September Housing Market Update: Insights into the West Hollywood Condo Market

Hey there! Curious about what went down in the West Hollywood condo housing market last month? Well, buckle up because here's your September housing market update.

In the last 30 days, we witnessed 34 condos change hands, with an average time on the market of 35 days. These condos fetched a solid 98% of their list price, which marks a slight increase in the days on market compared to July, along with a small reduction in the number of condos sold.

Now, here's where it gets interesting. Of those condos that sold in the last 30 days, a whopping 65 of them were snapped up within the first 30 days of listing. And guess what? They sold for an average of one and a half percent above their list price. Talk about a hot commodity!

But wait, there's more. It's no secret that the longer a condo sits on the market (over 30 days), the more its price tends to dip. On average, we're looking at about a two to three percent drop below the list price for condos that linger on the market.

So, what's behind this slight shift in the market? Could it be the 7 plus percent interest rates causing buyers to hesitate, or is it just the natural ebb and flow as we transition into late summer? It's hard to say for sure, but one thing's for certain – the market is always in motion.

If you're curious about how these trends might impact your specific scenario, don't hesitate to reach out. I'm more than happy to discuss and provide personalized insights tailored to your needs.

Thanks for tuning in, and here's to staying informed in the ever-evolving world of real estate!