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Bidding Wars Are Back!

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Are you new to your home search? Haven't payed attention to local or national real estate news? If you haven't, then you may be shocked when you venture out to a weekend open house to find it swarming with other potential buyers and looky-loos. Sometimes even finding a one sheet from the listing agent/seller detailing terms of the sale for any buyer offers and a deadline for when offers are due. The question is not if there will be multiples these days, it's how many? Yup, that is the real estate environment we are in now. And this is not just Westwood, this is pretty much the entire Southern California market. And if you read the national real estate news, this is happening in many markets all over the country. In a recent article I read on CNN.com (link to article here), they wrote that 9 out of every 10 homes in Southern California in March had multiple bids.

So what is happening in Westwood so far Year To Date.  There has been 29 homes closed and sold in Westwood amid the stingy inventory. The number of sales is down 50% from same time last year because of the much tighter inventory supply. This is nothing to do with demand to buy but more of a shortage of supply problem. The average sales price to list price is over 100% for the year, at 100.61%. This points to the multiple offer environment as the average home sells over asking. Last year at this time we were selling at 97.75% of the asking in Westwood. The average sales price so far this year is $1,516,976 vs $1,393,483 in 2012 YTD. This represents an 8.5% increase over the Year-To-Date in 2012. The average price per square foot so far this year is at $630.74 and has increased 9.3% over 2012 YTD.