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Westside House Market Report March 2024

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This Spring

Inside The Westside 

To download this report click here:

The HOT Westside house market in February 2024 kick started the Spring Market early with:

Rising Prices.  In February 2024 the Westside House Price Index (HPI) was $3,434,700, up 4.1% from January 2024 and up 5.2% from February 2023 (see line graph below).    The Westside HPI is now just 6.9% below the all-time high set in July 2017.


Multiple Offers.  In February 2024, 28% of all Westside houses sold above their asking price.


Seller's Market.  In February 2024, the Westside house market (priced under $6 million) was classified as a Seller's Market with a 4.8 month inventory (see pie chart below).  Priced above $6 million the Westside house market was classified as a Buyer's Market with an 84 month inventory.

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Strong Sales.  In February 2024, 67 Westside houses sold iple O - just 5 less than the 5-year average.  Of the 67 houses sold: 65 sold under $6 million and 2 sold above $6 million.

Listing Shortage.  On February 29, 2024 there were 501 Westside house listings on the MLS®, which is 74 less than the 5-year average.

Low Days on Market.  The median Days on Market for a Westside House sold in February 2024 was 14 days.


In Conclusion...
We are now in a HOT Spring Market for Westside houses (priced under $6 million) with strong demand, short supply and multiple offers  pushing prices higher.  At this price level there are simply too many buyers chasing too few houses.  For Westside houses priced above $6 million, the market remains challenging.  

Let me show you how my Marketing Plan backed by proven systems and 27-years of experience can be quickly implemented to maximize the value of your home.

If you  are considering making a move, call me today for an honest, professional and free valuation of your home.

Thank you.

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Gordon Urquhart
 Personal Real Estate Corporation

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