018. hyperlocal on the westside of los angeles

In this episode, I discussed the median sale price for single family homes from last year at this time compared to this year at this time in Westside of Los Angeles including the communities of Santa Monica, Palms/Mar Vista, Venice, Culver City, West Los Angeles, and Westchester. statistics courtesy of themls.com.
Hello everybody and welcome to the Reside Daily Bite; I’m your host, David Doucette and I’d like to introduce this latest piece of technology to help me better communicate with you, the audience of the Reside Daily Bite. This fancy, new white board with our fancy, new graphics and I’m actually going to use it today because we’re going to talk about the market and how it is hyperlocal. We talked about that yesterday and I want to give you some examples of how it is hyperlocal here on the Westside of Los Angeles and what we are going to be talking about is comparing some statistics from last year up to this time to where we are today.

The statistics are for single family homes, the median sale price, and we’re going to compare that in six communities – Culver City, Westchester, West Los Angeles, Palms/Mar Vista, Venice and Santa Monica; and we’re going to compare that right now!

Alright, so now, we’re going to talk about Culver City. Last year this time, $612,000 was its median sale price; this year, a $685,000 and that’s up 11.84%. This is good news for the Westside; this is good news for Culver City. And again, the median sale price…this is really the percent changed from year to date (2009) to where we were this time last year and to 2010, beginning this year to where we are now.

Let’s take a look at Westchester. So last year (year to date), it is at $640,000; now, $689,500, we’ve gone up 7.73% in Westchester. So again, very exciting.

Let’s take a look at West LA. Last year (year to date), $657,000 median sale price for single family home. This year, we’re at $715,000; that’s up 8.75%. Again, good news for the Westside. The market is active and we here, as realtors, know that.

Here we are at Santa Monica and obviously a little difference here but let me explain. Last year, we were at $1.6 million; now we’re down to just a shy of $1.4 million. A difference of 14.34%. Still healthy market in Santa Monica and again, the average sale price is still almost $1.4 million. The market in Santa Monica is active; there are definitely some higher priced homes north of Montana as they are in Santa Monica, where a lot of those homes are located. This shows the trend that we’re seeing now on the Westside – under a million dollar market is very active. Less active for sure but we’re seeing signs of things picking up especially in Santa Monica, so we hope this will be going up and we’ll keep an eye on that.

Next, let’s take a look at Venice. Last year, $1.215 million; this year, we’re at $1.275 million. Even at this price point, we’re up 4.9% in Venice, so, this is great news. Love Venice; Venice is one of my favorite parts of California. Very hip, eclectic, artistic, very cool community. So I’m glad to see that this is going up. Again, healthy and active for Westside.

Now, let’s look at our last community, Palms/Mar Vista. This is very exciting because Palms/Mar Vista is right next to Venice and Santa Monica and oftentimes, people whose price point is not quite in the range for Venice or Santa Monica will look at Palms/Mar Vista as an alternative. It’s a great community, very “grass roots” community. They do a lot of rainwater harvesting; a lot of drought tolerant gardening in frontyards, lots of farmers market. Love Palms/Mar Vista. Last year, we were at $670,000; now, we’re at $739,500, that’s up 10.29%.

This is very exciting news for us. We’ve looked at 6 communities, 5 have all experienced growth, with the exception of Santa Monica, but we expect that to change. But this is in line of what we’re seeing at our Keller Williams office -multiple offers coming in, the market’s healthy, and the buyers are here.

Is it as easy to get financing as it was 2 or 3 years ago? Absolutely, not.

Is it possible to still get financing to buy a home today? Absolutely!

It might take a little more work. We might have to provide a little more documentation but that’s where your real estate agent and a good mortgage broker or a loan officer is going to help you through that process. So, I’m happy to introduce the white board, hopefully it was enlightening.

By all means let me know what you think, 1-800-476-5579 or you can email feedback@residerealestate.com

My name is David Doucette, thank you for watching the Reside Daily Bite.

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