Let’s Take a Look at the Westlake Real Estate Market
Currently there are 89 sales pending in the market overall, leaving 136 listings still for sale. Taking a closer look, we notice that the $400K – $800K price range has a relatively large number of contracts pending sale. We also notice that the $400K – $800K price range has a relatively large inventory of properties for sale at 27 listings. The median list price (or asking price) for all properties in this market is $1,799,000.
A total of 205 contracts have closed in the last 6 months with a median sold price of $825,000. Breaking it down, we notice that the $400K – $800K price range contains the highest number of sold listings. Alternatively, a total of 73 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $400K – $800K price range has the highest number of off-market listings at 20 properties.
Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer’s market (indicated by high DOM), or a seller’s market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 44 days. Analysis of sold properties for the last six months reveals a median sold price of $825,000 and 40 days on market. Notice that properties in the $0K – $400K price range have sold quickest over the last six months.
The median sold price for the last 30 days was $947,995 with a DOM of 29 days. Since the recent DOM is less than the median DOM for the last 6 months, it is a positive indicator for demand.
It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.