Real Estate Market Snapshot for Santa Monica, Venice, Pacific Palisades and Culver City.
These 4 California communities continued to be hot market areas, with the average property being sold in a little over month of being listed on the market.
Santa Monica
This community showed the largest inventory increase over the last month, bringing 15% more homes to the market for a total of 58 single family homes and 86 condos and townhomes. The single family homes stayed on the market for a median time of a month and the condo and townhomes typically were taken off the market in 42 days. The median single family home was listed for $2,399,000 and the median condo or townhome for $1,485,000. 27 residences saw price reductions over the last month compared to one property that increased in price.
Venice
Last month, Venice showed an inventory of 36 single family homes and 27 town homes for sale, a small decrease from the previous month but in line with the yearly numbers. Single family homes generally sold within 45 days of being listed, while condos and townhomes sold in a bit over a month out from their list date. The respective median prices for these properties were $1,879,000 and $975,000, with ten price reductions in the single family home category and 3 in the condo and townhome category.
Pacific Palisades
Though the number of homes on the market dropped slightly in the last month in this community, it still tallied 67 single family homes and 16 condos and townhomes listed and showed an increase in median list prices. Properties here were on the market for a median of 40 days and respectively sold for a median price of $3,450,000 and $899,000. This market saw 22 price decreases over the last month as well.
Culver City
With an inventory of 27 single family homes and 22 condos and townhomes, the real estate market in Culver City last month showed a 10% increase in sales over the previous month. The former stayed on the market an average of 12 days and the latter and average 31 days. The median list prices were $849,000 and $407,000 respectively, with 6 single family homes and 9 condos and townhomes showing price reductions in that month.
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