This post was contributed by a community member. The views expressed here are the author's own.

Health & Fitness

Beverly Hills Real Estate Market Report

BEVERLY HILLS REAL ESTATE MARKET ACTION REPORT:  OCT. 2013

Property Sales
October property sales were 12, down from 25 in October of 2012 and -7.7% lower than the 13 sales last month. October 2013 sales were at their lowest level compared to October of 2012 and 2011. October YTD sales of 137 are running 3.0% ahead of last year's year-to-date sales of 133.

 

Find out what's happening in Beverly Hillswith free, real-time updates from Patch.

Prices
The median sales price in October was $5,796,088, up 102.0% from $2,870,000 in October of 2012 and up 40.7% from $4,120,000 last month. The average sales price in October was $8,997,348, up 185.5% from $3,151,660 in October of 2012 and up 98.9% from $4,522,936 last month. October 2013 ASP was at highest level compared to October of 2012 and 2011.

 

Find out what's happening in Beverly Hillswith free, real-time updates from Patch.

Inventory & MSI
The total inventory of properties available for sale as of October was 79, down -9.2% from 87 last month and down -14.1% from 92 in October of last year. October 2013 Inventory was at the lowest level compared to October of 2012 and 2011.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2013 MSI of 6.6 months was at a mid range compared with October of 2012 and 2011.

 

Market Time
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for October was 114, up from 61 days last month and up from 53 days in October of last year. The October 2013 DOM was at its highest level compared with October of 2012 and 2011.

 

Selling Price Per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The October 2013 selling price per square foot of $1,241 was up 45.5% from $853 last month and up 55.9% from $796 in October of last year.

 

Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer's market exists, a ratio at or above 100% indicates more of a seller's market. The October 2013 selling price vs list price of 93.0% was down from 96.5% last month and down from 96.0% in October of last year.

 

CALL RYAN SCARZONE AT (310)488-0184 FOR ALL OF YOUR REAL ESTATE NEEDS!

Check out the latest Beverly Hills real estate listings at:  http://www.santamonica-realestate.com/idx/community/beverly-hills/http://

 

RYAN SCARZONE

(310)488-0184

REALTOR

COLDWELL BANKER

BRE#01910272

 

© 2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Coldwell Banker Residential Brokerage is operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. BRE # 00616212

Based on information from California Real Estate Technology Services for the period 1/1/2005 through 10/31/2013. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS's may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.




We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?