What Condo Buyers Need to Know Now

Are you thinking about buying a condo in Westwood, Los Angeles? Known for its blend of culture, sophistication, and community, Westwood is a desirable location for those seeking an urban lifestyle with close proximity to Los Angeles’ best attractions. From UCLA to the vibrant dining and shopping options, Westwood offers a unique mix of residential appeal and cosmopolitan convenience. With the market in constant flux, staying informed about current trends, prices, and conditions can help you make a confident decision on when to buy.

In this post, we’ll analyze the latest Westwood market data, including trends in median condo prices, inventory levels, and days on market, along with insights into the factors driving these trends. For potential buyers, this guide will help clarify what to expect, what to consider, and how to navigate the condo-buying process in Westwood.

Current Westwood Market Overview

As of the most recent data, Westwood’s condo market has experienced a mixture of stabilization and slight upward trends in pricing. Here are the primary indicators shaping the current market:

Median Condo Prices: Over the past 12 months, Westwood has seen an average increase in median condo prices by approximately 6%, currently reaching around $1,100,000 for a standard 2-bedroom unit. Although condo prices dipped briefly at the start of the year, the current trajectory suggests steady appreciation as demand picks back up. For reference, 1-bedroom condos are trending around $620,000, while 3-bedroom units have reached an average of $1.4 million.

Inventory Levels: The Westwood market has a moderately low inventory level, indicating that demand still outpaces supply. Currently, there are approximately 194 condos available in Westwood, which represents a year-over-year increase of 12%. Limited inventory may result in competitive bidding for prime properties, especially those with updated amenities or proximity to popular areas like Westwood Village or UCLA.

Days on Market (DOM): Condos in Westwood are typically on the market for an average of 35 days, an increase from the previous year when the average hovered around 28 days. This slight increase in DOM reflects a return to more balanced market conditions as some potential buyers take a cautious approach given the shifting economic landscape. However, well-priced condos in desirable locations still sell quickly, often within two weeks of listing.

Factors Influencing the Westwood Market

Understanding what drives the Westwood market can provide prospective buyers with essential insights. Let’s look at the primary factors affecting current trends:

Interest Rates: Mortgage rates have fluctuated over the last year, with recent rate hikes slowing the pace of purchases. While rates around 7% or higher can deter some buyers, these conditions have contributed to less competition and a more stable price trend, potentially offering buying opportunities.
Economic Conditions: With concerns about inflation, some buyers are cautiously assessing their finances before committing to a condo purchase. On the other hand, Westwood’s strong rental market provides a safety net for buyers interested in future rental income, as the area’s proximity to UCLA ensures consistent demand from students and professionals alike.
New Developments and Renovations: Westwood’s condo market is dynamic, with several new developments adding modern, high-amenity options. Recent renovations and luxury upgrades to existing properties have also impacted pricing, especially for condos near Westwood Village. These new or improved properties appeal to buyers looking for contemporary style and convenience in one of LA’s most accessible neighborhoods.
Proximity to UCLA and Other Attractions: For buyers seeking a blend of lifestyle and investment potential, Westwood’s proximity to UCLA and major employers like the Los Angeles VA Medical Center and Cedars-Sinai makes it a prime location. The area is well-connected to neighboring districts like Beverly Hills and Brentwood, providing added convenience and appeal.

Key Considerations for Condo Buyers

If you’re planning to purchase a condo in Westwood, several factors should guide your decision to ensure a seamless buying experience and a property that aligns with your needs.

Budget and Financing: Establishing a clear budget is essential, especially given Westwood’s varied pricing. Since condos here range significantly based on size, amenities, and location, knowing your financing limits can help narrow your options. Many condo communities in Westwood also have HOA fees, typically between $500 and $4,000 per month, depending on the property, which will need to be factored into your budget.
Lifestyle Preferences: Westwood offers a wide array of lifestyle options, so it’s worth identifying which features matter most to you. Proximity to parks, pet-friendly amenities, fitness centers, and community events are considerations that can shape your condo search. For those prioritizing walkability, properties near Westwood Village, with its array of dining and retail options, are ideal.
Investment Potential: While some buyers seek a primary residence, others are interested in investment opportunities. Westwood condos offer strong rental income potential due to demand from UCLA students and local professionals. Properties with additional amenities or proximity to campus command higher rental prices, making them attractive to investors.
HOA Fees and Restrictions: Understanding the HOA landscape in Westwood is essential, as fees and rules vary significantly. High-rise buildings or properties with extensive amenities tend to have higher HOA fees, which fund maintenance and upgrades. It’s also wise to inquire about restrictions, as some buildings have limits on rentals or renovations, which could impact your future plans.

Tips for Navigating the Westwood Market

The Westwood condo market can be competitive, so preparation and strategy can make a big difference. Here are a few tips to help you navigate your condo-buying journey in Westwood:

Get Pre-Approved for a Mortgage: Having pre-approval in hand not only clarifies your budget but also shows sellers that you’re a serious buyer. This can give you a significant advantage, especially in a market where well-priced properties attract multiple offers.
Work with a Local Real Estate Agent: The Westwood market has unique nuances, so partnering with an agent who understands the local condo scene is essential. An agent with experience in Westwood can provide insights on fair market value, upcoming listings, and offer strategies to make your bid competitive.
Be Prepared to Act Quickly: Given Westwood’s low inventory and fast-moving market, buyers should be prepared to make swift decisions. When a property meets your criteria, having a pre-approval and a knowledgeable agent will streamline your offer process, allowing you to respond confidently and quickly.
Evaluate Your Long-Term Needs: Buying in Westwood is a long-term investment, so consider how your needs may change over time. For example, if you anticipate future renovations, select a building that allows flexibility for updates. If you’re buying as an investment, focusing on units with rental-friendly policies and proximity to UCLA can yield greater rental demand.

Conclusion

Westwood remains one of Los Angeles’ most desirable neighborhoods for condo buyers, offering a dynamic mix of urban living, cultural richness, and investment potential. As the Westwood market stabilizes, prospective buyers have a unique opportunity to make thoughtful investments in this thriving community. Staying informed on median prices, inventory, and the factors influencing Westwood’s market will empower you to make the best decision for your needs.

Ready to make a move? Reach out to the Westwood real estate experts at the Shilian Group for a free consultation. By staying informed and prepared, you can find the right condo in Westwood to meet your lifestyle and investment goals.