Last Tuesday, I told you about the home price increases across Los Angeles County and how they are up to pre-recession levels. As a reminder, the median home price in LA County is now $549,000 according to CoreLogic.
However, some areas on the Westside are actually seeing even higher growth than the county itself. Let’s take a look at some of the hottest spots.
In the first quarter of 2016, Brentwood had a median sale price of just under $2.6 million. By the first quarter of 2017, home prices jumped to $4.1 million. That is an increase of 60%.
Like Brentwood, Topanga saw some big increases over the last year, though not quite as heft. With the first quarter 2016 prices at $875,500, the jump to $1.19 million equates to a 36% increase.
Another 36% increase came from Cheviot Hills. Here, prices rose from $1.69 million to $2.29 million.
Other Areas Of Increase
Although no other Westside area was above a 30% increase in prices year over year, there were several more areas that saw substantial increases.
- Malibu Beach: 29%
- North Inglewood: 28%
- Marina Del Rey: 27%
- Westwood/Century City: 18%
- Culver City: 17%
- Playa Del Rey: 12%
Some Areas Declining
Though the general trend was up, a few Westside cities saw a downturn. For instance, Santa Monica dropped 27%. However, the total sales were up significantly, showing that Santa Monica is still very much a town still in play. Venice, also saw a drop in sales, but with the most expensive sale ever recorded happening in April, this number is sure to go up.
I can’t mention the most expensive sale ever in Venice without giving you a bit of information! So, here are a few of the details.
- 5000 square feet
- Sold for $14.6 million, which is $3 million more than any other home has sold for in Venice
- 7 bedrooms and 7 bathrooms
- Not just one house, but 4 structures around a pool and connected by bridges
- Constructed using all sustainable materials
- Other amenities include an outdoor kitchen and a media room
If you want to understand the market on the Westside, give me a call. I’d be happy to talk with you about the influx of tech money, the number of homes on the market, the interest rates and economy, and how all of this is affecting prices here on the Westside.