This is a monthly market update with the statistics and information on how our local key residential markets for homes over $1.5 million are doing this year in May versus the same time last year.
Here are the overall details:
Escrow closings are up 20% in 2010 versus 2009 and the days on market for homes sold is down 15%
New escrow opening are up 2% in 2010 versus 2009 and the days on market for homes in escrow is down 12%
Inventory of homes for sale is down overall by 11% in 2010 versus 2009 and the days on market is down 6%
We currently have low inventory levels and fewer new listings coming to the marketplace.
One home closed escrow over $10,000,000
We had 6 homes sell in multiple offers over the list price
2 homes sold at the full asking price
54 homes sold and closed escrow with an average discount of 15% below the original listed price
There were 56 homes that went into escrow
Following is a list in order of our strongest current markets:
1. Westwood
5 homes that closed escrow with an average of 25 days on the market
5 homes went into escrow with an average of 105 days on the market
There are currently 33 homes on the market that have been listed an average of 78 days
2. Brentwood
12 Homes have closed escrow with an average days on market of 67 days
19 homes went into escrow with an average of 63 days on the market
109 homes currently listed for sale with an average of 97 days on the market
4. Beverly Hills, 90210
7 homes closed escrow with an average days on market of 65 days.
8 homes went into escrow with an average days on market of 53 days
84 homes are currently listed for sale with an average of 121 days on the market
5. Beverly Hills Post Office
8 homes closed escrow with an average of 54 days on the market
6 homes went into escrow with an average of 70 days on the market
110 homes are currently available for sale with an average of 137 days on the market
6. Sunset Strip Area of the Hollywood Hills, 90069
8 homes closed escrow with an average days on market of 192 days
3 homes went into escrow with an average days on market of 67 days
75 homes are currently on the market for sale with an average of 113 days on the market
7. Bel Air
4 homes closed escrow with an average of 133 days on the market
3 homes went into escrow with an average of 87 days on the market
76 homes are currently on the market for sale with an average market time of 120 days
For these combined areas we currently have about a 10 months supply of inventory of homes for sale
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