Beverly Hills is an incredible place to invest in real estate. From grand estates and luxury mansions, this community provides everything you need, and with first class shopping and top notch dining, Beverly Hills brings a lifestyle coveted by most. If you are not sure about whether you should invest in Beverly Hills real estate, take a look at some statistics as to why you should. This is often the best way to develop an opinion on whether or not now is the time for you to make the move – according to your specific real estate wants and needs.
According to the California Association of Realtors, California spent the start of 2015 still wounded by the tight housing inventory from the previous year. With a median sales price of $427,000 in January 2015, the prices were slightly lower than the December prices of $453,000 and slightly higher than the prices in January 2014. In the current period, the median days a property was on the market is approximately 52 days. Last period it was 47.5 days and the year prior, 44.3.
Though California’s housing market did not perform spectacularly at the end of year 2014, it still shows promise for the upcoming one. Overall, sales increased on a year-to-year basis for the first time since July of 2013. The statewide prices increased as well as the growth rate. For many, this would indicate a “sellers market,” although there are great pockets throughout the city in which it is still a strong “buyers market.”
Beverly Hills Real Estate Market Statistics
In Los Angeles, the median sold price of existing single family homes was $441,610. This is a 5% decrease from December’s median sold price at $464,650. However, compared to last year’s $423,570, the current period has increased 4.3%.
According to Realtor.com, the average list price for homes in the 90210 zip code was approximately $7.6 million with an average sold price of $4.8 million. Compared to the entire state, California’s average home price is $353, 857. There are 199 properties for sale in the 90210 zip code, 117 that sold within the last 90 days, 29 new listings and 52 listings that were recently reduced.
Real Estate Sales in Beverly Hills
Currently the market is balanced and offers an equal advantage to both buyers and seller with homes being sold at approximately the same rate as they are being listed.
If you are interested in renting, the average rent price in 90210 is approximately $25,623, with one bedroom rentals averaging $11,580, two bedrooms at $13,749 and five and up bedrooms averaging $40,304.
Why real estate statistics?
Perhaps one of the most important considerations you should make when choosing a Realtor to represent you is their knowledge of the local market. Do they know the neighborhood you’re interested in? How many properties have they sold in that community? What is their knowledge of the local market and how it is performing? These questions can help rule out agents who might not specialize in the community or type of home you will be buying and/or selling.
Make sure that your real estate experience is successful by connecting with a Realtor who truly understands the market. As a local real estate professional who lives, works and plays in the areas I service, it would be my pleasure to discuss your real estate needs today. Please feel free to connect with me at your convenience.
The upcoming year seems promising for California and the Beverly Hills area. Please contact me for more specific questions! As an agent that has grown up in Beverly Hills, I can offer a lot of insight into this great area! Feel free to continue browsing my website for Beverly Hills homes for sale or in other areas such as Marina Del Rey. Don’t hesitate to contact me today!