Market Report (October Edition)

MARKET REPORT

OCTOBER 2023

Santa Monica Marina del Rey Venice Manhattan Beach Hermosa Beach Redondo Beach Los Angeles

Santa Monica Go to Santa Monica

Report

Marina del Rey Go to Marina del Rey

Report

Venice Go to Venice

Report

Manhattan Beach Go to Manhattan Beach

Report

Hermosa Beach Go to Hermosa Beach

Report

Redondo Beach Go to Redondo Beach

Report

Los Angeles Go to Los Angeles

Report

What's your House Worth in this Market?

As the real estate market continues to evolve, have you ever wondered about the current worth of your house? Whether you're considering selling, refinancing, or simply curious, now is the perfect

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estate

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Why should you explore the value of your house? Knowing the worth of your property can empower you in several ways. If you're considering selling, understanding its market value can assist you in setting an optimal listing price, attracting potential buyers, and maximizing your return on investment. Moreover, if you're thinking about refinancing, a proper appraisal can help you negotiate better terms and potentially save you money in the long run.

Even if you have no immediate plans to sell or refinance, staying informed about your home's value can be beneficial. It allows you

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Take the first step towards understanding the true value of your home

in

today's

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Don't miss out on this chance to gain invaluable insights into the worth of your house.

- Your Prefered Agents

SANTA MONICA The Santa Monica single-family home market experienced notable changes between September and October. The decrease in new listings and the consistent number of sold listings may indicate a tightening of the market, with fewer properties available for sale. This reduction in supply, combined with the substantial 13.80% increase in the median sale price, suggests a trend towards higher property values in the area.

However, it is important to note the 31.25% increase in the average days on the market, which could be a result of these rising prices making homes less accessible to potential buyers. The extended time on the market could also be influenced by seasonal factors or a shift in buyer demand.

Single Family Homes

27

18

New Listings

Sold Listings

$371M

21

Median Sale Price

Days on the Market

The Santa Monica condominium market is experiencing shifts in supply and demand dynamics. While the supply of new listings decreased, the number of sold listings saw a slight increase, and the median sale price appreciated modestly. However, the substantial increase in the average days on the market suggests the need for further analysis to understand the factors causing this slowdown in sales.

For potential buyers and sellers, it is advisable to monitor these market trends closely and seek guidance from real estate experts to make informed decisions in this evolving market. Understanding the local real estate landscape and its influencing factors is crucial for navigating this dynamic condominium market in Santa Monica.

Condos

4

22

New Listings

Sold Listings

$1.20M

20

Median Sale Price

Days on the Market

MARINA DEL REY The Marina Del Rey single-family home market saw significant changes between September and October, with the most notable being the absence of new listings in September. The surge in new listings in October suggests a renewed supply of single-family homes entering the market, likely a correction from the unusual situation in September.

The increase in the number of sold listings in October indicates a stronger market performance, with more homes successfully closing deals. However, the 24.79% decrease in the median sale price is a significant trend and may be a cause for concern for property owners, indicating a substantial drop in property values.

The 28.26% decrease in the average days on the market suggests that homes are selling more quickly in October, which could be due to increased market competitiveness or pricing adjustments.

Single Family Homes

5

4

New Listings

Sold Listings

$2.66M

40

Median Sale Price

Days on the Market

Condos The Marina Del Rey condos market underwent notable changes between September and October. There was a reduction in both new listings and sold listings, signifying decreased market activity. The decrease in new listings points to a constrained supply of single-family homes entering the market.

The most significant change is the 19.46% decrease in the median sale price, which may be of concern to property owners. This drop in property values could be influenced by a variety of factors, including changing buyer preferences or economic conditions.

The 48.15% decrease in the average days on the market indicates that homes are selling more quickly in October. This might be attributed to more competitive pricing or other factors that attract buyers.

19

10

New Listings

Sold Listings

$1.20M

14

Median Sale Price

Days on the Market

VENICE The Venice single-family home market experienced various changes between September and October. While the supply of new listings remained relatively stable, the significant increase in the number of sold listings suggests improved market activity and a growing interest among buyers.

The modest 2.61% decrease in the median sale price indicates a slight decline in property values, which might be due to market adjustments or changing buyer preferences. However, the substantial 51.06% decrease in the average days on the market suggests that homes are selling more quickly in October, potentially due to increased market competitiveness or attractive pricing.

Single Family Homes

41

20

New Listings

Sold Listings

$2.61M

23

Median Sale Price

Days on the Market

The Venice condominium market exhibited significant changes between September and October, with a decrease in supply, a decline in property values, and an unusual spike in days on the market in October. Property owners and potential buyers should closely monitor the market and seek guidance from real estate experts to understand and navigate these unique changes. Additional investigation is recommended to ascertain the reasons behind the extreme increase in days on the market, as this data point appears to be an outlier.

Understanding the factors driving these trends is crucial for making informed decisions in this evolving real estate landscape.

