🏡 December 2023 Luxury Real Estate Market Update & Trends for Hancock Park Wilshire 🌟
🏡 December 2023 Luxury Real Estate Market Update & Trends for Hancock Park Wilshire 🌟
🔼 Avg Sales Price: $3.87 million, 📈 UP 70% Act fast!
⚪️ Avg List Price $3.97 million, no change 0%
🔻 Properties Sold: 6, 📉 down 38%.
🔼 Days on Market: 62 📆, 📈 UP 29%
🔻 $/Sq FT: $873, 📉 down 12%.
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Hancock Park, a jewel in the crown of Los Angeles real estate, has always held a special charm. From its beginnings in the late 1800s, this established area has been a hotspot for those seeking both history and luxury in LA's vibrant heart. As someone who began their real estate career at 18 on Larchmont Boulevard, I've watched Hancock Park grow and evolve, becoming an even more desirable place to live.
The December Surge: A 70% Increase in Average Sales Price
December 2023 brought a stunning development to Hancock Park's real estate market. The average sales price leaped by a staggering 70%, reaching an average of $3.87 million. This isn't just growth; it's a meteoric rise, making it one of the highest increases we've seen in recent times, especially for the month of December.
Stability in Listings: A Balanced Market
In contrast to the dramatic rise in sales prices, the average listing price in Hancock Park remained steady at just under $4 million. This stability provides a balanced market for both buyers and sellers, ensuring that while the area's value is recognized, it remains accessible to serious buyers.
Properties Sold: A Market Correction?
With 6 properties sold in December, there's a noticeable 38% decrease in volume. However, this shouldn't be seen as a drawback. Instead, it indicates a more selective market where quality trumps quantity, ensuring that each property sold is a gem in its own right.
Market Time Increases: A Breather for Buyers
The average market time rose to 62 days, up about 29%. This increase gives potential buyers more time to explore their options and make informed decisions in a usually fast-paced market.
Price Per Square Foot: A Slight Dip
The average price per square foot in Hancock Park experienced a 12% decrease, standing at $8783. While this might seem like a downturn, it's an excellent opportunity for buyers to invest in this prestigious area at a more advantageous price point.
Hancock Park's Prime Location
Nestled just 10 minutes east of Beverly Hills and about 15 minutes from downtown, Hancock Park is at the epicenter of LA's west side. This prime location offers the best of both worlds – proximity to the bustling city center and the tranquility of a well-established neighborhood.
Bottom Line
Hancock Park's real estate market in December 2023 showcased significant growth and stability, reflecting its enduring appeal. Whether you're buying or selling, understanding these dynamics is key to making the most of Hancock Park's unique market. With its rich history, prime location, and luxurious offerings, Hancock Park continues to be a top choice for discerning real estate enthusiasts.