The State of Real Estate in Westwood, Los Angeles: Market Trends and Predictions

Westwood, 90024 April Real Estate Activity

This week, we look closer at the real estate market in Westwood, Los Angeles, where the median list price is an impressive $4,597,000. The market action index is also noteworthy, currently hovering around 37, representing an increase over last month's index of 31.

It's important to note that inventory has decreased to just 14 homes available for sale, and home sales have consistently exceeded new inventory for several weeks. Despite this, prices have yet to stabilize, and we've seen a continued decline in prices in 90024.

Westwood April Housing Market Report

It's clear that we're currently in the Seller's zone, but we anticipate prices to level off in the near future. If the current sales trend continues, we may even see prices climb.

However, for now, pricing remains weak compared to the absolute-high levels we've seen in the past. As we monitor the market, we'll look for a persistent upward shift in the Market Action Index, a solid leading indicator of a potential price trough.

Single-Family Sales Activity in Westwood: Prices Per Sqft and Lot Size 90024

Median Price      Sq. Ft.         Lot size                 DOM(Date on the Market)

$65,000,000       33,652         1 - 2.5 acres               434

$6,998,000          6,700          0.25 - 0.5 acres          84                     

$3,122,000           3,887         6,500 - 8,000            49   

$2,584,499          2,027          0,25 - 0.5 acres         63

Latest Condo Sales Data Westwood

Westwood, Los Angeles, saw a median list price of $1,597,499, while the market action index stood at approximately 35. This marks an improvement over last month's index of 33, and inventory has shrunk to 74. Despite this decline in supply, home sales have continued to surpass demand, and the Market Action Index has shown a sustained upward trend.

Currently, this is a Seller's market, and as such, we could see increased upward pressure on prices soon if this trend persists. However, prices have remained relatively stagnant recently, and we are still considerably below peak market levels. As a result, we will need to see a consistent upward shift in the Market Action Index before any significant change in pricing occurs.

Condo Sales Activity in Westwood: Prices Per Sqft

Median Price      Sq. Ft.        DOM

$5,175,000          3,450            143                                  

$2,149,000          2,620            161                           

$1,335,000          1,868             84          

$780,000             1,098             63   

Staying informed about the current real estate trends and conditions in Westwood, Los Angeles, is crucial for buyers and sellers. With an awareness of the latest developments in the market, individuals can make informed decisions and achieve their real estate objectives.

Conclusion

The Westwood real estate market in Los Angeles is experiencing some exciting trends. While inventory has shrunk considerably, home sales have remained strong, and the Market Action Index has shown a sustained upward trend. Despite this, pricing has remained stagnant compared to the high levels we've seen in the past, and we will need to see a consistent upward shift in the Market Action Index before any significant change in pricing occurs. Staying up to date with the latest sales data and trends is essential for buyers and sellers in Westwood, Los Angeles, who want to make informed decisions and achieve their real estate goals.