Westside House Market Report March 2024
This Spring
Market
is HOT
Inside The Westside
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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.
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.
