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🏡 January 2024 Luxury Real Estate Market Update & Trends for Westwood – Century City 🌟

🏡 January 2024 Luxury Real Estate Market Update & Trends for Westwood – Century City 🌟

By Christophe Choo Posted Feb 16, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Real Estate Articles, Videos

🏡 January 2024 Luxury Real Estate Market Update & Trends for Westwood - Century City 🌟

🔻 Avg Sales Price: $2.36 million, 📉 down 18%

🔼 Avg List Price $4.17, 📈 UP 1%.

🔻 Properties Sold: 9 , 📉 down 7%

🔼 Days on Market: 34 📆, 📈 UP 34% Room for negotiation!

🔻 $/Sq FT: $1,005, 📉 down 12%

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The Westwood neighborhood, nestled just west of Beverly Hills and adjacent to Century City, has always been a beacon for those seeking a blend of luxury and accessibility in Los Angeles. January 2024's real estate market update offers a mixed bag of trends, highlighting the dynamic nature of this coveted area. Let's dive into the details that define Westwood's real estate landscape and why it continues to captivate buyers, from seasoned investors to first-time homeowners.

Diverse Offerings in Little Holmby and Beyond

Little Holmby stands out as Westwood's crown jewel, where opulent homes command prices starting at $4 million. However, the broader Westwood area caters to a wide array of preferences and budgets, making it a versatile market for various buyers.

Market Dynamics: Prices, Sales, and Opportunities

January saw the average sales price in Westwood adjust to about $2.36 million, reflecting an 18% decrease from the prior quarter. This adjustment presents a potential opportunity for buyers who have been on the fence, waiting for the right moment to dive into the market.

In contrast, the average listing price slightly increased to $4.17 million, up by 1%. This juxtaposition of rising list prices against falling sales prices suggests a market ripe for negotiation, underscored by a recent sale of a Westwood home listed just over $4 million that quickly sold in a multiple offer scenario, defying its initial overpriced perception.

With nine properties sold in January, down by 7%, and an average of 34 days on the market (a 34% increase from the previous quarter), Westwood's market velocity indicates a competitive but accessible market. The average price per square foot also saw a decrease to $1,005, down by 12%, offering another angle for potential value.

Westwood: A Gateway for First-Time Buyers

Despite its proximity to some of Los Angeles' most affluent neighborhoods, Westwood emerges as a surprisingly approachable entry point for first-time buyers. The current market conditions, characterized by a slight softening in prices and an uptick in market time, may offer a window of opportunity for those looking to plant roots in this vibrant area.

Conclusion: Navigating Westwood's Real Estate Market

As we navigate the early months of 2024, Westwood's real estate market presents a complex but promising landscape for buyers and sellers alike. Whether you're drawn to the exclusive enclaves of Little Holmby or the more diverse offerings throughout Westwood, the current trends suggest a market in flux, with opportunities for those ready to make a move.

For anyone considering buying or selling in Westwood or Century City, staying informed about the latest market trends and leveraging expert insights will be key to navigating this dynamic real estate landscape successfully.

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