August was not very exciting. Beverly Hills real estate market was steady. The same goes for Venice and Hollywood Hills. The inventories are slightly up, but the prices are steady. We did not see any significant increases or decreases in prices. We are still in a sellers’ market. Buyers still have to be patient during their search for their dream home, and they still have to act fast once they find it.
This update is for Beverly Hills, Beverly Hills Post Office, Hollywood Hills, and Venice.
Beverly Hills
The inventory in Beverly Hills increased slightly. There are 124 homes available for sale with only 35 new listings in August, and 16 properties are in escrow. For reference, last month there were 109 homes offered for sale.
The record-high price still belongs to the luxurious $100,000,000 property at 1210 Benedict Canyon Drive. For bargain hunters, there is 248 S, Doheny Drive, #2, which is offered at $995,000.
13 properties were sold in August for an average price per square foot of $1,227 (slightly lower than in July), and it took on average only 51 days to sell those homes. Although the average price per square foot is slightly lower than in July, it is not an indication of an upcoming major price decrease. There was a condo on Gale Avenue that sold really quickly, and it was a screaming deal, which affected the average numbers.
Beverly Hills Post Office (BHPO)
The inventory in BHPO is still tight. Only 98 homes are available for sale with only 28 new listings in August.
9861 Easton Drive is the most affordable house. And if you are looking for phenomenal views and budget is not an issue, 9904 Kip Drive is offered for $88 million and comes with jaw-dropping views of Century City.
10 properties are in escrow right now and 13 properties were sold in August. It took 67 days on average to sell them. The average price per square foot was $1,167.
The prices are slightly higher than in July and the time on the market was shorter. BHPO is still a sellers’ market.
Hollywood Hills East
Like everywhere else, inventory in Hollywood Hills increased slightly: now 41 homes are available for sale (2 more than in July) with only 18 new listings coming on the market in August.
6342 Mulholland Drive, a gorgeous estate with unforgettable views, is still the record holder for the highest price of $18.9 million. They reduced the price recently. And the most budget-friendly property is 2700 Cahuenga Blvd. E. #1204, which can be purchased for $518,000. This condo has been on the market for a while. I think they need to change the leading photograph.
15 homes were sold in August and it took on average 27 days to sell those homes, for $931 per square foot on average. This average price is slightly lower than the July price, but there is no reason to suspect a significant decline in prices when the inventories are so tight.
Venice
In Venice, there are currently 79 homes available for sale with 29 new listings coming to the market in August.
The record breaker, 57 Windward Avenue, is offered for $32 million. This is a very interesting property, which could be used for many income-producing purposes. And you can snatch a bargain for $1,350,000 at 709 Broadway Street or 2457 Glyndon Avenue.
18 homes are in escrow, and 13 properties were sold in August. It took on average 28 days to sell these homes and the average price per square foot was $1,193. This is the second month in Venice when we see a slight increase in inventory with a slight decline in the average price per square foot. However, homes sell really quickly (less than 30 days), so we can’t expect a big decline in prices.
Conclusion
We still have very few new listings coming to the market and the inventories are still low. With the exception of BHPO, the prices fell slightly in August, but the homes are selling fast. This is a good time to sell your home since there is basically no competition.
If you are looking for a home, you should be patient, as it will take some time to find your dream home on the current market. However, if you see a home you like, don’t wait. Be prepared to act fast. The homes don’t sit on the market for long.
High interest rates concern you? If you love the home and can afford the monthly payments, lock it at the current price now, and refinance later, when the interest rates are lower and the prices are higher.
If you are in a situation where you need to sell your home before you buy a new one and if you are not sure how to coordinate both transactions, we have solutions for your situation.
Let’s talk about making your real estate dream your real estate reality!
About Irina
I am a Seniors Real Estate Specialist/Certified Luxury Home Marketing Specialist with Rodeo Realty. I help people with their life transition. I work directly with seniors and specialists such as mortgage experts, financial planners, and healthcare professionals to evaluate how my services can improve the lives of my clients. I am a CPA with an MBA from Pepperdine University. Besides many years of tax and financial planning experience, I also offer unique marketing expertise learned through my real estate career and education. Less than 1% of Realtors manage to get both Senior Real Estate Specialist and Certified Luxury Home Marketing Specialist Designations, which I acquired in order to better serve my clients’ needs.