The Beverly Hills real estate market has experienced various changes over the last year. Here's a detailed breakdown of the statistics:

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Introduction

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Beverly Hills, an epitome of luxury and exclusivity, continues to redefine the boundaries of opulence in its real estate market. As we delve into 2023, this iconic city presents a fascinating landscape of market trends, developments, and opportunities. Let’s take a journey through the Beverly Hills real estate market, highlighting its unique features and unfolding the story of its latest developments.

Market Dynamics

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Pricing Trends

Varied Median Sold Prices: In 2023, the Beverly Hills real estate market showed an eclectic range of median sold prices, from as high as $6.295M in August to a median listing price of $5.9M in October, signifying a complex market behavior.
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• Square Foot Luxuries: The cost per square foot has remained a crucial metric, with October 2023 witnessing a median price of $1,115/sqft, reflecting the premium quality of Beverly Hills properties.

Sales and Listings

• June Insights: Despite a slight decrease in sales volume (34 sales in June 2023, down 5.56% from June 2022), the market remains active.
• New Listings and Market Time: New listings in June saw a 15.79% drop year-over-year, yet the average market time reduced, indicating a quicker turnaround for properties.

Notable Developments

Ultra-Luxury Spec Homes

• Heyman’s Ultraluxe Vision: Richard Heyman, a renowned developer, unveiled a $46M ultraluxe spec home, featuring 16,000 sqft of living space and amenities like a fitness center, indoor theater, and a 2,500-square-foot nightclub lounge.
• Wildlife Ordinance Impact: The city's proposed Wildlife Ordinance, limiting the size of new homes, could influence future developments, potentially making existing large properties more valuable.

Mixed-Use Projects and Affordable Housing Initiatives

• Innovative Mixed-Use Development: The city approved a pioneering 105-unit mixed-use development at 55 N. La Cienega Blvd, featuring residential units, commercial retail, and rooftop amenities.
• Affordable Housing Push: The City Council has been active in developing affordable housing, recently partnering with West Hollywood Community Housing Corporation for a project at 9268-9298 W. 3rd Street.

Market Segmentation and Buyer-Seller Dynamics

• Segmented Market: Beverly Hills is segmented into four median price tiers, ranging from $3M to $27M, offering choices for diverse buyer profiles.
• Buyer-Seller Trends: While the market showed a slight seller's advantage, high mortgage rates and a varied Market Action Index (MAI) indicate an evolving landscape where buyers, especially cash buyers, have significant leverage.

Conclusion: A Market of Opportunities and Elegance

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The Beverly Hills real estate market in 2023 is a blend of luxury, challenge, and opportunity. From ultra-luxury spec homes redefining extravagance to concerted efforts in affordable housing, the market is as diverse as it is dynamic. For potential buyers, sellers, and investors, Beverly Hills remains a beacon of high-end real estate, promising not just homes, but lifestyles that epitomize the pinnacle of luxury and comfort.

**References**:
1. Richard Heyman's ultraluxe spec home development
2. The first project in Beverly Hills’ mixed-use overlay zone
3. Beverly Hills City Council's initiative on affordable housing
4. Market segmentation and dynamics as reported by Beverly Hills Chamber of Commerce

*Note: This blog post is created for informational purposes and reflects the state of the Beverly Hills real estate market as of November 2023. Market dynamics can change, and it's advisable to consult a professional real estate advisor for the latest insights and guidance.*

Median Sold Price

• October 2023: The median home sold price was $3,350,000, up by 3% from the previous year.
• Last Month: The median sale price was $2.34M, a decrease of 22.0% compared to last year.
• Q2 2023 The median home sale price was $2.5M, a decline of 1.4% year-over-year.
• October 2023: The median listing home price was $5.9M, trending down by 11% year-over-year.
• August 2023: Homes were selling for a median price of $6,295,000.

Median Price Per Square Foot

• October 2023: The median price per square foot was $1,115.
• Last Month: The median sale price per square foot was $1.14K, up by 0.2% since last year.
• Q2 2023: The median price per square foot was $1K, a 0.9% increase year-over-year.
• October 2023: The median listing home price per square foot was $1.3K.

Number of Transactions

• Q2 2023: There were 71 transactions, down by 31.1% compared to the same period last year.
• August 2023: There were 210 homes sold, down from 248 last year.
• Q3 2023: Closed sales were 44, which is 51% fewer than in Q3 2022.

Other Relevant Statistics

• Homes Sold Above List Price: 23.1% of homes sold above the list price.
• Median Days on Market: Homes in Beverly Hills sell after an average of 71 days on the market compared to 80 days last year.
• Inventory: There was a 22% increase in inventory compared to Q3 2022, with 161 properties available.
• Property Type: For condos, the median sale price was $1.7M (up by 15.3%), and for houses, it was $5.6M (down by 6.7%).

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Competitive Nature of the Market

• The Beverly Hills housing market is somewhat competitive, with homes receiving an average of 3 offers and selling in around 71 days.
• The average days on the market in Q3 2023 was 55, 4% more than in Q3 2022.
• Sales Volume: The information about the number of sales in June 2023 (34 sales, a decrease of 5.56% from June 2022) was not covered in the previous summary.
• New Listings and Average Market Time: The decrease in new listings (15.79% year-over-year) and the reduction in average days on the market (from 58 to 52 days) were new details not mentioned earlier.
• Pricing Trends: While some of the pricing trends were similar (e.g., changes in median and average sale prices), the specifics about the median list price increase for sold listings (13.48%) and the average list price increase (0.19% year-over-year) were additional details.