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The LA Realty Report

By Johnny Burke | Agent in 90004

November Los Angeles Real Estate Market Report: Hancock Park-Wilshire, Beverly Center-Miracle Mile

There were 16 sales in November in the Beverly Center-Miracle Mile Single Family Market at an average of $489/sq. ft., up from the YTD $471/sq.ft. and 18% below the 2006 market peak. There were 6 expired and 7 withdrawn listings in this area during this period. With 68 active listings, and an average of 12 sales per month YTD, this indicates an inventory of 5.6 months supply, virtually unchanged from last month. There are also 100 REO (bank-owned) properties in the area at the moment which gives us 5.6  months of unlisted inventory- well above the average of a 1-2 month “pipeline”.

In the Beverly Center-Miracle Mile Condo Market  there were 10 sales in November at an average of $462/sq. ft. , up from the YTD $444/sq.ft., and 17% below the 2006 market peak. With 60 active listings, and an average of 6.8 sales per month YTD, this puts the condo inventory at 8.8 months supply, up from 5.6 months in October. With 34 REOs, there is 5 months of unlisted inventory, about the same as last month.

In  the  Hancock Park-Wilshire Single Family Market, there were 14 sales in November at an average of $406/sq. ft., down from $449/sq.ft. YTD and 26%% below the 2006 market peak. There were 10 expired and 8 withdrawn listings in the area during this period. With 65 active listings, and an average of 14.4 sales per month YTD, that leaves us with an inventory of 4.5 months supply, down from 5.6 months  in October. There are 33 REOs currently, which gives us 2.4 months of unlisted SFR inventory- which is close to a “normal” level for an REO pipeline.

In the Hancock Park-Wilshire Condo Market, there were 17 sales in November, up considerably from 4 sales last month, at an average of $331/sq.ft.,  up slightly from $325/sq.ft. YTD and is 26% below the 2006  market peak. With 100 active listings and an average of 13.2 sales per month YTD, that gives us an inventory of 7.6 months supply, up from 5.6 months supply in October. At the moment there are 49 REOs which is equal to 3.7 months of unlisted inventory.

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