Beverly Hills, California is one of the most exclusive neighborhoods in the nation, with average sale prices of $1,400,000 and median sales prices of $815,000, according to local Realtors.

Says Realtor Vida Ash, "Beverly Hills covers just 5.69 miles but is one of the country's most famous zip codes. The Beverly Hills real estate scene is also exclusive. Despite the city's reputation for exclusive shopping and dining, approximately 90 percent of its zoning is for residential use, 62 percent are apartments and condominiums and 37 percent are single family homes.

Adds Realtor Sima Ash, "Home prices are rapidly appreciating and there are no signs of slowing down.

Realtor Michael Stark says, "The residential resale market for 2002 has been excellent. Compared to a year ago, Southern California home prices are up an average of 20 percent. Given the historic low interest rates and strong buyer demand, property inventory is selling quickly as long as it is not overpriced."

"Celebrated throughout the world as a destination offering the very best in hotels, shopping, dining, and service," says Realtor Laura Zajdman, "Beverly Hills remains the foremost address for luxury and exceptional living. Although its wide, tree-lined boulevards and legendary mansions have been popular backdrops in movies and on television, the real charm of Beverly Hills is subtler and more alluring. Beverly Hills exudes a welcoming style and easy attitude that transports residents and visitors alike."

The median price of existing homes in California in September increased 17.3 percent and sales rose 3.9 percent compared to the same period a year ago.

Beverly Hills Home Sales
November 2002
Average Price: $1,841,281
Median Price: $1,350,000
Average Days on Market: 34
Number of Houses Sold: 16

October 2002
Average Price: $1,821,954
Median Price: $1,475,000
Average Days on Market: 61
Number of Houses Sold: 22

September 2002
Average Price: $1,630,348
Median Price: $1,220,000
Average Days on Market: 75
Number of Houses Sold: 22

August 2002
Average Price: $1,341,823
Median Price: $1,230,000
Average Days on Market: 55
Number of Houses Sold: 17

July 2002
Average Price: $920,500
Median Price: $732,000
Average Days on Market: 23
Number of Houses Sold: 4

June 2002
Average Price: $1,570,240
Median Price: $1,020,000
Average Days on Market: 77
Number of Houses Sold: 22

May 2002
Average Price: $1,824,679
Median Price: $1,700,000
Average Days on Market: 93
Number of Houses Sold: 28


April 2002
Average Price: $1,822,948
Median Price: $2,013,000
Average Days on Market: 103
Number of Houses Sold: 29

"Over the long haul, real estate has proven to be a pretty good investment," advises Zajdman. "On average, house prices increased by a compound annual rate of 5.6 percent over the past 25 years, according to statistics from the Office of Federal Housing Enterprise Oversight. But recently, the performance has been much better: U.S. house prices increased an average of 7.4 percent during 2001."

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Published: December 5, 2002

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