How is the real estate market in Beverly Hills?
State of the Real Estate Market in Beverly Hills: 2nd Quarter 2014
The sale of million-dollar houses is up across the state, according to DataQuick, and Beverly Hills – specifically the 90210 zip code – is one of the top 25 communities in California with the most number of sales. As of the second quarter, there were 101 properties priced $1 million and up that had sold in the city. This represents a slight dip as compared to the same period last year, where there were 104. The most expensive property sold here had a price tag of $13.5 million.
- Home prices in the 90210 zip code dropped by 15.1 percent in the second quarter as compared to Q2 2013, while prices in the 90211 and 90212 zip codes rose by 8.1 percent and 8.8 percent, respectively.
- The median home price dipped by over 42 percent in August to $1,499,000 (it was $2,600,000 in 2013), but this is not very unusual in a luxury market where the sale of two or three multimillion-dollar properties can have a significant effect on the median home price.
Southern California Real Estate Update
The real estate market in Southern California has been experiencing an overall increase on median sale price for well over a year now. More and more sellers have been gaining confidence and putting their homes up for sale. The rise in prices has also been attributed to the decrease in interest rates.
- While home prices have been rising, however, the number of home sales has been dropping. August had the least number of home sales in a four-year period.
- The six-county region had a total of 18,796 sales in August, which represents a 7.7 percent decrease from July and is 18.5 percent down from August 2013.
For more information on what’s going on in the Beverly Hills real estate market – as well as the markets in other L.A. areas – browse the site and get in touch with Ambra Bisconti today.