Bel Air is a special place to live, with privacy, beautiful homes, and a real sense of space. Here is an honest look at what the numbers say this week.
Real-Time Market Profile
- Median List Price: $9,247,500
- Median Price of New Listings: $8,500,000
- Per Square Foot: $1,339
- Average Days on Market: 228
- Median Days on Market: 154
- Price Decreased: 25%
- Price Increased: 5%
- Relisted: 21%
- Inventory: 104
- Median Rent: $15,000
- Market Action Index: 24, slight buyer’s advantage
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory
Prices have been flat the last few weeks, even with a small dip this week. Right now 25 percent of listings have dropped their price, so if you are selling, pricing it right from day one really matters.
Market by Price Range
Classic Bel Air homes are moving the fastest right now. Estates and premium homes take longer, closer to 6 months on average.
Median Days on Market (DOM)
The properties have been on the market for an average of 228 days. Half of the listings have come
newly on the market in the past 154 or so days. Watch the 90-day DOM trend for signals of a changing market.
Segments
It is not uncommon for the higher priced homes in an area to take longer to sell than those in the lower quartiles.
What This Means for You
If you are selling, patience and the right price matter more than ever right now. If you are buying, you have a little more room to negotiate than you would have a year ago.
Curious what these numbers mean for your home or your street?
I would be happy to put together a custom market snapshot for you—no cost, no obligation.
Asal Almawy
Luxury Real Estate Advisor
DRE# 02066395
(310) 800-4969 | [email protected]
