It's no longer a secret, almost the entire Westside of Los Angeles Single Family Home market is positively on Fire! As you can see from the latest numbers below, which compares the last 3 months of 2012 to the same 3 months of 2011, all of these areas have had major prices moves upward. Inventory remains low, as do interest rates and buyer demand continues to rise.Area 3rd Qtr of 2011 3rd Qtr of 2012 % Change Culver City $ 636,000 $ 721,000 13.43% Beverlywood $ 855,000 $ 964,000 12.68% Cheviot $1,260,000 $1,387,000 10.11% Marina del Rey $1,175,000 $1,340,000 14.00% Palms Mar Vista $ 778,000 $ 856,000 10.02% Santa Monica $1,890,000 $2,432,000 28.67% Westchester $ 675,000 $ 731,000 8.25%
There doesn't seem to be any signs that the conditions that are creating this move upward is going to change. The Fed is on record stating they do not see mortgage interest rates rising, I see no reason for the market to suddenly be flooded with sellers wishing to sell. Remember, a lot of home owners have refinanced their existing mortgages at these low rates also, so unless a seller has a compelling reason to move i.e. Job Relocation, downsizing, they will most likely stay where they are. Buyer demand has been pent up for the last 4 years as markets have moved lower. Now there is irrefutable evidence that prices here have made a strong move off the bottom.
For more detail on the Culver City single family home market, and an explanation of the graphic above, watch a one minute video. If you would like to flesh out the numbers from the other west side areas it's all here.