Local Real Estate Moving Again

Local real estate agent Victoria Massengale sent us this informative report on the market in our neighborhood:

Melrose Village Real Estate Update

September 2011

It looks like Real Estate is starting to move again in Melrose Village!  In the month of September, we had a total of 30 homes listed and 6 closed escrow.  September of 2010 had only 3 homes close escrow.

Here is a breakdown of homes that were taken Off Market, Sold, went into Escrow and are still Active:

Taken Off Market

Three homes were removed from the market, with prices of $499,000, $879,000 and $1,499,000.  The average price per square foot was $567.67

In Escrow

Six homes are currently in Escrow.  They range from $669,000 to $1,149,000 and an average price per square foot at $544.24.  I will have no information regarding the actual sale price until the homes close escrow.

Active

We have fifteen homes currently on the market.  Of those, 6 were listed in the month of September.  The average days on market for the remainder of the homes is 91.625 days.  The average price per square foot is $547.17

Sold

Obviously, what everyone really wants to know is what sold and for how much!

Property         Days on Market              List Price            Sale Price          Price psf

751 Ogden                9                                    $649,000                  $625,000                  $438

719 Gardner          113                                    $749,000                  $759,000                  $529

752 N. Detroit       12                                    $889,000                  $904,000                  $457

740 N. Vista          18                                    $895,000                  $887,000                   $585

326 N. Vista          169                                 $985,000                  $900,000                    $363

404 N. Formosa     41                                 $1,059,000                  $950,000                  $465

The average days of market for the sold homes is 60.33, so if your home is listed, don’t get frustrated; it takes a little longer than it has in the past to find a qualified Buyer.  The average price per square foot is $472.83.

If you would like further information regarding the Real Estate market or are interested in buying or selling a home, feel free to contact me.  Victoria Massengale, (323)640-2924, Keller Williams Beverly Hills.

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