Beverly Hills Real Estate Market – Realtor John McQuilkin
Beverly Hills Real Estate Market
The Beverly Hills real estate market has recovered faster than in other areas of Los Angeles County. The Beverly Hills real estate market has historically remained strong even while the rest of the country is experiencing hardships. One reason for this is that homeowners in Beverly Hills usually have the resources to ride out the financial storms that effect the rest of the country which keeps the Beverly Hills real estate market strong.
Beverly Hills Real Estate Market Trends
The median sales price for homes in Beverly Hills California for April 15th to July 15th was $2,200,000. This represents an increase of 14.3%, or $275,000, compared to the prior quarter. It represents an increase of 28.7% compared to the prior year. Beverly Hills real estate market sales prices have appreciated 42% over the last 5 years. The average listing price for homes in the Beverly Hills real estate market for sale was $5,745,914 for the week ending July 15th. 2015. This figure represents an increase of 1.8%, or $98,990, compared to the prior week. It also represents a decline of 2.8%, or $162,605, compared to the week ending June 24th. The average price per square foot for Beverly Hills California was $919.00, an increase of 23.2% compared to the same period last year.
Buying or Selling a Home in Current Beverly Hills Real Estate Market
With the Los Angeles real estate market trends as it is, it is a great time to sell a home in Los Angeles! It’s a great time to purchase a home if you plan on staying in the home for seven years or more and you will be financing the home. With mortgage rates still at historic lows, locking in a low interest rate for 30 years may prove very prudent. If you are an all cash buyer you of course don’t have to worry about rising interest rates so holding off on purchasing a home may benefit you in the long run. As interest rates rise home prices should soften allowing you to purchase a home at a great discount than those dependent on financing.
John McQuilkin is a real estate agent at Rodeo Realty in Beverly Hills, California whose clients range from first time home buyers to high profile celebrity clients.