Beverly Hills homes are selling like hotcakes (relatively speaking)! Sales of Beverly Hills homes increased, by one-hundred and eighty-six percent (186%), in August, 2010, and in comparison to the same month last year. Beverly Hills home sales have been on the rise since hitting a low point for the year in the first quarter. Despite a steady increase in sales over the last several months, only twenty (20) Beverly Hills homes were sold in August of 2010, while the Combined L.A./Westside MLS reflects the sale of only seven (7) Beverly Hills homes for August 2009.
Beverly Hills Homes Sold for August 2010:
Supply continues to drastically outpace demand, although there was a 19% decrease in Beverly Hills homes for sale in August 2010, as compared with the same month last year. There were one-hundred and fifty-eight (158) Beverly Hills homes listed for sale in August of 2010.
Sales prices for Beverly Hills homes barely increased by one percent (1%) in August of 2010 and compared to the same period last year. Lack of movement in price indicates the top of the threshold of tolerance for pricing of homes in this area, though a one percent increase for this price point translates to a substantial dollar amount. The median ‘sold’ price for Beverly Hills homes in August, 2010 was two-million nine-hundred and fifty-thousand dollars ($2,950,000) as compared to an average sold price of two-million nine-hundred and twenty-thousand dollars ($2,920,000) just a year ago.
Median Sold Price of Downtown L.A. Condos for July 2010:
The average 'days on market' for Beverly Hills homes in August 2010 has increased by 20%, or about 11 additional days on the market from this time last year. This may be an indicator that the market in this area has very little tolerance for even nominal price increases. Even though sales of homes in Beverly Hills have increased substantially since this time last year, buyers are really taking their time before deciding to move forward with home purchases in Beverly Hills.
Perhaps by wishful thinking on the part of home sellers, listing prices of Beverly Hills homes have increased by twenty-two percent (22%) from July 2009 to July 2010. However, the actual sales prices of Beverly Hills has risen by only one percent (1%), which indicates that those in the market for a home are 'just not buying it,' at least in Beverly Hills. With sales showing a healthy increase since last year, it's a safe bet to assume that sellers are giving in, opting to sell their homes for true market value instead of their pie-in-the-sky listing prices.
Please contact me if you would like more information about the real estate market in Urban L.A., or the Beverly Hills home market.
For a free list of homes for sale, please visit UrbanPulseProperties.com.
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