064. Weekly Market Report for Median Sold Price of Homes on the Westside of Los Angeles

Hello everybody and welcome to another episode of The Reside Daily Bite; I’m your host, David Doucette. Today, we have our weekly market report for our 6 neighborhood communities here on the Westside of Los Angeles: Santa Monica, Venice, Palms and Mar Vista, Culver City, Westchester and West LA. What we are going to look at today is the median sold price of homes last month, September, versus where we were a year ago. So, it’s a good way to get an indication on what’s going on in the market and what’s going on in your neighborhood and you’re going to quickly find out that not all of the neighborhoods are doing the same thing.

So, let’s jump right into it here…we have our Median Sold Price by Month -that is the average sale price of homes that are selling. And we’re looking at Santa Monica first. What you can see here is September of 2010 (so last month right here) compared to September of 2009. The average sale price a year ago is $1.625M. That dropped a little bit to $1.574; change of about $50,000. So, it’s down to about 3% from where we were a year ago. Not a big concern here and you can even see August of 2010 is a good month for Santa Monica.

Let’s take a look at another community…West LA. Again, here we are at September 2010 and compared to September of 2009. In 2009, average sale price was $725,000; September of 2010 is $706,000. Change is about $19,000 or down 3% -again, not a huge concern.

Let’s take a look at another community…and here, we’re looking at Culver City. Average price a year ago is $632,500; last month is $620,000. So, a change of about $12,000 and down about 2%. And you can see the activity in Culver City -it had a very active summer.

Let’s go to Venice. This is where we’re down about 38%. So, average a year ago was $1.125M and last month was $700,000. That’s a change of about $425,000; down about 38%. The reason could be is there’s a multi-million dollar homes on the canals and on the oceans that just haven’t been moving recently. And that may be one of the causes of the drop at 38%. Again, it’s compared to where we were a year ago to where we were last month.

Let’s take a look at Westchester. Westchester is up 9% -it’s been healthy. A year ago, $690,000 and last month is $750,000. So, up about $60,000 or 9%. Pretty healthy for Westchester.

And then Palms/Mar Vista -very interesting. Here we are 2010 of September and here, 2009 September. So, a year ago, we were at $735,000. Now, last month, we were at $880,000. A change of about $145,000 or 20%. Some nice activity with Palms and Mar Vista and you can see here, pretty active summer for Palms/Mar Vista but in September…very active month.

So as you can see, the neighborhoods or real estate is hyper local. The six neighborhoods we’ve just looked at…they all touch each other on the Westside of Los Angeles and you can really see the different activities in each neighborhood. So, when we are hearing home reports in CNN or CSMBC, we have to take that with a grain of salt and remember to look in our own backyard to really get a sense of what’s happening.

That is going to do it for me today. My name is David Doucette, thank you so much for checking out the Reside Daily Bite.

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