West Hollywood Home Market "In Turnaround"; Home Prices Up 13% Over 2010; Top Sale Touches $3 Million Mark; Hooray, "These Dark Days Are Over"
|2011 Median Price up 13% Over 2010 -- Huzzah!|
There is such pervasive negative sentiment about real estate, one often assumes that all parts of the market are behaving in sync. The mumble of truly ominous buzzwords -- foreclosure-short pay-bank-owned-distressed-collapse-freefall -- drowns out the news that some parts of the market are doing fine -- and even -- dare we say, are improving. West Hollywood is one of those improving markets.
What Redfin Won't Tell You
Year to date, the median sale price in West Hollywood is up 13% over 2010 prices.
Indeed, there are foreclosures and short pays (making up 21% of the market during the past 3 months), but it should also be noted that 30% of West Hollywood sales during the same period are over the $1 million mark.
|Months' Supply of Inventory in West Hollywood - Down 29% in the Past Year|
Inventory under 6 months is considered a "Seller's Market", so Sellers -- do not hesitate to list your homes -- and Buyers, consider that making aggressively low offers won't yield results.
Let's take a look at some West Hollywood home sales from the past three months.
|1010 North Orlando Avenue - $2,900,000|
|346 Westbourne Drive - $1,925,000|
|8916 Dorrington Avenue - $1,015,000|
|8921 Dorrington Avenue - $1,150,000|
Lots in West Hollywood West are small -- both of these homes sit on 4,000 sq ft parcels. 8916 has 2 bedrooms, 1.75 baths, and a 1,286 sq ft home and sold for $1,015,000; 8921 has 2 bedrooms, 3 baths and a 2,302 sq ft home and sold for $1,150,000.
|740 N Vista Street - $887,000|
|1236 N Fairfax Ave - $442,000|