🏡 December 2023 Luxury Real Estate Market Update & Trends for Bel Air – Holmby Hills 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Bel Air - Holmby Hills 🌟
🔻 Avg Sales Price: $3.35 million, 📉 down 44% Room for Negotiation!
🔼 Avg List Price $23.59 million, 📈 UP 16%
🔼 Properties Sold: 9, 📈 UP 29%
🔻 Days on Market: 39 📆, 📉 down 25%
🔼 $/Sq FT: $1,228, 📈 UP 12%
As the winter chill sets in, the real estate market in Beverly Hills, along with its prestigious neighbors Bel Air and Holmby Hills, is heating up! December has brought some fascinating trends to these iconic Los Angeles areas, known for their luxury and allure. So, let's unwrap the market snapshot for this festive month and see what's under the real estate tree for these glittering neighborhoods.
Bel Air and Holmby Hills: A Snapshot of Luxury Nestled to the west and slightly north of Beverly Hills, Bel Air and Holmby Hills represent the pinnacle of high-end living in Los Angeles. This December, the average sales price in these areas dipped to $3.35 million, a notable 44% decrease from the previous quarter. But, hold onto your hats – the average list prices are sky-high at a staggering $23.59 million, up 16%. This disparity between sales and list prices points to a market ripe with negotiation opportunities.
Sales Volume and Market Time: Quick and Steady Despite the high stakes, properties aren't sitting idle. Nine properties were sold in December, reflecting a robust interest in these exclusive neighborhoods. Furthermore, the average days on the market clocked in at just 39, making it one of the quickest turnovers in the LA area. This 25% decrease in market time from the last 90 days suggests that when it comes to luxury homes, buyers are ready to pounce.
Price Per Square Foot: Climbing the Luxury Ladder The price per square foot in Bel Air and Holmby Hills is holding strong, actually seeing a 12% increase to just under $1,228. This robust figure underlines the enduring appeal of these areas, where every square foot of property spells luxury.
Conclusion: A Dreamy Locale for High-End Living Bel Air and Holmby Hills, with their hillside charm and proximity to the glitz of Beverly Hills, remain dream destinations. Whether you're looking to invest in a lavish property or seeking a slice of the exclusive Los Angeles lifestyle, these areas offer both grandeur and promising market dynamics.
As we bid adieu to December, it's clear that Beverly Hills and its illustrious neighbors are more than just postcodes – they're symbols of luxury living and dynamic real estate investment. Keep your eyes on these areas; they're not just places to live, but destinations to experience the pinnacle of opulence and elegance.