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How Is The Condo Market In Westwood? | YTD vs 2011

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Hows The Market In Westwood?
 
 
SOLD STATISTICS
Westwood Condos

Comparing YTD (1/1-5/22)
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$570,000
$558,000
-2%
Average Sales Price
$788,429
$717,215
-9%
High Sales Price
$9,200,000
$5,000,000
Low Sales Price
$219,000
$62,000
Price Per Sq Ft
$472
$453
-4%
Average Days On Market
88
83
-6%
# of Sold
149
210
+41%
SP/LP
93.61%
93.26%
-0.35%

The Westwood condo market is slightly down in pricing vs year-to-date last year. In fact, if you take out the $9 million dollar condo sale last year, it would drop the average sales price to $731,000. Thus making both average and median price down just 2% in 2012. The most notable number is the increase of sales of almost 40%. Both Westwood single family homes and condos are up 40%+ in sales numbers over 2011, which shows good signs of life for market activity. The current monthly supply of inventory is approximately 5 months. Low interest rates and the pent up demand from a slow 2008-2010 continue to bring out the buyers.

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.