In response to my Culver City market conditons blog posts, I received the following reader's question:
Hi Greg, can you post a similar analysis for Mar Vista market trend?
Well, here it is Flangehead.
Through experience and analysis, I believe the PEAK in the Westside real estate market happened during 2006 and perhaps the earliest part of 2007.Â Thereafter, negative economic press, unemployment, etc, put downard pressure on real estate prices across the country, but our local market did not get hit nearly as badly as other markets.2006 Palms/Mar Vista Single Family Residence Market
Homes sold - 329
Average Days on Market - 49 days
Average Price of Sold Homes - $909,712
Average Size of Sold Homes - 1590 square feet2009 Palms/Mar Vista Single Family Residence Market
Homes sold - 234
Average Days on Market - 55 days
Average Price of Sold Homes - $759,177
Average Size of Sold Homes - 1576 square feet
Changes Since 2006
Homes sold - DOWN 29%
Average Days on Market - UP 12%
Average Price of Sold Homes - DOWN 16.5%
Average Size of Sold Homes - Within 1%
Again, compared to the way real estate has declined in other markets, being off the peak by 16.5% is significanly less that most would expect.Â One interesting note is that in 2006, only 19% of homes sold in 2006 were priced under $700,000.Â In 2009, nearly HALF of all homes sold were priced under $700,000 in Mar Vista.Â As a result, the Palms/Mar VIsta market has shifted into a more affordable price range for many buyers.Â My experience shows that Palms/Mar Vista attracts many first time home buyers.Â More importantly, getting into a home in Palms and Mar VIsta has become EXTREMELY competitive when the home is in good condition and at the right price.Â Only homes that are overpriced and/or not in the best location/condition are sitting on the market.
Hope that answers the question.Â Please realize that Palms and Mar Vista is a wide area that has many different neighborhoods and therefore, the averages presented above may not be representative of the price activity in all the neighborhoods.Â That being said, I do believe that each neighborhood has experienced similar fluctuations in this market.