West Hollywood Real Estate Market 2020

West Hollywood is one of the most sought after locations in the greater metro area. Situated to the northeast of Beverly Hills and to the southwest of Hollywood Hills, West Hollywood is in an ideal location.
LOS ANGELES - Aug. 11, 2020 - PRLog -- Per Christiano Sampaio, Broker/Owner of Loftway, a prominent Los Angeles Real Estate Firm".
It's not far from the Franklin Canyon Park Mountains and only about a half hour away from the Pacific Coast Highway.

Right now the West Hollywood real estate market favors sellers, but it's not a true sellers' market. Over the course of the past year, the median home value has risen by 3.7 percent, bringing the median home price up to $925,240.

However, real estate industry experts and economists alike believe this trend will reverse, albeit only marginally. Over the course of the next year, home values are predicted to fall by about 1.1 percent. This is good news for buyers because it allows them to get in the market at a lower price point. It's also good news for homeowners, since it will keep the market from entering a bubble. And, it's good for sellers because they'll be more competition among eager buyers.

At this time, the median listing price per square foot in West Hollywood stands at $864, which is higher than the metro average of $447. Meanwhile, the median listing or asking price is $1.26 million, with the median monthly rental rate being $4,700.

Currently, there are very few distressed properties, which consist of foreclosures and short sales. Presently, only 0.4 percent of mortgage loans are in a state of delinquency, which is notably lower than the national average 1.1 percent. Also, about 5.8 percent of homeowners in West Hollywood are underwater in their mortgages, meaning nearly 6 percent of homeowners owe more on their properties than the residences are worth.

All of this basically demonstrates a stable market, with few changes on the way. Right now, it's best for homeowners considering selling to act quickly.
Loftway is a full service Real Estate brokerage dedicated to LOFTS and ARCHITECTURAL homes in the Los Angeles area.
When it's time to move forward with buying a loft, be sure to contact www.loftway.com, the premier Los Angeles Loft sales company.

Christiano Sampaio
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Tags:La Loft Sales
Industry:Real Estate
Location:Los Angeles - California - United States
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