Coldwell Banker: Sunset Strip - West Hollywood Market Update
Compared with February 2014, Area (3) Sunset Strip/Hollywood Hills West experienced a 4.5% increase in median sales price and a 29% drop in sales volume in February 2015, with an average of 60 days on market for properties that sold.
Single family sales volume in Area (10) West Hollywood is up 28% compared to January 2015, with median sales price up a whopping 40% compared to last February. In West Hollywood’s thriving condo market, we see almost a 20% increase in median sales price year-to-year, with sales volume up 45%.
In Area (19) Beverly Center/Miracle Mile, we saw a year-to-year 2% increase in median sales price for February with a decrease in volume of 35%, average days on market 60 days.
Overall, we face low inventory with signs of increase on the horizon with many agents gearing up for new listings in the coming weeks. Our agents are busy informing homeowners about the favorable conditions – little competition and low interest rates – that make it a great time to sell. Open houses are well attended although buyers seem to be waiting for more options so they can buy in their neighborhood of choice.
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 in the spring
By: Tony Papillo
