The Market Pulse

Our 1st Quarter Breakdown for the Westside

The first quarter of 2017 saw the average Venice single-family home price rise slightly as compared to prices in Q1 of last year. The modest increase of 2.2% pushed the average sold price to $2,013,357, while the average price per square foot during that same timeframe decreased by 12.4% to $1,103 per square foot from Q1 2016’s $1,259 per square foot. Approximately the same number of homes were for sale during the compared quarters at 65 homes, yet inventory in the area still remains extremely low. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Santa Monica single-family home price decrease as compared to prices in Q1 of last year. The decrease of 18.8% pushed the average sold price down to $2,673,665. This larger-than-normal reduction may be due to seasonal factors coupled with a larger number of homes sold that had lower price points, thus distorting the “real” number of the sales figure. The average price per square foot figure during that same time frame increased by 21.2% to $1,280 per square foot from Q1 2016’s $1,056 per square foot — this likely shows there were many more lower price point sales during the period. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Mar Vista single-family home price rise significantly as compared to prices in Q1 of last year. The impressive increase of 13.7% pushed the average sold price to $1,525,150, while the average price per square foot during that same timeframe decreased by 3.5% to $838 per square foot from Q1 2016’s $868 per square foot. Approximately the same number of homes were for sale during the compared quarters at 46 homes, yet inventory in the area still remains extremely low. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Marina Del Rey single-family home price significantly increase as compared to prices in Q1 of 2016. The dramatic increase of 30.4% pushed the average sold price up to $1,657,406. This larger-than-normal increase may be due to the small sample size and lower priced homes selling during Q1 2016 vs. higher priced homes and a larger sample size of them in Q1 of 2017 thus distorting the “real” percentage increase for the area. The average price per square foot figure during that same time increased by 4.3% to $858 per square foot from Q1 2016’s $823 per square foot. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Culver City single-family home price rise significantly as compared to prices in Q1 of last year. The impressive increase of 14.6% pushed the average sold price to $1,195,902, while the average price per square foot during that same timeframe increased by 13.9% to $777 per square foot from Q1 2016’s $682 per square foot. Approximately the same number of homes were for sale during the compared quarters at 28 homes on the market, yet inventory in the area still remains extremely low. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Playa Vista condo price rise as compared to prices in Q1 of last year. The increase of 6.9% pushed the average sold price to $1,099,165, while the average price per square foot during that same timeframe remained constant at $652 per square foot. There were significantly more condos for sale for this quarter compared to 2016 — 22 condos on the market up from 13 condos during the same period of the year prior, yet inventory in the area still remains extremely low. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.


The first quarter of 2017 saw the average Playa Del Rey single-family home price rise significantly as compared to prices in Q1 of last year. The impressive increase of 8.8% pushed the average sold price to $1,854,876, while the average price per square foot during that same timeframe decreased by 6.9% to $627 per square foot from Q1 2016’s $673 per square foot. There were significantly more homes for sale for this quarter compared to 2016 — 13 homes on the market up from 9 homes during the same period of the year prior, yet inventory in the area still remains extremely low. Long-term interest rates dipped slightly during the final two weeks of the quarter in response to the Federal Reserve short-term rate increase on March 15, 2017. As cited by one local forecaster, inflationary pressure on the long end for interest rates has been tempered by the uncertainty with the current administration’s economic and growth forecasts.

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