The Housing Slump Catches Up to Beverly Hills

In March, I blogged about the current state of single-family home and condo sales in the famous Beverly Hills 90210 ZIP code.  At the time, agents were telling us that homes were still selling briskly in places like Beverly Hills and Westwood, because high-end homes in established areas were less affected by the ups and downs of the market.

But that appears to be changing.  Here is a snapshot of sales in 90210, with March figures in parentheses:beverlyhillssign.jpg

Single-Family Homes
For sale:  212 (176)
Average listing price: $3,745,000 ($3,562,500)
Average listing price/sq. foot: $1,063 ($695)
Average days on market:  120

Sold since 2/27/08: 27 (79)
Average sold price: $2,050,000 ($2,225,000)
Average sold price/sq. foot:  $867 ($863)

Condos
For sale: 92 (68)
Average listing price: $820,000 ($844,000)
Average listing price/sq. foot:  $798 ($614)

Sold since 2/27/08: 19 (31)
Average sold price:  $760,500 ($875,000)
Average sold square footage: 1,715 (1,702)
Average sold price/sq. foot:  $658 ($554)

Single-family home inventory has grown about 20 percent in the last three months, while sales have dropped by two-thirds.  Similarly, condo inventory has burgeoned more than 30 percent, while sales are off by more than a third.

There’s about an 18 percent difference between listed square footage and sold square footage on both homes and condos.  Is that how far prices need to come down before sales pick up?  We’ll have to wait and see.

  • waiting

    This blog is a great daily read for those of us waiting to buy a house in Los Angeles. I am in the market for a 2500 – 3000 sq ft house in Los Feliz and am hoping eventually the market falls to $500 a sq ft. If the slowdown is hitting beverly hills, I am hoping Los Feliz will come down as well. Thanks for the great data analysis.

  • http://losangeles.redfin.com/blog/author/cindy.allen Cindy Allen

    Waiting, so glad you find the blog interesting. I’ll try to post on Los Feliz next week.

  • Mcsyltes

    It’s CRAZY not to have a footing in the Android market segment!

  • Ben Nicolas

    With recent release of the HTC Evo, the first 4G phone on the market you gotta make this app for android, out of curiosity what types of things is Redfin working on that would put it front of more customers than making an app for the #1 selling smart phone OS in the world?

  • David

    Any word on an android version. Someone know of a tool like this this for Android?

  • Pranava Swarupa

    Another vote for the android version please. Any news as to when it might be available

  • Jeffrey Yee

    ANDROID! ANDROID! ANDROID!

  • Frank

    Android please

  • tony

    android app PLEASE!

  • Hi

    Android here.

  • Bkucharski

    Please create an Android Application. Love you!

  • andy

    I vote for an Android app too :)

  • Sadowskilistings

    Android App Please?

  • SS

    Android version – ANY UPDATE?

  • http://www.facebook.com/people/Alexander-Meave/752961689 Alexander Meave

    Android please

  • me

    Yes, Android app please!

  • Mkis99

    Android…Android…Android!!!

  • Guest

    I’ve been using both zillow and redfin for a while now, but I guess since zillow seems to be only one that cares about my mobile needs (Android), I guess I’ll quit redfin.

  • Huali

    I am using redfin now. Please add andriod app since I see andriod open platform will kill iphone.

  • http://www.newhomesteps.com New home building guide

    Android please.