Real Estate Sales Trend Report — Beverly Hills

August 24 2008   Despite the daily drumbeat of grim news about the real estate market, a bright spot remains in Beverly Hills.  While researching comps on one of my houses, I was startled to discover the following trends from the past 12 months:

 $ Although the number of sales were down, the median price was up.

 $ The average price-per-square-foot increased.

 $ Among houses selling at or above full asking price, the price-per-square-foot increased substantially.

 $ Average days on market (DOM) was virtually unchanged.

 $ Among houses selling at or above full asking price, the DOM decreased.

 

There were some less sunny trends:

 $ The number of sales at or above full asking price declined from 20% to 17% and out of those, the number that reduced the list price (LP) from the original list price (OLP) increased from 17% to 24%.  Not surprising.

 

Here are the numbers for the 12 months ending July 15, 2008:

 

	2008	2007	2006
Number of sales in Beverly Hills:	190	264
Median price:	$3,625,000	$3,115,000
Low	$749,000	$769,000
High	$23,000,000	$35,000,000
Number of sales at or above full asking price (LP):	33/17%	52/20%
No. of sales at/above LP reduced from original price (OLP):	8/24%	9/17%
Average days on market (DOM):	89	85
Low	0	5
High	447	309
Average days on market (DOM) at/above LP:	43	59
Average price per square foot:	$906	$889
Average price per square foot at/above LP:	$1,001	843
Low	$436	$456
High	$1,981	$1,483
Contemporary/mid-century/architectural sales at/above LP:	10	7

 

 For more about the high-end market in Los Angeles and investing in the current tumultuous market, read “What Does the Wall Street Bail-out Mean for You?” and “Amid the Chaos, Is This Any Time to Invest in Real Estate?“.

Posted by jetsetrnv8r on August 24, 2008

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