Beverly Hills Market Update October 2022
This is your 3-minute, real estate recap for October 2022. Today we’ll be reviewing Housing Market data for the city of Beverly Hills, not Beverly Hills Post Office, if you don’t know the distinction between the two just email me and we can dive right in.
In September, we saw 21 new single-family home listings hit the market in Beverly Hills, a 5% increase from last year. We had 18 pending escrows, versus the 26 of September 2021, a 30.77% drop and we had 8 homes close, a 53% decrease from last year. The average sales price rose 12.35% from last year, coming in just over $10M, but overal,l pricing has stabilized.
New listings are outpacing new escrows. The Los Angeles real estate market has shifted, as higher interest rates have really cooled us down. We still have low levels of home supply, which remains our market’s tailwind. So, will we see a crash? I don’t think so, and no one that we turn to, like Ivy Zelman or Case Schiller, is predicting one. What we are seeing, however, is a stabilization of our market, and that’s a good thing. Launch price, more than ever, has become incredibly nuanced. Specifically, overpriced homes are now getting punished.
So, what does this all mean if you’re a home buyer or seller in Beverly Hills? If you’re a seller, the window of opportunity to sell at the top of the market seems to have closed. Prices have stabilized and aspirational pricing is manifesting into longer days on market. If you’re a buyer looking for a deal, targeting listings with 60 days on market or more should be your path. Just be careful believing what you read about on the national housing market or what you’re hearing at social gatherings. Los Angeles is sprawling and has a mountain range running through it.
Each micro-market has it’s own characteristics, own demographics, and factors affecting pricing and sales. So, if you’ve been thinking of buying or selling real estate in the Los Angeles area, we’d love to sit down with you and have a strategic planning session to help you navigate not only the challenges but also identify the opportunities that we’re seeing in today’s market. What we’re doing for our clients and friends right now, in a real estate advisory capacity, are annual equity checks. Even if you’re not considering buying or selling your home in the near term, it’s incredibly helpful to know the value of your most expensive asset and current market conditions in case circumstances change.
You can contact us via this link to set up your complimentary equity check. Every week we release new videos with relevant real estate topics, real estate market updates, and home tours. If you want to see more market analyses like these, be sure to subscribe, and again, if you’re looking to buy or sell in the Los Angeles area, you can always find us via the links below.
Ben Belack 310-893-6921
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