During the summer months, real estate markets are often their most active. This has been the case for Beverly Hills real estate agents selling Los Angeles real estate to would-be Angelenos. The active summer season continued to draw in HNWI sellers and buyers of residential property in Beverly Hills.
Average Price Per Transaction: Luxury Beverly Hills Homes
This report, courtesy of Westside Estate Agency, lists the housing market trends for July 2016. The average price per transaction for a Beverly Hills luxury home reached an all-time high of $7,189,327 in July 2016. Just a year before, it was more than $1 million less, with a value of $6,126,597. This represents a 17 percent increase between July 2015 and July 2016.
One can compare this $7 million + price to a low of $5,638,235 (which was the average price per transaction in July 2014) and find that Beverly Hills luxury property is experiencing an upswing in value in Los Angeles.
Average Number of Sales
WEA’s July 2016 report showed lower sales when compared to the same month in the previous year. In 2015 there were 31 houses sold in the famous 90210 zip code, compared to 26 houses sold in July 2016. Still, this is an increase over the July 2014 numbers (17 homes), July 2010 (10 homes) and July 2007 (9 homes).
Final Word
Although the housing prices continue to steadily rise, co-founder Stephen Shapiro encourages sellers not to overprice their homes. “Homes that are priced too high stay on the market for much longer, have multiple price reductions, and risk getting stale due to market time,” says Shapiro (Source). The best bet for Angelenos wishing to sell their home with a Beverly Hills real estate agency: “begin with a lower list price,” that way there will be multiple offers, and there will be competition among buyers to purchase your home. Comparably, buyers are urged to remain patient and dedicated throughout their search.
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