Condo Market: Prices on the Rise on the Westside

condo market

The year is coming to a close, and the market on the Westside is amazing. The entire year saw rising home prices and a high sales volume. Today, I’d like to focus your attention on the condo market during the third quarter of 2017 and how it fared in our market.

Sales Volume Increases

There were a few areas around the Westside with increased sales in the condo market during the third quarter, a period with traditionally lower than average sales volumes.

These included:

  • North Inglewood – Up 87%
  • Playa Vista – Up 83%
  • Beverly Hills – Up 45%
  • Playa del Rey – Up 24%
  • Culver City –Up 24%
  • Santa Monica – Up 16%
  • Hollywood – Up 12%
  • West Hollywood – Up 2%

These numbers are based on the changes from the third quarter of 2016.

Sales Volume Decrease

Of course, like with any statistics, not all areas on the Westside saw a gain in the condo market volume despite a gain in home prices. This is likely due to a lower supply as opposed to less interest in the area.

  • Brentwood – Down 2%
  • Century City – Down 2%
  • Pacific Palisades – Down 8%
  • Venice – Down 8%
  • Wilshire – Down 10%
  • Holmby Hills – Down 47%

Although the official numbers are not yet out, condo prices appear to be going up during the third quarter as well, making the condo market hot in most areas on the Westside. If you are thinking of selling your condo, now would be a great time. Give me a call, and I’ll help you make a plan.

© 2021 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173    DRE# 01912796

 

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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