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How Is The Market On The Wilshire Corridor?

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Hows The Market On The Wilshire Corridor?
 
 
SOLD STATISTICS
Westwood Wilshire Corridor Condos

Comparing YTD (1/1-5/22)
2011 vs. 2012
2011
2012
% Change
Median Sales Price
$585,000
$575,500
-1.6%
Average Sales Price
$931,161
$919,542
-1.2%
High Sales Price
$9,200,000
$5,000,000
Low Sales Price
$280,000
$62,000
Price Per Sq Ft
$498
$505
+1.4%
Average Days On Market
94
89
-5.3%
# of Sold
56
54
-3.6%
SP/LP
94.39%
92.81%
-1.58%

The Westwood Wilshire Corridor condo market is a very unique market because of the extreme variety in buildings and pricing. You have the ultra luxury newer construction buildings like the brand new Beverly West and almost new Carlyle building seeing pricing in the $2-3 million range up to 10m+ range. And on the same street older buildings like Marie Antoinette, Wilshire Regent and Wilshire Selby seeing condos sell in the $300-$400k range.  So realistically, looking at an average price or even price per square foot on the whole corridor could be misleading since pricing is so unique to each individual building. A couple sales in a high end building or low end building can sway the average price for the corridor in a big way. For example, there is one $9m sale in 2011 sample range that drives the average price of the corridor to $931k. If I take out that one sale, the average price drops to $780k and makes 2012 up 18% in average price YTD.

In my opinion, the general stats on the Wilshire Corridor are a little less statically important than individual building stats. But I do think what we can look at other general metrics to gauge how things are doing on the corridor, like days on market, number of sales and possibly the SP/LP. 

Number of sales is about the same this YTD as last yeard. And I have noticed that days on market has been trending downward for the last year+. After the market crash 2007, days on market hit the 4-5 month range and now is in the 3 month range to sell. The current monthly supply of inventory is approximately 7 months.


So if you have an interest in buying or selling on the corridor, then having very specific information on the sales in that particular building will be more helpful. You may contact me via email or phone if you want assistance on the Wilshire Corridor.



These stats include the Wilshire Corridor area of Westwood (90024).
Source: CLAW MLS -Information deemed reliable but not guaranteed. Market activity represents sales from all brokerages.