🏡 December 2023 Luxury Real Estate Market Update & Trends for Beverly Center – Miracle Mile 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Beverly Center - Miracle Mile 🌟
⚪️ Avg Sales Price: $2.74 million, no change 0%
🔼 Avg List Price $2.86 million, 📈 UP 4%
🔼 Properties Sold: 12 , 📈 UP 20% Its a hot market!
🔻 Days on Market: 34 📆, 📉 down 8%.
🔼 $/Sq FT: $1,026, 📈 UP 5%
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Introduction
Nestled between the dynamic downtown LA and the glamorous Beverly Hills, the Beverly Center - Miracle Mile area has, for the past 20 years, stood out as a remarkable gem in the Los Angeles real estate market. Known for its proximity to hotspots like The Grove and the Beverly Center, this area has consistently been a beacon of growth and development, making it a particularly attractive spot for first-time buyers.
A Steady Market in a Vibrant Location
As we delve into the December 2023 market snapshot, the average sales price in Beverly Center - Miracle Mile holds steady at $2.74 million, demonstrating the area's unwavering appeal. The average listing price saw a healthy rise to $2.86 million, reflecting the area's growing desirability and the increased activity driven by attractive market rates.
Increased Sales Indicate a Flourishing Market
December witnessed the sale of 12 properties, marking a significant 20% increase in sales activity. This uptick is a strong indicator of the area's allure, particularly for first-time homebuyers looking to plant roots in a vibrant and evolving neighborhood.
A Hotspot for Quick Sales
The market is brisk, with the average days on the market clocking in at just 34, an 8% decrease from previous months. This brisk pace underscores the competitive nature of this locale, where properties are as sought-after as they are quickly snapped up.
Price Per Square Foot on the Rise
At $1,026 per square foot, the area commands a premium, up about 5% from the previous cycle. This high price per square foot is a testament to the area's luxury offerings and its prime location, sandwiched between downtown LA and Beverly Hills.
Conclusion
In summary, Beverly Center - Miracle Mile is a real estate haven, combining the accessibility of downtown LA with the luxury of Beverly Hills. Its steady prices, rising sales, and quick market time make it an ideal spot for first-time buyers and seasoned investors alike. Located just minutes from the heart of LA’s most iconic neighborhoods, it’s a market worth exploring for anyone looking to experience the best of Los Angeles living.