This is an update about the Wilshire Corridor February 2015. Low inventory may take making Spring look like sales will be lower than the number of buyers who would like to buy. There aren’t enough residential homes for sale in Westwood. The condominium market along the Wilshire corridor still seems to be providing inventory but many buyers are out looking for Condominiums.
Here’s a startling fact: If you check zip code 90024 in TheMLS.com you’ll only find 8 active listings for sale. EIGHT! What’s typical? In a bad market, 1% of any neighborhood will be on the market. A good market could be 5%. That means we should have anywhere between 24 and 124 listings. 90024 contains 2,482 SFR homes.
Interest rates are still very low AND the banks are making it easier to get loans. This creates a new pool of home buyers that are looking to buy. So this is a great time to list a property and get it sold. There are more buyers than sellers so there are buyers waiting to buy homes that come on the market.
There are over 68 condominiums actively on the market on the Wilshire Corridor at the end of February 2015. There are 16 condominiums in backup position and 9 pending sale.7 have been sold this month. There are more choices of condominiums in the area than there are residential single family homes. The inventory in surrounding little Holmby and Westwood South of Wilshire and to the West of Westwood Village have been very sparse.
Typically January is a slower month for real estate sales and sales begin to pick up as March unfolds. Leaving a big home in Westwood and moving to a condominium on the Wilshire is a great alternative. One can still stay in this central neighborhood. The Wilshire Corridor is close to everything. Best of all you can close the door and not have a lot to maintain that a residential home requires. The public schools in the area are terrific (Warner Ave Elementary, Fairburn Elementary, Westwood Charter). Whether you live in the high rises along the Wilshire Corridor, or the residential single family homes North and South of Wilshire in Westwood and Little Holmby you can access these wonderful public schools. Westwood Village is a great destination for shopping and restaurants. Holmby Park and Westwood Recreation Center and Aidans Park provide great parks to access in the area. With several shopping malls within 5 minutes, Century City Mall and Westside Pavillion along with Beverly Hills shopping are within 5 minutes. The freeways are within 5 minutes. Bel Air and Brentwood are within 10 minutes. It is truly a great central location. The Wilshire Corridor February 2015 demonstrates inventory is available but sales are being visited by many interested buyers. With interest rates still low, its a great time for buying a home. The buildings along the Wilshire Corridor offer many amenities people are seeking with their busy lifestyles. Updating condominiums with hardwood floors and contemporary clean lines seems to be increasing.
Contact me for further information if you are considering selling, buying leasing a home or want more local information. Resident and Broker/Realtor.