The Real Estate Market report for the 90046 Zip Code Single Family Homes is a bit complicated this time. Now without going into too much the detail the Supply and Demand statistics indicate a cooling which in turn have flattened the prices. In spite of all this, please do not get misinterpret these figures it is still a seller’s market.
The inventory has been climbing, this trend in turn has softened the market activity a bit.
The days on market will show you that it is still a seller’s market. Clearly you will see this based on the breakdown below of the four Quartiles of the 90046 Zip Coda also known as West Hollywood.
If you read the average statistics you will notice that the Median List Price in Los Angeles, CA 90046 aka West Hollywood is around $2,150,000. Now with that said, let’s look at the details:
The First Quartile’s Median List Price is barely under $4million it is $3,995,000.00 with a median living Sq.Ft. of 5000 on an approximately .25-.5 acre of land. The most interesting number is the Days On Market (DOM) which is 121 days. Needless to say this should give a good indication that it is a fast market, hence still a seller’s market.
The Second Quartile consists of the upper-middle 25% of properties with a Median List Price of $2,750,000.00 and an approximate 3,300 living sq. ft. The DOM has a bit higher number of 144 Days on the Market. Needless to say if you look closer part of the reason I attribute this to the fact that anyone that can afford the second quartile can also afford the first quartile so there has to be a compelling reason to buy in this sector of the Real Estate Market vs. the Top Quartile.
The Third Quartile or the lower middle 25% of the properties have a Median List Price of $1,850,000. The amazing figure is the Days on Market, which is an incredibly fast sale of 76 days. The median living square ft. consists of about 2450 on a lot size of 6500-8000 sq. ft.
Now let’s look at The Fourth Quartile or the least expensive 25% of the 90046 properties for sale. This is what I consider the entry point into the Single Family Market in West Hollywood. The Median List Price is just barely under one million dollars $999,900.00. Needless to say basically you get an average of 1650 sq. ft. of living space on a small lot of 4500 sq. ft.
These numbers are often hard to comprehend for potential Relocation Buyers and often if they have not been keeping up with the Real Estate Market they are faced with a huge Sticker Shock!
Now if you are considering buying or selling feel free to reach out to me directly to discuss in more detail your situation.
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002(m) or firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com. I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations