In October, Westside sales were on the rise.  As compared to one year ago, public records show that the number of closed escrows increased by 37%, and new escrows increased by 115%.  These statistics indicate a strong uptick in the market which is refreshing news considering the last few years’ price decreases.

While recent sales and escrows have outperformed general economists’ expectations, inventory rose only 3% compared with last year.  People are still skittish about putting their homes on the market and the lack of inventory combined with rock bottom interest rates is keeping the sales volume high.  I personally have been involved with five multiple offers in the past few months.  Now may indeed be the best time to sell.

As for area performance, we have seen the most sales in Brentwood, closely followed by Cheviot Hills, Westwood, Santa Monica, Beverly Hills Flats, Sunset Strip, Beverly Hills post office, Beverlywood, and finally Bel-Air. 

The resilience of the Westside market is beginning to sink in and many buyers who have waited on the sidelines are feeling more comfortable jumping in.  Unlike past market implosions (like in the 90s), we are seeing a rebound in demand in a very short amount of time. 

If you’d like additional information on anything I’ve reported in my newsletter, or would like a market analysis of your specific micro market, please feel free to contact me.  Also, if you know anyone who may value this information, I am happy to include them in my upcoming e-newsletters.