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Market Activity Under $1 million in Westwood

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Ok, so your a home buyer and your looking to spend $1m or less for a single family home. And your interested in Westwood, but what is the market activity like for a home under $1m you ask? Unless your hiding under a rock and haven't visited a new listing's open house lately in Westwood under $1m, it is extremely hot. As long as the home isn't too funky or in a poor busy street location, one can expect multiple offers and a quick sale. Here are some stats:
  1. 13 sales (closed) in last 3 months - average time on market is just 15 days (I threw out the 200+ day short sale, as that time frame was impacted by bank approval time)
  2. Average sale price to list price is $101.58% - so don't expect much negotiation, it's probley going at or over the asking price 
  3. 11 listings are currently in escrow with asking prices under $1m - average time on market for these is 20 days