Single Family Home & Condo Stats & Trends for Westside of LA
The Westside LA real estate markets continues to be steady as we move into the winter months, but we have seen a drop in inventory for each of the following Westside communities.
The Santa Monica Inventory for the past month has decreased significantly from 150 properties in October to 125 in November. With the decrease in inventory, the median sqft price has increased from $923/sqft in October to $1075/sqft this month. The increase is up 30% from November 2013’s figure of $828/sqft. The median list price for the month was $1,895,000. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in November. There were a total of 20 price reductions this month.
The inventory in November for Venice decreased from 68 to 55 properties. 30 were single-family homes, while the remaining 25 were condos/townhouses. The median sqft price dipped from $882/sqft to $843/sqft – a 6% decrease from last November’s mark of $893/sqft.
The respective median list price for a single-family home was $2,095,000 and a condo/townhouse was $1,196,000. There were a total of 8 price reductions in the November 2014.
The number of properties on the Pacific Palisades market decreased in November 2014 from 83 to 74. Of those 74 properties, 68 were a single-family home with a median list price of $3,749,000. The median sqft price continued to steadily increase from $955/sqft to $983/sqft. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in November. There were a total of 10 price reductions during the past month.
The Culver City inventory also decreased from 57 t0 54 properties. Of the 54 available properties, 36 were condos/townhomes. There were only 26 new condo/townhouse listings this month. The median sqft price decreased from $458/sqft in October 2014 to $435/sqft in November. There were a total of 8 price decreases this month.