A Snapshot of West Hollywood Home Sales

Continuing my series of reports on home sales on the Westside (already done: Beverly Hills 90210 and Westwood 90024), here’s the scoop on West Hollywood:

Single-Family Homes
For sale:  69weho_photo_walking1.jpg
Average listing price: $1,395,000
Average listing square footage: 1,377
Average listing price/sq. foot: $739
Average days on market: 103

Sold since 12/17/07: 65
Average sold price:  $1,130,000
Average sold square footage: 4,023
Average sold price/sq. foot:  $722

Condos
For sale: 230
Average listing price: $717,500
Average listing square footage:  1,143
Average listing price/sq. foot:  $620
Average days on market:  70

Sold since 12/17/07: 82
Average sold price:  $528,000
Average sold square footage: 1,212
Average sold price/sq. foot:  $507

Note: Many for-sale listings from the Combined Los Angeles/Westside MLS fail to include square footage, which can skew the numbers.  Also, many sellers elect to make their sales prices private, which shows up as $0 on our stats. That’s why the square footage on sold listings is out of whack.

But some things are clear.  Single-family homes in West Hollywood are selling well.  The number of SFRs on the market is about equal to the number that have sold in the last three months, which means homes are moving, even in a soft market in wintertime.

There are about three times as many condos on the market as have sold in the last three months, so buyers still have plenty to choose from.  Also, the sold prices of West Hollywood condos is $190,000 less, or 26%, lower than the average active-listing price.  That says that buyers are going after the lower- or bargain-priced properties.

The problem:  As with Westwood, West Hollywood has an abundance of buyers who bought at the peak with risky mortgages and who now need to sell.  Trouble is, prices are headed south, and those buyers now owe more than they can fetch for their homes.  As those homes become short sales and foreclosures, there could be bargains to be had in WeHo in the coming months.