The Market Pulse — Our 4th Quarter, 2016 Breakdown for the Westside

Mar Vista real estate remained strong during the final quarter of 2016. Compared to Q4 2015, the average sold price for a single-family home increased to $1,541,784, a rise of a 14.4%. Framed on price per square foot, the basis price increased 6.6% from $766/sq. ft. to $816/sq. ft. An equal amount of properties (45 homes) were for sale in Mar Vista this quarter as compared to the same time last year — the low inventory continues to put pressure on prices. The outlook for real estate remains promising even with the latest Federal Reserve rate increase as well as the planned 2017 increases — rates are still historically low and buyers want to lock in these low rates, which can help drive demand for homes. 

Venice real estate remained strong during the final quarter of 2016. Compared to Q4 2015, the average sold price for a single-family home increased to $2,349,326, a rise of 15.9%. Framed on price per square foot, the basis price increased only slightly from $1,200/sq. ft. to $1,231/sq. ft. More properties were for sale in Venice this quarter with the average being 76 versus 63 last year — the increase in inventory continues to put pressure on prices. The outlook for real estate remains promising even with the latest Federal Reserve rate increase as well as the planned 2017 increases — rates are still historically low and buyers want to lock in these low rates, which can help drive demand for homes.

Santa Monica real estate dipped slightly during the final quarter of 2016. Compared to Q4 2015, the average sold price for a single-family home decreased to $2,880,767, a decline of 2.7%. Framed on price per square foot, the basis price increased 4.2% from $1,162/sq. ft. to $1,210/sq. ft. Fewer properties were for sale in Santa Monica this quarter with the average being 49 versus 64 last year — the decrease in inventory continues to put pressure on prices. The outlook for real estate remains promising even with the latest Federal Reserve rate increase as well as the planned 2017 increases — rates are still historically low and buyers want to lock in these low rates, which can help drive demand for homes.

Culver City real estate remained strong during the final quarter of 2016. Compared to Q4 2015, the average sold price for a single-family home increased to $1,230,992, a rise of 14.1%. Framed on price per square foot, the basis price increased 10.2% from $695/sq. ft. to $760/sq. ft. Fewer properties were for sale in Culver City this quarter with the average being 27 versus 36 last year — the decrease in inventory continues to put pressure on prices. The outlook for real estate remains promising even with the latest Federal Reserve rate increase as well as the planned 2017 increases — rates are still historically low and buyers want to lock in these low rates, which can help drive demand for homes.

“The Los Angeles housing forecast remains stable and as 2017 revs up, the outlook is strong as more buyers enter the market. Interest rates will likely see a moderate rise; however, they should remain at historically low levels. Although inventory is low, there are hopes that we may be entering a more balanced market as sellers take advantage of the market gains from this decade. “

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