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West L.A. Land

The blog from Klein Real Estate

By Laura Klein | Agent in Pacific Palisades, Los...
  • February 2011 Westside L.A. Home Prices by Community

    Posted Under: Market Conditions in Los Angeles, Home Buying in Los Angeles, Home Selling in Los Angeles  |  April 13, 2011 9:50 PM  |  255 views  |  No comments

    These days, it’s very easy to get caught up in the media’s reports of what home prices are doing nationally or for a metropolitan area such as Los Angeles.  But that doesn’t mean home prices in your specific area are matching those of the rest of the city, and for luxury areas on the Westside, they often perform in a separate league of their own.

    As of February 2011, Dataquick is reporting that while the median sales price of all homes countywide – including new and existing single-family homes and condominiums – remained unchanged from February of 2010 at $315,000, prices in various Westside areas fell by as much as 39% (Malibu) or rose by nearly 11% (Marina Del Rey).

    However, one important factor to keep in mind is that median prices – which define the midpoint at which homes are selling – can fluctuate wildly depending on the number of sales recorded.  So, even though the median sales price technically fell by 39% in Malibu to $1.0 million, that figure was based on just 14 sales.  Similarly, the 11% increase in the median price in Marina Del Rey to $649,000 was based on just 17 sales.  If you’re shopping for a home in Malibu, that could mean that your choices have become more affordable, whereas Marina Del Rey has become slightly more exclusive.  Or, depending on the home you’re looking to buy or sell, these median prices could have little or no bearing at all.  They’re simply an index.

    For those areas in which there were more sales, the market seems to be close to flat or starting to improve.  In Santa Monica, that means a 2% decline in the median sales price to $779,000 based on 39 sales, whereas in West L.A. the 119 sales yielded an increase of nearly 10% from February of 2010 to $615,000.

    Want to know what current asking prices are for active listings?  Give us a call at Klein Real Estate and we’ll be happy to help you negotiate the statistics!

 
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