Westside Home Prices Climbed Again in August

Westside home prices

I was not surprised when the August numbers came out showing that Westside home prices had reached an all-time high for the fifth month in a row. The market on The Westside is hot and doesn’t show any signs of slowing down.

Westside Home Prices August 2017 

The median sale price in the county was $580,000. This is an all-time record for Los Angeles County. It is also 9% higher than a year ago.

Even with high Westside home prices, buyers were out in full. In fact, the total of number of homes that sold in the county was 15% more than in July and 4% more than August of 2016.

What’s Driving the Market?

The upper-end homes on The Westside and throughout the county are driving the numbers up. The truth is that homes below $500,000 actually fell in number of sales while homes above $500,000 rose in sales by 15%.

However, even though sales numbers dropped for the more economical homes does not mean that interest isn’t there. I’ve noted that there are fewer lower price range homes on the market, but those that are for sale, sell quickly.

The rest of Southern California has actually seen a median sales price drop just a bit in August. This is what I would have expected on The Westside simply due to the end of the summer market. However, with interest rates remaining low, it is possible to see the streak of increased Westside home prices go on another month or two. I’m looking forward to the September numbers to see what happens.

© 2019 The Raskin Group. 2115 Main Street Santa Monica CA 90405 (310) 867-0173

 

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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