Hollywood Riviera Home Sales Are on the Rise Again – February 2017
Here in the South Bay neighborhood of the Hollywood Riviera, we see homes sales on the rise as well as the average price of those homes. The average price of homes sold this time last year (Feb 2016) was $1,267,000 and this year (Feb 2017) the average price of homes sold since January 1st, 2017 is $1,499,698. Interesting note about the average price of homes sold this year – the average list price of those homes was $1,492,667. As you can see, many of the homes that have sold this year must have sold in multiple offers which drove the sold price above the list price.
There is still have very low inventory here in the Hollywood Riviera. There are currently only 10 homes for sale here in the Riviera. This time last year there were 15 homes for sale. We are especially devoid of homes in the lower price range. The current inventory of homes for sale here in the Hollywood Riviera ranges in price between $949,000 (fixer upper) and $16,000,000 (a palatial home right on the bluff overlooking Torrance Beach and the Pacific Ocean.)
With this in mind, it’s getting tougher and tougher out there for buyers. Good representation working with an agent who really knows the area and is often aware of pocket listings and or homes that will soon be on the market is key. Also, if you’re a buyer, you must be ready to go with your loan, so speaking to a lender/mortgage broker now and getting all your paperwork ready is tantamount to getting a home in this competitive market.
Kelly would love to help you today!
