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.
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.
June 2020 Hollywood Riviera Home Sales and House Prices
June was another slower month for home sales in the community of Hollywood Riviera with only 6 closed sales during the month which was about average for 2020 but quite a bit lower than most months in 2019. Prices were impressive with the median “list” price of $1,795,000 and a median “sold” price of $1,755,000. The average price per foot was $890.87 and the average days on market was 66. The highest priced sale of the month was an oceanfront home on the bluff at 529 Paseo De La Playa which sold for $5,650,000.
By the numbers - home Sales and Home Prices in the Hollywood Riviera
The Hollywood Riviera real estate market slowed down a bit as most communities in the South Bay as the uncertainties of the coronavirus kept both buyers and sellers down a bit.
Overall it was a fairly solid month in terms of home sales. April 2020 saw 9 homes close escrow. The median list price of the sold homes in the Hollywood Riviera was $1,099,000 with the median “sold” price being $1,075,000 indicating it was still definitely a sellers market. The average price per foot was $761 and the average days on market was only 44.
Take a look at the homes that sold in the Hollywood Riviera in October 2019
Hollywood Riviera real estate saw a solid month in real estate for October with 9 home sales during the month. The median list price was $1,200,000 with the median sales price of $1,177,500 indicating that it is still a solid seller’s market although that does seem to be shifting somewhat. The least expensive home sale during October was $820,000 for a 3 bedroom, 2 1/2 bath single family home at 4414 Highgrove and the most expenseive sale of the month was a Louis Tomaro designed home at 340 Via Colusa. This home was of particular interest to us as we were the listing agents when the sellers purchased the home.