Happy New Year!
In 2012 the Beverlywood HOA and Adjacent area of West Los Angeles had a marked increase in the sales of Single Family Homes. There was a 26% increase from 151 total homes sold in 2011 to 204 homes from Jan 1 to Dec 31, 2012 according to the Multiple Listing Service (MLS). The total of 204 homes was the most sold since 2005 when a total of 222 single family homes changed owners. By comparison there were only 126 total sales in 2008.
“Days on Market” measures how long it takes to find a buyer and in 2012 the average was 70 days, down from 79 days the year prior. In 2005 by comparison, the average days it took for a single family home owner to find a buyer was just 35.
Price Per Square Foot places a dollar value on each square foot of “Living Space” and is found by dividing the sale price by the square footage. There was not much change in the price when comparing 2012 to the year prior. In 2011 the average price per square foot of living space was $441.09 and in 2012 it came in at $438.93.
Average Price is learned by taking the total sales volume and dividing it by the number of homes sold. There was a 6.5% increase in the average price of a single family home in the Beverlywood HOA and Adjacent area from $811,291 in 2011 to $866,282 in 2012. More averages: the average square footage for the 204 homes that sold this year was 1,662 and the average lot size size was 6,044 square feet.
What’s in store for 2013? Given the historically low interest rates and the slowly improving domestic economy, the expectation for 2013 is for continued improvement in housing sales numbers and values. The biggest challenge is inventory. There are simply not enough homes available for sale for all of the buyers who want to move in to the neighborhood