Whether you’re a home buyer or selling your home in the Hollywood Riviera, keeping up with the real estate market trends and statistics can be a great way to make an educated decision. Below is a series of charts showing what the real estate market in the Hollywood Riviera is doing each month.
Active (light green), Pending (red line) and Sold Homes (dark green) each month in the Hollywood Riviera
Average Price Per Sq Feet of Sold Homes
Average days on market and % that homes sold compared with list price
Average list price and average sales price in the Hollywood Riviera
Months of available home inventory based on sales
The chart above shows the months of inventory on the market or how long it would take to sell all of the homes. The higher the number the more of a buyers market it tends to be.
Take a look below at the homes that sold in the Hollywood Riviera during the month of April 2022.
The activity level was impressive yet again with 13 on market home sales during the month compared with 10 in March and only 4 during February. The average “list” price was a pretty massive $1,810,385 with the average sold price at $1,943,538 meaning that, in general, homes sold WAY above the original list price. The average price per foot was $1010 and median days on market was a very brief 8 days before going into pending status. The average days on market was 8. See how this compares to other months on our Hollywood Riviera real estate trends and statistics page.
It was another solid month for real estate in the Hollywood Riviera both in terms of the number of homes that closed escrow as well as the prices. November 2021 had 12 on market home, condo and townhome sales closing during the month. The average “list” price of the homes that closed escrow during the month was $2,614,333 with the average “sold” price at $2,211,313*(see below). Homes averaged 70 days on the market before going into escrow with a median DOM of only 12 days. The average price per foot of the hmomes that sod was $990.
Decisions can be made from these numbers….what’s the market doing, where’s it heading….is it a buyer’s market or seller’s market?
Sometimes one or two sales in a month can dramatically skew these number’s however, and don’t paint an accurate picture of market conditions.
The Hollywood Riviera in November was a perfect example. Unlike recent months the average “sold” prices were actually lower than the “list” price. Average days on market was also 70 for the homes that sold which is well higher than previous months. Both potentially indicate that the market may be slowing.
So overall for November the average “list” price was $2,614,333 with the average “sold” price at $2,211,313. That’s a big change from the past 6 months which generally saw homes selling for more than the asking price every month.
If you eliminate that one sale it changes the outlook considerably. For the other 11 home sales of the month the average “list” price was $1,761,091 with the average “sold” price at $1,785,068 meaning homes sold well over list price.
Eliminate the one sale and average goes from 70 to only 15 days on market. For those looking at the overall numbers they might have been hoping the market was shifting to benefit buyers but unfortunately the reality is a bit different and sometimes you need to dig a bit deeper to see what is really happening in your real estate market.
October was yet another great month for real estate in the Hollywood Riviera with 17 on market property sales closing during the month. The average “list” price was $1,552,294 with the average “sold” price at $1,606,218 meaning that homes generally sold higher than the asking price. Median days on market was a very short 11 before going into escrow and the average price per foot was $840.