There is still a severe shortage of homes for sale in the Los Angeles area, especially in Westwood.
The months supply of single family homes based on the year April '12 to April '13 is down 76%, only slightly higher than the lowest for the year in March '13.
The median price is up 87% and is the highest for the year. The number of properties sold is down 33%, but is progressively increasing from the beginning of this year.
The months supply for condos is down 53% over the previous year. The median price is up 25%.
The number of condos sold is up 59%, the highest in a year.
So, if you are thinking of selling your home in Westwood, now is still a great time. Don't wait until buyers are priced out of the market. If prices rise and mortgage rates go up we will again enter a buyers' market when affordability drops and there are fewer buyers out there competing for your property.