Brentwood, Pacific Palisades and Santa Monica Home Sales
According to a recent article in the L.A. Times Sunday Edition Charts – Data for April 2014 as reported by DQNews.com, you can see specific areas in California by zip code where price medians are dramatically higher than this time last year. Look at LA/Brentwood with a 73.8% price change for single family homes and a 22.7% price change for condos. Santa Monica is also seeing spikes, especially for condos located in zip code 90402, with a 147.1% price change from April of last year.
*Chart pieces below taken from DQNews.com.
[table type=”striped_bordered”]
[trow][thcol]Community Name[/thcol][thcol]Zip Code[/thcol][thcol]Price Median SFR ($1,000)[/thcol][thcol]Price % Chg from Apr 2013[/thcol][thcol]Price Median Condos[/thcol][thcol]Price Chg from Apr 2013[/thcol][/trow]
[trow][tcol]LA/Brentwood[/tcol][tcol]90049[/tcol][tcol]$3,425[/tcol][tcol]73.8%[/tcol][tcol]$804[/tcol][tcol]22.7%[/tcol][/trow]
[trow][tcol]Santa Monica[/tcol][tcol]90401[/tcol][tcol]n/a[/tcol][tcol]n/a[/tcol][tcol]$606[/tcol][tcol]0.2%[/tcol][/trow]
[trow][tcol]Santa Monica[/tcol][tcol]90402[/tcol][tcol]$3,020[/tcol][tcol]8.6%[/tcol][tcol]$1,600[/tcol][tcol]147.1%[/tcol][/trow]
[trow][tcol]Santa Monica[/tcol][tcol]90403[/tcol][tcol]$2,250[/tcol][tcol]n/a[/tcol][tcol]$700[/tcol][tcol]-19.4%[/tcol][/trow]
[trow][tcol]Santa Monica[/tcol][tcol]90404[/tcol][tcol]n/a[/tcol][tcol]n/a[/tcol][tcol]$710[/tcol][tcol]33.8%[/tcol][/trow]
[trow][tcol]Santa Monica[/tcol][tcol]90405[/tcol][tcol]$1,475[/tcol][tcol]40.5%[/tcol][tcol]$800[/tcol][tcol]15.9%[/tcol][/trow]
[trow][tcol]P Palisades[/tcol][tcol]90272[/tcol][tcol]$2,470[/tcol][tcol]-4.3%[/tcol][tcol]$675[/tcol][tcol]-28.4%[/tcol][/trow]
[/table]
The Los Angeles real estate market is showing less signs of distress. “Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable.”
California Homes Sales & Median Prices Continued Growth
DQNews.com, recently estimated that 37,988 homes were sold this April in California. “That was up 15.4 percent from 32,923 in March, and down 2.7 percent from 39,051 sales in April 2013, according to San Diego-based DataQuick.”
The article went on to report that, “On average, sales have increased 2.9 percent between March and April since 1988, when DataQuick’s statistics begin. Sales have fallen on a year-over-year basis for seven consecutive months, but last month’s 2.7 percent dip from a year earlier was the smallest decline in that series.” This is good news for the California real estate market, showing stability and a continued overall growth.
Homes are also selling for more. “The median price paid for a home in California last month was $383,000, up 1.9 percent from $376,000 in March and up 18.2 percent from $324,000 in April 2013. It was the highest since January 2008, when the median was also $383,000. Last month was the 26th consecutive month in which the state’s median sale price rose year-over-year. It was the first time in nearly a year-and-a-half that the median’s year-over-year gain was below 20 percent.”
Now may be the time to sell your home and find your dream property. As always, consult with an experience and local real estate agent that will help you to better navigate these continuously changing waters and guide you into your next home.
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