Westside Los Angeles real estate continues to steadily inch up in price as new home inventory stays at record lows. In April, new single-family home listings in Marina Del Rey dropped by 50%, causing the median home sales price to raise by 30% as compared to April 2017. As for condos in Marina Del Rey, the number of new listings dropped by 20% influencing a 15% increase on median condo values in the area. Santa Monica single-family homes saw a 27% drop in new listings and a 15% increase in median sales price as compared to last year at this time. Condos in Santa Monica did not see as much as a shift compared to single-family homes, with a 13% decrease in new listings and a 9% median price increase. In Venice, the market remained nearly the same with no decrease in new home inventory and only a small price shift for single-family homes and condos. These statistics are mimicked throughout most of the Westside Los Angeles neighborhoods as inventory remains low for the foreseeable future, causing Los Angeles real estate prices to progressively increase.
So what does all of this mean for buyers and sellers? For buyers, this housing market can be challenging. It is important to choose a realtor who stays on top of new inventory and prepares buyers for multiple offer situations by connecting them with a quality mortgage lender, educating them on the home buying process from first showing to the closing table, and who has strong negotiation skills. Although the inventory is low, buyers have the advantage of buying into a steadily growing market and capitalizing on mortgage interest rates. For sellers, this is a fantastic opportunity to have a market analysis done by a local real estate expert to find the best price point and marketing strategies in order to sell your home for a profit. If you are selling a home in Los Angeles AND looking to buy a home in Los Angeles, there will be several items to consider before doing so, it is crucial to discuss strategy with your realtor to make your buying and selling experience as successful and low stress as possible.