all of January 2014.
We still face low inventory with signs of increase on the horizon: our office new listings for the first three weeks of January already equal new office listings for all of January 2014; many of our agents are gearing up for new listings in the coming weeks. However, for the first three weeks of 2015, Areas 3, 10, 19 and 20 have a 19% decrease in new listings as compared to the first three weeks of 2014. Our agents know this is the time to talk to homeowners about the favorable conditions that make it a great time to list. Open houses are well attended although buyers seem to be waiting for more options so they can buy in their neighborhood of choice.
For single family sales in Sunset Strip/Hollywood Hills West area, December 2014 Sales Volume increased 11% compared to the previous December. West Hollywood condo values increased by 20%, with average sales price reaching $809,000 in Dec. 2014. With interest rates still low (possibly increasing sometime soon) and stronger economic conditions, we expect these trends to continue although at a slower pace as more homes come to market.
By: Tony Papillo
