Westside Real Estate Market Insights for Q3 2017

Westside real estate market

The third quarter was hot for a majority of the Westside single-family market and condo markets. For this month’s Westside real estate market insights, I wanted to give you the numbers for specific local areas and give you my overall impression of what to expect this final quarter of 2017.

(The statistics come from the Gibson International Los Angeles Real Estate Q3 Market Report)

Bel-Air / Holmby Hills

  • Median Home Price: $2.36 million, a 5% increase
  • Homes sold: 48, a 20% increase
  • Days on the Market: 85 days, 12% increase

Beverly Hills

  • Median Condo Price: $1,267,000, increase 4%
  • Condos Sold: 32 (+33%)
  • Days on the Market:
  • Days on Market: Condos remained on the market an average of 64 days for an increase of 3%

Beverly Hills Post Office

  • Median Home Price: $2.8 million, an increase of 12%
  • Number of Homes Sold: 47, an increase of 15%
  • Number of Days on the Market: 94 days, an increase of 18%

Brentwood

  • Median Home Price: $2,785,000, an increase of 11%
  • Median Condo Price: $907,500, an increase of 13%
  • Units sold: 71 single-family homes (+1%) and 54 condos (-14%)
  • Days on Market: Homes stayed on the market an average of 64 days, and condos had an average of 39 days, both decreasing by 9%.

Culver City

  • Median Home Price: $1,200,250, an increase of 4%
  • Median Condo Price: $578,000, an increase of 20%
  • Units sold: 72 single-family homes (-11%) and 55 condo units (-4%)
  • Days on Market: Single-family homes stayed on the market just 29 days, a whopping 46% cut, compared to 31 days for condo units (+11%)

Inglewood

  • Median Home Price: $555,000, an increase of 17%
  • Median Condo Price: $377,500, an increase of 23%
  • Units Sold: 63 single-family homes (-6%) and 36 condo units (+50%)
  • Days on Market: Both single-family homes and condo units stayed on the market an average of 29 days, both representing a decrease (-43% and -17% respectively)

Malibu

  • Median Home Price: $2.95 million, a 23% increase
  • Homes Sold: 57 homes sold, an increase of 10%
  • Days on Market: 147 days on the market, a decrease of 11%

Malibu Beach

  • Median Home Price: $7.5 million, an increase of 39%
  • Homes Sold: 12 homes sold, a decrease of 37%
  • Days on the Market: 178 days, an increase of 19%

Marina Del Rey

  • Median Home Price: $1.28 million, an increase of 7%
  • Median Condo Price: $900,495, an increase of 1%
  • Units Sold: 27 single-family homes sold (+200%) and 84 condo units sold, the same number as last quarter
  • Days on the Market: Single-family homes were on the market an average of 49 days (+2%) and condos for 46 days (-26%)

Pacific Palisades

  • Median Home Price: $3,212,500, an increase of 16%
  • Median Condo Price: $1,262,500, an increase of 41%
  • Units Sold: 74 single-family homes sold (-1%) and 20 condo units (-5%)
  • Days on Market: Single-family days on the market increased by 12% to 64 days, while condos decreased by 45% to 26 days.

Playa Del Rey

  • Median Home Price: $1.8 million, an increase of 27%
  • Median Condo Price: $605,000, an increase of 10%
  • Units Sold: 13 single-family homes (+30%) and 41 condo units (+5%)
  • Days on Market: Average days on the market decreased for both single-family and condo units to 53 (-12%) and 29 (-22%) days respectively.

Playa Vista

  • Median Condo Price: $1.07 million, an increase of 28%
  • Condos Sold: 39 condo units sold, an increase of 39%
  • Days on Market: Average days on market for condo units was 36 days, a 5% decrease

Santa Monica

  • Median Home Price: $2,766,500, an increase of 16%
  • Median Condo Price: $1,085,000, an increase of 13%
  • Units Sold: 60 single-family homes (-2%) and 124 condo units (+4%)
  • Days on Market: Both single-family homes and condo units had decreased days on the market at 43 (-17%) and 30 (-38%) days respectively

Venice

  • Median Home Price: $2.13 million, an increase of 13%
  • Units Sold: 57 homes (-8%)
  • Days on Market: Single-family homes were on the market 47% less time at just 34 days

Westwood/Century City

  • Median Home Price: $2,039,998, an increase of 24%
  • Median Condo Price: $890,000, an increase of 13%
  • Units Sold: 35 single-family homes (-22%) and 131 condos (-13%)
  • Days on Market: Both single-family and condos spent less time on the market at 49 (-11%) and 52 (-29%) days respectively

What Was Down on the Westside Real Estate Market

In terms of median price, very few areas of the Westside real estate market had decreased during the third quarter of 2017. Here are the few exceptions:

  • Beverly Hills Single Family Homes: $4,612,500, down 9%
  • Beverlywood Single Family Homes: $1.2 million, down 4%
  • Beverlywood Condos: $687,000, down 8%
  • Cheviot Hills Single Family Homes: $1,800,875, down 14%
  • Malibu Condos: $710,000, down 47%
  • Venice Condos: $1,244,000, down 5%

What The Numbers Mean

Overall, for the Westside real estate market, home prices were up while the number of units sold was down. Although the third quarter did slow down a bit in number of sales, I believe this had more to do with the lack of inventory than a lack of interest in the area. As you can see, most areas decreased in number of days on the market, showing that when units are for sale, they are selling quickly.

The fourth quarter of the year is traditionally the slowest time for real estate sales. Based on what I see around the Westside, I expect to see median home prices continue to rise as the number of sales remains relatively flat. There will be more buyers than homes for sale, helping the Westside continue its seller’s market.

If you’d like more information about the Westside real estate market, please give me a call. I’d love to help you with all of your buying and selling needs.

© 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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