As Los Angeles home prices continue to rise, let’s take a look at the actual statistics. These numbers reflect the single family home market and compare the 4th Quarters of 2020 and 2021.
Of note are the areas of Malibu Beach, West L.A., Marina Del Rey and Los Feliz where the median price decreased. Culver City remained flat and Malibu had a small gain. Montecito Heights and Monterey Hills only had 3 sales between them which is not an accurate reflection of those markets.
An overview of single family home sales in January and February of this year in a similar geographic area shows 890 sold with 62% selling within 30 days at just over 7% of asking price. 776 condos sold, with just over 50% selling for almost 3% over asking.
The market remains hot for sellers with multiple offers still the norm.
There is talk of the market flattening towards the end of the year, but we will have to wait and see.
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