West LA Aug-Sept 2014 Real Estate Market Snapshot
Santa Monica’s home resale inventories have shown a 6% decrease since August 2014. 152 new properties (45 single family homes & 107 condo/townhomes) were put on the Santa Monica market. The median listing price in Santa Monica also went down 3% in the last month from $1,550,000 to $1,500,000. Although, that mark is still 20% above the median list price at this time last year. Median square footage prices remained about the same decreasing from $922/sqft to $909/sqft. There were a total of 6 price increases and 22 price decreases.
Since August, the inventory for Venice has increased 3% going from 60 properties to 62. Of the 62, 34 were single family homes and 28 were condo/townhomes. The median sales price has remained $1,450,000 and median square footage price took a slight reduction falling 1%. Properties generally sold within 48 days of being listed. There were a total of 2 price increases and 12 price decreases.
The number of properties on the market dropped in the last month in this community from 85 to 76 but the median list price took a sharp turn upward from $2,900,000 to $3,249,000 for an increase of 12%. Square footage prices also saw a dramatic increase of 9% going from $852/sqft to $930/sqft. Properties in the Pacific Palisades were on the market for a median of 55 days and there were a total of 2 price increases and 8 price decreases.
Culver City inventory decreased over the last month from 60 properties to 55. The 55 properties are still 28% better than last years 43. There were 23 single-family homes listed at a median price of $899,000 – a 9% increase – and 32 condo/townhouses with an average listing price of $449,500. Culver City properties stayed on the market for an average of 27 days and there were a total of 1 price increase and 18 price decreases.