Condos

2

1

New Listings

Sold Listings

$925

167

Median Sale Price

Days on the Market

MANHATTAN BEACH

27

6

New Listings

Sold Listings

$2.40M

32

Median Sale Price

Days on the Market

Single Family Homes The Manhattan Beach single-family home market exhibited significant changes between September and October. The supply of new listings remained consistent, indicating that there was no significant change in the number of homes entering the market.

The most notable change is the substantial 72.73% decrease in the number of sold listings, signifying a sharp decline in market activity between the two months. The 22.82% decrease in the median sale price is also significant and suggests a noticeable drop in property values, which may be influenced by changing market conditions or buyer preferences.

The 31.91% decrease in the average days on the market suggests that homes are selling more quickly in October, possibly due to increased market competitiveness or adjusted pricing.

The

Manhattan

Beach

condominium

market

displayed

significant

changes, including a surge in supply, a substantial increase in property values, and a longer time on the market between September and October. For potential buyers and sellers, it is crucial to monitor the market closely and seek guidance from real estate experts to navigate these unique changes effectively. Understanding the factors driving these trends is essential for making informed decisions in this evolving real estate landscape.

Condos

3

3

New Listings

Sold Listings

$4.62M

12

Median Sale Price

Days on the Market

HERMOSA BEACH The

Hermosa

changes

Beach

between

single-family

September

and

home

market

October.

The

exhibited

supply

of

significant

new

listings

increased by 37.50%, indicating a growing supply of single-family homes entering the market. This surge could be influenced by various factors, such as seasonal trends or seller decisions.

The most significant change is the substantial 66.67% decrease in the number of sold listings, reflecting a substantial decline in market activity.

The 25.75% decrease in the median sale price suggests a noticeable drop in property values, which could be influenced by market dynamics or changes in buyer preferences.

The 87.76% increase in the average days on the market indicates that single-family extended

homes

time

on

took

the

considerably

market

could

longer be

to

sell

attributed

to

in

October.

various

including pricing or market conditions.

Single Family Homes

11

5

New Listings

Sold Listings

$2.48M

92

Median Sale Price

Days on the Market

This

factors,

Condos

1

2

New Listings

Sold Listings

$806

144

Median Sale Price

Days on the Market

The Hermosa Beach condominium market experienced several changes, including improved market activity, a substantial increase in property values, and a shorter time on the market between September and October. For both buyers and sellers, it is crucial to monitor the market closely and seek guidance from real estate experts to navigate these unique changes effectively. Understanding the factors driving these trends is essential for making informed decisions in this evolving real estate landscape.

REDONDO BEACH The Redondo Beach single-family home market underwent several changes between September and October. The supply of new listings remained constant, indicating a consistent supply of single-family homes entering the market.

The most significant change is the substantial 34.90% decrease in the median sale price, reflecting a significant drop in property values within just one month. This could be influenced by various factors, including the types of properties available in October or market dynamics. The 36.59% decrease in the average days on the market indicates that single-family homes sold much faster in October, suggesting an increase in market competitiveness, possibly driven by pricing or demand factors.

Single Family Homes

22

19

New Listings

Sold Listings

$1.66M

26

Median Sale Price

Days on the Market

Condos The Redondo Beach real estate market for condominiums in September demonstrated a slight decrease in new listings, a significant drop in the number of sold listings, a marginal decrease in the median sale price, and consistent days on the market compared to August. These changes suggest a potential reduction in sales activity in the condominium market, although property values remained relatively stable. However, it's important to consider that real estate markets can be influenced by various factors, and additional data and analysis may be needed to fully understand the implications of these changes, particularly the sharp decline in sold listings.

12

10

New Listings

Sold Listings

$918

7

Median Sale Price

Days on the Market

LOS ANGELES The Los Angeles single-family home market experienced various changes between September and October. The supply of new listings increased by 4.93%, indicating a growing supply of single-family homes entering the market. This increase could be due to various factors, including seller decisions or market conditions.

The most significant change is the 9.46% increase in the number of sold listings, reflecting improved market activity and a growing interest among buyers. The 4.27% increase in the median sale price indicates a modest rise in property values, which could be influenced by market conditions, property types, or buyer preferences.

The 20% increase in the average days on the market suggests that single-family homes took slightly longer to sell in October, indicating a slight slowdown in market competitiveness, possibly influenced by various factors such as pricing or seasonal variations.

Single Family Homes

789

405

New Listings

Sold Listings

$1.71M

18

Median Sale Price

Days on the Market

Condos The Los Angeles condominium market experienced various changes between September and October. The supply of new listings increased by 4.78%, indicating a growing supply of condominiums entering the market. This increase could be influenced by various factors, including seller decisions or market conditions.

The most significant change is the 6.20% decrease in the number of sold listings, reflecting a slight decline in market activity. The 3.85% decrease in the median sale price indicates a modest drop in property values, which could be influenced by market dynamics, property types, or buyer preferences.

The 28% decrease in the average days on the market suggests that condominiums sold faster in October, indicating an improvement in market competitiveness, likely driven by factors such as pricing or buyer demand.

285

121

New Listings

Sold Listings

$750

36

Median Sale Price

Days on the Market

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