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?“.

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