Our local market in Hollywood Hills still improving, this week’s numbers reported the highest average sales price in 2012 at $214,214 and $111 per square feet.
There were 7 new listings in the area, 2 pending sales and no closed sales reported. I also noticed that a large number of new listings this month are short-sales that were denied by the lender due to low contract prices… hopefully this will help even more our market values.
As you know I’ve been writing for months that short-sales are going to be an important factor in the 2012 Hollywood Hills real estate market. What I’m seeing now is that many of the short sales under contract are being denied approval from the banks and are coming back on the market due to low prices. This would explain the higher number of new listings this month.
Since the prices are slowly moving up and Hollywood Hills values stabilize our days on the market also moved up. We close the week with 79 average days on the market, this is 6 days more than the previous week.
56 Active properties 73 Pending sale/under contract 37 Closings in the last 90 days 42% Short-sale/Foreclosure ratio Average Sold price $214,214 79 Average days on the market Average SP/SQFT $111 3.56 months supply of inventory If you would like more information regarding your Hollywood Hills home, please call me at 954-663-2539 or email me at carrascoalex@mac.com.
