The Market Pulse — Our 3rd Quarter Breakdown for the Westside

Each quarter we bring our readers neighborhood data about recent notable sales, changes in the average home prices, break down 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.

The third quarter of 2017 saw the average Venice single family home price rise significantly as compared to prices in Q3 of last year. An increase of 14.8% pushed the average sold price to $2,382,581. The average price per sq. ft. increased by 10.4% to $1,194 per sq. ft. from $1,082 per sq. ft. in Q3 2016. Inventory in the area continues to remain low with the number of homes for sale decreasing 15.3% year over year. The number of homes sold during the quarter also decreased by 6.7%. Average Days On Market (DOM) on a year over year basis dropped significantly — down 48.5% from 66 days to 34 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Santa Monica single family home price rise significantly as compared to prices in Q3 of last year. An increase of 20.5% pushed the average sold price to $3,332,700. The average price per sq. ft. increased by 9.9% to $1,221 per sq. ft. from $1,111 per sq. ft. in Q3 2016. Inventory in the area continues to remain low with the number of homes for sale decreasing 3.2% year over year. The number of homes sold during the quarter also decreased by 1.6%. Average Days On Market (DOM) on a year over year basis dropped greatly — down 17.3% from 52 days to 43 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Mar Vista single family home price rise slightly as compared to prices in Q3 of last year. An increase of 3.1% pushed the average sold price to $1,533,294. The average price per sq. ft. increased by 6.8% to $857 per sq. ft. from $802 per sq. ft. in Q3 2016. Inventory in the area improved with the number of homes for sale during the quarter increasing 22.9% year over year. The number of homes sold during the quarter also grew by 11.3%. Average Days On Market (DOM) on a year over year basis dropped significantly — down 38% from 50 days to 31 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Marina del Rey single family home price rise significantly as compared to prices in Q3 of last year. An increase of 21.3% pushed the average sold price up to $2,490,692. However, the average price per sq. ft. decreased by 6.6% to $843 per sq. ft. from $903 per sq. ft. in Q3 2016. Inventory in the area improved slightly with the number of homes for sale increasing 4.8% year over year. The number of homes sold during the quarter also increased by 62.5%. Average Days On Market (DOM) on a year over year basis increased greatly — up 44% from 50 days to 72 days. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Culver City single family home price rise as compared to prices in Q3 of last year. An increase of 3.8% pushed the average sold price to $1,247,711. The average price per sq. ft. also increased by 15% to $850 per sq. ft. from $739 per sq. ft. in Q3 2016. The number of homes for sale increased 9.1% year over year. However, the number of homes sold during the quarter decreased by 11.1%. Average Days On Market (DOM) on a year over year basis dropped significantly — down 46.3% from 54 days to 29 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Playa Vista condo price rise significantly as compared to prices in Q3 of last year. An increase of 31.3% pushed the average sold price to $1,140,398. The average price per sq. ft. increased by 7.8% to $688 per sq. ft. from $638 per sq. ft. in Q3 2016. Inventory in the area reduced dramatically with the number of condos for sale decreasing 44% year over year. However, the number of condos sold during the quarter increased by 39.3%. Average Days On Market (DOM) on a year over year basis dropped slightly — down 5.3% from 38 days to 36 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP to increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

The third quarter of 2017 saw the average Playa del Rey single family home price rise significantly as compared to prices in Q3 of last year. An increase of 16.9% pushed the average sold price to $1,829,846. The average price per sq. ft. also increased greatly by 20.8% to $807 per sq. ft. from $668 per sq. ft. in Q3 2016. Inventory in the area continues to remain low with the number of homes for sale decreasing 6.7% year over year. However, the number of homes sold during the quarter increased by 30%. Average Days On Market (DOM) on a year over year basis dropped — down 11.7% from 60 days to 53 days due to continued buyer demand. In economic news, interest rates remain steady, yet the proposed tax reform may put upward pressure on them. Inflation is still within the Federal Reserve’s target zone of below 2% as the Stock Market is hitting all-time highs in the United States. Economists predict the GDP will increase and hold steady through the end of 2018.

3rd Quarter Sales Breakdown

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