Posted on 05-23-2017 by Joe Marcotte
Like every community or several around Los Angeles or any major city across the US, prices are rising, rents are rising, and inventory is lacking. The Los Angeles is a West Hollywood area, the median sales price is about $737,500, which is roughly $6... Read more
Like every community or several around Los Angeles or any major city across the US, prices are rising, rents are rising, and inventory is lacking. The Los Angeles is a West Hollywood area, the median sales price is about $737,500, which is roughly $686 per square foot. The median rent per month, are you ready for this, is currently nearly $11,000 per month. This spike in rent happened back in November with the median rent per month was hovering around $5000 per month for six months, but in November shot up to over $12,000 per month, typically due to a skewing of the system or some high-priced condominiums or estates. It dropped slightly to just under $10,000 in March but has remained relatively high over the last couple of months.
The home index value for West Hollywood is about $726,000, 3.8% increase over last month. One of the most interesting things about West Hollywood is we are currently in a neutral market. It's not necessarily a buyers market or a sellers market, which is good news for those moving to or from this area. In many communities and metro areas around the country, sellers markets are what we are seeing and buyers are struggling to find and purchase available properties in West Hollywood, there's a good combination of buyers and sellers, keeping the market and a neutral level. According to Realtor.com, the median list price for West Hollywood is $1.8 million and the median closing price is $1.2 million. This means that on average most homeowners are receiving between 94% and 96% of the asking price on average.
According to Movoto.com, active inventory is down to about 100, but, that is 7% higher than it was last month. The median list price according to this website is $979,000, down 6% from last month. There are very few distressed properties on the market and the median days on the market is a 33.
For condominiums, there's a total inventory of 84, up 3% from a month ago with the median list price of $895,000. The median days on the market is it 38 and the median house size for a condo or townhouse in West Hollywood is 1218 ft.². This puts the median price per square foot at $759.
For more information on the West Hollywood condo or real estate market where to find out how much your home is currently worth and how quickly it could sell contact one of our agents today. Image by MLS