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🏡 December 2023 Luxury Real Estate Market Update & Trends for The Sunset Strip- Hollywood Hills 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for The Sunset Strip- Hollywood Hills 🌟

By Christophe Choo Posted Jan 08, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for The Sunset Strip- Hollywood Hills 🌟

🔼 Avg Sales Price: $3.53 million, 📈 UP 29% It’s a hot market!

🔼 Avg List Price $6.66, 📈 UP 4%

🔼 Properties Sold: 24 , 📈 UP 41% Act fast!

🔻 Days on Market: 40 📆, 📉 down 15%

🔼 $/Sq FT: $1,036, 📈 UP 2%

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As the year winds down, let's dive into the exhilarating world of Sunset Strip-Hollywood Hills real estate. This area, a glamorous enclave nestled directly adjacent to Beverly Hills and known for its swanky hillside properties north of Sunset Boulevard, has been buzzing with activity this December. So grab a cup of your favorite drink, and let's explore the sizzling market trends that are shaping this iconic Los Angeles neighborhood!

Surging Sales Prices: A Sign of High Demand The most striking trend this December has been the significant surge in average sales prices, which now stand at an eye-popping $3.53 million. This marks an impressive 29% increase from the previous 90 days. What does this mean for buyers and sellers? For sellers, it's an opportune time to capitalize on high property values, while buyers need to be prepared to compete in this high-demand market.

List Prices on the Upswing Reflecting the robust demand, the average list price in Sunset Strip-Hollywood Hills has also witnessed a hike, currently sitting at around $6.66 million - a modest yet notable 4% increase. This upward trend in list prices indicates a market that's steadily heating up, offering promising prospects for investors.

Volume of Properties Sold: A Remarkable Rise Here's an interesting twist: The number of properties sold in December soared by a staggering 41%, with 24 properties changing hands. This jump is not just a number; it's a testament to the area's increasing popularity among those seeking that quintessential Hollywood lifestyle.

Market Time Decreases: Quick Sales Indicate a Hot Market In stark contrast to other regions where properties linger on the market, Sunset Strip-Hollywood Hills homes are selling fast. The market time here has decreased by 15%, significantly lower than surrounding areas where homes can stay on the market for 100 to 160 days. This rapid turnover rate underscores the area's appeal and the urgency for buyers to act swiftly.

Price Per Square Foot: A Slight Increase The average price per square foot in this luxe locale has also climbed up by about 2%, now standing at $1,036. While this increase might seem modest, it's an important indicator of the area's enduring value and desirability.

Conclusion: The Ideal Locale for the Hollywood Lifestyle In summary, Sunset Strip-Hollywood Hills, with its prime location north of Sunset and adjacent to Beverly Hills, remains a hotbed for those seeking a blend of luxury and the iconic Hollywood lifestyle. Whether you're a buyer, seller, or an investor, the current market dynamics present exciting opportunities.

As we say goodbye to December and look forward to the new year, it's clear that Sunset Strip-Hollywood Hills is not just about the glitter and glam; it's also a robust and dynamic real estate market, full of potential and promise. Keep an eye on this area – it's where the magic of Hollywood meets the reality of an ever-evolving real estate market!

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