The Market Pulse — Our 2nd Quarter Breakdown for the Westside
Each quarter we bring our readers neighborhood data about recent notable sales, changes in the average home prices, a break down of what types of property sold, what was on the market, and more. As local experts who live and work in these neighborhoods, we love to keep you informed. Feel free to reach out for a complimentary custom home valuation.
Jump to:
VENICE – SANTA MONICA – MAR VISTA – MARINA DEL REY
CULVER CITY – PLAYA VISTA – PLAYA DEL REY
The second quarter of 2018 saw the average Venice single family home price drop 7.4% and the price of condominiums fall 7% compared to Q2 of last year. Even though there was a dip in prices, the real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Santa Monica single family home price rise 12% while the price of condominiums fell 1.5% compared to Q2 of last year. Even though there was a dip in condo prices, the real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Mar Vista single family home price rise 2.1% and the price of condominiums significantly rise 18.5% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Marina del Rey single family home price rise 2.7% and the price of condominiums significantly rise 15.6% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Culver City single family home price rise 13.1% and the price of condominiums significantly rise 24.2% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Playa Vista single family home price rise significantly by 40.9% and the price of condominiums rise 7% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
The second quarter of 2018 saw the average Playa del Rey single family home price rise 3.4% and the price of condominiums significantly rise 16.8% compared to Q2 of last year. The real estate market is still showing strong activity due to the tight inventory of homes. According to the CoreLogic Home Price Index, home prices rose by 8.3% in Los Angeles County in a 12–month period (ending in May). This is the third straight month that price appreciation exceeded 8% in Los Angeles.* “The lean supply of homes for sale is leading to higher sales prices and fewer days on the market,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Until more supply becomes available, we will continue to see soaring prices,” CoreLogic CEO Frank Martell said.
Single Family Homes
Condominiums
* OC Register: Southern California sizzling housing market sees prices up 6% to 8% in May, report shows. July 3, 2018. + CoreLogic: Reports May Home Prices Increased by 7.1 Percent, Consumers Express Desire to Buy Despite High Prices, July 3, 2018.
