The Market Pulse

Our 3rd Quarter Breakdown for Mar Vista, Venice, and Santa Monica


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The past 12 months have seen the average single-family home price in Mar Vista increase by 13.69% to $1,486,478. The average price per square foot also increased to $802.33, up 4.86% year over year. Inventory during the quarter contracted to 34 units from 41 units, a decrease of 17%.

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Total single-family units sold year-to-date for 2016 is 261 units. This number is on pace to exceed last year’s total of 333 units sold by 4.5% for the year. Economically speaking, Federal Reserve Governors voted 7 to 3 against a rate increase at their September meeting, the pending election and current economic conditions have pushed rate hike decisions to the end of the year. Though the market anticipates a rate increase at their December meeting, current rates remain at historically low levels.

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The past 12 months have seen the average single-family home price in Venice increase by 8.67% to $2,074,788. The average price per square foot decreased to $1,157.90, down 6.52% year over year. The increase in inventory that we witnessed last quarter continued this quarter, up 15.9% from 63 units to the current 73 units for sale.

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Total single-family units sold year-to-date for 2016 is 162 units. This number is on pace to exceed the total units sold for 2015 of 199 units an 8% increase in volume of units sold. Economically speaking, Federal Reserve Governors voted 7 to 3 against a rate increase at their September meeting, the pending election and current economic conditions have pushed rate hike decisions to the end of the year. Though the market anticipates a rate increase at their December meeting, current rates remain at historically low levels.

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The past 12 months have seen the average single-family home price in Santa Monica decrease by 2.21% to $2,765,182. The average price per square foot also decreased to $1,111.63, down 3.65% year over year. The increase in inventory that we witnessed last quarter continued this quarter, up 17.5% from 40 units to the current 47 units for sale.

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Total single-family units sold year-to-date for 2016 is 178 units. This number is on pace to slightly exceed the total units sold for 2015 of 234 units an approximate 1.2% increase in volume of units sold. Economically speaking, Federal Reserve Governors voted 7 to 3 against a rate increase at their September meeting, the pending election and current economic conditions have pushed rate hike decisions to the end of the year. Though the market anticipates a rate increase at their December meeting, current rates remain at historically low levels.

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