🏡 May 2024 Luxury Real Estate Market Update & Trends for Bel Air – Holmby Hills 🌟
🏡 May 2024 Luxury Real Estate Market Update & Trends for Bel Air - Holmby Hills 🌟
🔼 Avg Sales Price: $6.21 million, 📈 UP 6% It’s a hot market!
🔻 Avg List Price $18.73 million, 📉 down 7%
🔼 Properties Sold: 12, 📈 UP 39%
🔼 Days on Market: 127 📆, 📈 UP 210%
🔼 $/Sq FT: $1,175, 📈 UP 14%
Unlock the hidden wealth in your Bel Air - Holmby Hills property! 🗝️💼 Curious about your home equity 💰? Thinking of buying in Bel Air - Holmby Hills? 🏠🌴 Let's chat! Send a DM or call us at 📱 310-777-6342 for expert insights!
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Exploring the Luxurious Real Estate Market of Bel Air-Holmby Hills: May 2024 Update
Nestled within the prestigious Platinum Triangle—alongside Beverly Hills and lower Bel Air—Holmby Hills represents the apex of luxury and exclusivity in Los Angeles. This May, the real estate landscape in Bel Air and Holmby Hills has shown fascinating trends that continue to attract high-net-worth individuals looking for sprawling estates and serene, opulent settings.
Market Overview
The average sales price in Bel Air-Holmby Hills currently stands at $6.21 million. It's important to note the variance within the area: Holmby Hills, known for its acre-plus lots, typically sees properties starting at around $10 million, whereas in Bel Air, it's possible to find homes starting at $2 million. This diverse price range underlines the unique blend of luxury that caters to a range of upscale buyers.
Listing Prices and Sales Dynamics
The average listing price has seen a slight decrease this month, down 7% to an impressive $18.7 million. Despite this reduction, the market remains hot with a significant increase in activity—12 properties were sold in May, marking a 39% rise from the previous period. This uptick in sales indicates a robust demand for high-end properties in this iconic area.
Time on Market
The average days on market for listings in Bel Air-Holmby Hills is currently 127 days, which is notably high for Los Angeles. This extended market time, up 210% from the last period, suggests that some high-value properties have remained available longer than usual, possibly due to their premium pricing and unique characteristics that appeal to a more selective clientele.
Price Per Square Foot
The price per square foot in Bel Air-Holmby Hills has increased by about 14% to $1,175. This rise reflects the ongoing appeal of the area's real estate, underscoring the lasting value of investments in this part of Los Angeles.
The Appeal of Bel Air-Holmby Hills
Bel Air-Holmby Hills continues to be a beacon for those seeking unmatched luxury. With its large, private lots, stunning views, and proximity to the heart of Los Angeles, it remains one of the most sought-after locales for buyers looking to invest in a lifestyle of luxury and tranquility.
Conclusion
Whether you are considering buying a stately home in Holmby Hills or exploring investment opportunities in Bel Air, now is a compelling time to engage with the market. The current dynamics suggest that while properties may take longer to sell, the demand for luxury homes and the potential for value appreciation make Bel Air-Holmby Hills a wise choice for discerning buyers and investors.
If you’re intrigued by the prospect of owning a piece of Los Angeles' most exclusive real estate, or if you're curious about your home equity in this prestigious area, don't hesitate to reach out. Let's connect and discuss how you can partake in the luxury real estate market of Bel Air-Holmby Hills.