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!