West LA Real Estate Market Snapshot for Santa Monica, Venice, Pacific Palisades & Culver City
These 4 West LA real estate markets continued to be steady, with the average property being sold in a little over month of being listed on the market.
Santa Monica’s total inventory from the past month decreased 6% from 154 to 145 but the median sqft price increased from $923/sqft to $935/sqft. Since last year it has increased a substantial 24% ($757/sqft). Of the 145 new listing, 101 were new condos/townhouses and 44 single-family homes. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in October. There were a total of 2 price increases and 20 price decreases.
The inventory in Venice increased 11% over the past month from 62 – 69 properties. 38 were single-family homes, while the remaining 31 were condos/townhouses. The median sqft price had a slight increase from $824/sqft to $847/sqft but is still lower from the $873/sqft rate of a year ago. The respective median price for a single-family home was $2,095,000 and a condo/townhouse was $1,175,000. There were a total of 1 price increases and 18 price decreases.
The number of homes/condos/townhouses on the Pacific Palisades market increased 5% this past month from 82 to 86 properties. 81 of the properties where single-family homes while 5 where condos/townhouses. The median sqft price continues to rise steadily at 3% over the past month and 10% the past year. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in October. There were a total of 4 price increases and 16 price decreases.
With an inventory of 27 single-family homes and 33 condos/townhomes, the Culver City real estate market showed a healthy 9% increase in available properties over the previous month and 76% from the past year. With the increase in inventory, the median sqft price slightly decreased 3% from $473/sqft to $458/sqft. There were a total of 2 price increases and 13 price decreases.