🏡 January 2024 Luxury Real Estate Market Update & Trends for Bel Air – Holmby Hills 🌟
🏡 January 2024 Luxury Real Estate Market Update & Trends for Bel Air - Holmby Hills 🌟
🔻 Avg Sales Price: $5.46 million, 📉 down 1% Room for Negotiation!
🔻 Avg List Price $21.44 million, 📉 down 1%
🔻 Properties Sold: 7, 📉 down 9%
🔼 Days on Market: 55 📆, 📈 UP 23%
🔻 $/Sq FT: $974, 📉 down 18%
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Welcome to the grandeur of Bel Air and Holmby Hills, two of Los Angeles' most prestigious neighborhoods, nestled just west and northwest of Beverly Hills. These enclaves are synonymous with luxury, offering a spectrum of homes that cater to a variety of tastes and budgets, from the modest $1.2 million to the staggering $300 million. Holmby Hills, with its more exclusive market, presents properties starting at around $12 million, showcasing the uniqueness of each area.
A Comparative Glance at January's Market Dynamics
As we dive into January 2024, the real estate landscape in these opulent neighborhoods presents intriguing insights compared to the broader Beverly Hills market. The average sales price in Bel Air and Holmby Hills stands at $5.46 million, marking a subtle 1% decrease from the preceding quarter. Despite this slight dip, the average list price holds strong at $21.44 million, reflecting the premium nature of properties awaiting discerning buyers.
Market Activity and Opportunities
January witnessed the sale of seven properties, a 9% decrease from the previous period, indicating a selective market that values quality over quantity. The days on market have risen to an average of 55, up 23%, suggesting buyers are taking their time to make informed decisions in these exclusive locales. Moreover, the price per square foot has adjusted to $974, down 18%, offering room for negotiation in acquiring a piece of these coveted areas.
The Diverse Appeal of Bel Air and Holmby Hills
Whether you're drawn to the expansive estates of Bel Air or the exclusive ambiance of Holmby Hills, both areas offer unparalleled luxury outside the bustling city of Beverly Hills. Bel Air provides a broad range of pricing options, from relatively accessible entry points to the pinnacle of real estate opulence, whereas Holmby Hills caters to those seeking grandeur at a starting price of $10-11 million.
Final Thoughts
Bel Air and Holmby Hills continue to stand out as jewels in Los Angeles' luxury real estate crown, offering a blend of majestic living spaces, breathtaking views, and proximity to the city's finest amenities. Whether you're considering a move to these distinguished neighborhoods or simply keeping an eye on the market, January's insights reveal a landscape rich with opportunity and refinement. For those looking to live adjacent to Beverly Hills, Bel Air, and Holmby Hills represent the pinnacle of luxury and exclusivity, making them perfect choices for discerning homeowners and investors alike.