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Hows The Market In Westwood? | 1st Quarter 2011 vs 2012 |

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Hows The Market In Westwood?
 
 
SOLD STATISTICS
Westwood Single Family Homes

Comparing 1st Quarter
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$1,114,890
$1,257,000
+13%
Average Sales Price
$1,350,482
$1,445,620
+7%
High Sales Price
$3,400,000
$3,850,000
Low Sales Price
$721,000
$616,950
Price Per Sq Ft
$575
$605
+5%
Average Days On Market
70
40
-43%
# of Sold
38
39
+3%
SP/LP
95.48%
97.18%
+1.7%

It might be a surprise to some, unless your out actively trying to purchase a home in Westwood, that the Westwood market is healthy marketplace for buyers and sellers. While there are distressed sales happening, short sales and limited foreclosures, they are not driving the marketplace. In fact, the Westwood single family home market is higher in almost all major statistical categories in 2012 1st quarter vs 2011 1st quarter.  Days on market has dramatically decreased by 40+% and with 36 more homes currently in escrow with an average of 34 days on the market, that number seems to be creeping downward. Current inventory is at 39 total homes, with a current monthly supply of inventory of only 3.15 MSI (Monthly Supply Inventory). Under 6 months of MSI is widely considered to be a seller's market. This low inventory and strong buyer demand has helped stabilize the overall marketplace. Multiple offers are not uncommon and as you can see with the avg days on market, quick sales are also frequent. So if you see an attractive well priced home, you can probably bet that it will sell in the first couple weeks of going on the market.

These stats include all areas of Westwood (90024, 90025, 90064).
Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.