Increased inventory slowing the market for high end Hollywood Riviera homes
By Keith Kyle
A noticeable increase in number of homes for sale at $1,500,000 and above has seemed to put the brakes on a very hot real estate market in the Hollywood Riviera. The buying public had been clamoring for more homes on the market and now that they’ve arrived, it seems they’re not selling. The $1,100,000-$1,400,000 price point is still extremely active, but the increased inventory of high end homes has definitely slowed the market. Certain homes such as the recent listing at 225 Via Alameda which sold with multiple offers right from the start, are the exception at the moment and not the rule. It’s not uncommon to see these higher price point homes sitting on the market for months which is a distinct difference from some other high end areas in the South Bay. The chart below shows the number of active, pending and sold homes by month for homes priced over $1,500,000 and clearly indicates almost double the number of homes for sale while pending and sold listings are down.