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🏡 December 2023 Luxury Real Estate Market Update & Trends for Westwood – Century City 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Westwood – Century City 🌟

By Christophe Choo Posted Jan 09, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Westwood - Century City 🌟

🔼 Avg Sales Price: $3.02 million, 📈 UP 13%. Act Fast!

🔼 Avg List Price $4.81, 📈 UP 19%. It’s a hot market!

🔼 Properties Sold: 11 , 📈 UP 14%

🔼 Days on Market: 31 📆, 📈 UP 3%

⚪️ $/Sq FT: $1,137, no change 0%

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As we bid farewell to December 2023, let's zoom in on one of LA's hidden gems: the Westwood-Century City area. Nestled next to the opulent neighborhoods of Beverly Hills and Holmby Hills, Westwood is proving to be a rising star in the real estate market. So, let's dive into the exciting market trends that have been painting the town red this festive month!

Westwood's Market Snapshot: Everything’s Looking Up!
Westwood, known for its terrific ambiance and central location, has shown remarkable growth in its real estate market. The average sales price in this coveted neighborhood has shot up by a notable 13% from the previous quarter, now standing proudly at just over $3 million. This uptick is a clear indicator of the area's growing desirability among discerning buyers.

List Prices Soaring High
It's not just the sales prices that are enjoying the upward trajectory; the average list price in Westwood has also seen a significant increase. Up by 19% to a near $4.81 million, these figures are indicative of a market that's heating up faster than a California summer!

Property Sales and Market Time: Quick and Steady
Westwood's property market hasn't just seen an increase in prices; the number of properties sold has also risen by 14%, with 11 properties finding new owners in December. Additionally, the days on market stand at 31 days, a slight 3% increase, but still indicative of a relatively quick turnover for such a high-demand area.

Steady as She Goes: Sales Price Per Square Foot
In terms of the average sales price per square foot, Westwood holds steady, maintaining a consistent rate. This stability, combined with the other rising metrics, paints a picture of a robust and balanced market.

Conclusion: Westwood-Century City, The Neighborhood to Watch
Adjacent to Beverly Hills and Holmby Hills, Westwood-Century City stands out with its great schools, beautiful parks, and prime location. It's the ideal neighborhood for those who desire proximity to Beverly Hills but prefer a distinct community vibe. As we step into the new year, keep your eyes on Westwood-Century City – it's more than just a neighborhood; it's a lifestyle choice for those who want the best of Los Angeles living.

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