May 2012 Westside Sales and Prices by Community
For the month of May 2012, Dataquick is reporting that the median sales price of all homes throughout L.A. County – including new and existing single-family homes and condominiums – fell by 1.54% from the same month of 2011 to $320,000. For the overall area of West LA., prices fell by a similar amount, or 1.59% to $619,500.
Of the six areas which we regularly track on the Westside, two of them posted pricing increases over the past year, ranging from 9.35% in Beverly Hills to about 43% in Santa Monica. Prices in the other four areas declined by 1.43% in Malibu, 7.22% in Marina Del Rey, 13.41% in Venice and 20.53% in Pacific Palisades. Please note, however, that any changes in any of these areas for an individual month do not indicate any type of long-term trend, but are simply a snapshot of the market in a specific point in time.
Compared to the previous month of April 2012, prices countywide rose by 1.59% to $320,000 while sales rose by over 8% to 7,578 homes. During this same time period, however, prices in the West L.A. area fell by nearly 3% while sales activity increased by 27% to 212 homes. Want to know how prices are faring in specific neighborhoods or for certain types of homes? Visit us at Klein Real Estate for more information!
When you’re looking to buy a home, there are plenty of choices available. One of them is a condominium. As you may already know, a condominium is a large property complex that is divided and sold in individual units. Compared to a single-family dwelling, ownership in a condominium includes partial ownership in shared “common property”. This presents unique challenges for condominium buyers. If you’re considering buying a condo, read on to learn a little more about this type of property and what ownership entails.;
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