There were 16Â salesÂ inÂ November in the Beverly Center-Miracle MileSingle Family Market at an average ofÂ $489/sq. ft., up from theÂ YTD $471/sq.ft.Â and 18% below the 2006 market peak. There were 6 expiredÂ and 7 withdrawn listings in this area during this period.Â WithÂ 68 active listings, and an average ofÂ 12 sales per month YTD, this indicates an inventory of 5.6 months supply, virtually unchanged from last month. There areÂ alsoÂ 100 REO (bank-owned) properties in the area at the moment which gives usÂ 5.6 Â monthsÂ of unlistedÂ inventory- well above the average of a 1-2 month â€œpipelineâ€.
In the Beverly Center-Miracle MileÂ Condo MarketÂ there wereÂ 10 sales inÂ November at an average of $462/sq. ft. , up from the YTD $444/sq.ft., and 17% below the 2006 market peak. WithÂ 60 active listings, and an average of 6.8 sales per month YTD, this puts the condo inventory atÂ 8.8 months supply, up from 5.6 monthsÂ in October. With 34 REOs,Â there isÂ 5 months of unlisted inventory, about the same as last month.
InÂ theÂ Hancock Park-WilshireSingle Family Market, there wereÂ 14 sales inÂ November at an average of $406/sq. ft., down from $449/sq.ft.Â YTD and 26%% below the 2006 market peak. There were 10 expired and 8 withdrawn listings inÂ the areaÂ during this period. WithÂ 65 active listings, and an average of 14.4 sales per month YTD, that leaves us with an inventory ofÂ 4.5 months supply, down from 5.6 monthsÂ Â in October.Â There areÂ 33 REOs currently, which gives us 2.4 months of unlisted SFR inventory-Â which isÂ close to a â€œnormalâ€ level for an REO pipeline.
In the Hancock Park-Wilshire Condo Market, there wereÂ 17 sales inÂ November, up considerably from 4 sales last month,Â at an average of $331/sq.ft.,Â up slightly from $325/sq.ft.Â YTD andÂ is 26% below the 2006Â market peak. WithÂ 100 active listings and an average ofÂ 13.2 sales per month YTD, that gives us an inventory of 7.6 months supply, up from 5.6 months supplyÂ in October. At the moment there are 49 REOs which is equal to 3.7 months of unlisted inventory.