At the Gerez Team, one of our goals is to keep all our clients well-informed, so they’ll be able to make the best decisions which will ultimately lead them to fulfilling their real estate goals.
Culver City real estate market update
The current median home value for properties in Culver City is $942,400, which has increased by 8.3% over the past year. According to Zillow.com, this trend is expected to continue throughout the year, and is likely to increase by 1.5% within the next year.
$540 is the current median list price per square foot for homes in Culver City, which is higher compared to Los Angeles-Long Beach-Anaheim Metro average price of $394 per square foot.
The average rental price in Culver City is currently at $3,587 per month, which is slightly higher compared to the previous year. Rental prices in Culver City have increased steadily over the past several years, starting back in April 2014, when the average rental price was $2,554 per month.
Westchester real estate market update
In Westchester, home prices are currently on the rise, with the median sales price increasing from $940,000 to $1,030,000 over the last 30 days. Home sales are currently below average, decreasing by 3.3% over the same period. Despite the decrease in sales, Westchester is currently considered a seller’s market, with only three months of inventory available.
The average price per square foot is at $688, which reflects an increase of 6% compared to the previous year. Zillow.com predicts a steady momentum for Westchester home values, which they say will increase by 3.3% within the next year.
The median rental price in Westchester is currently $3,877, which is higher compared to the median rental price of $2,859 in the Los Angeles area.
Data from Zillow.com shows there are 0.7 homes foreclosed per 10,000 in Westchester. This is lower compared to the Los Angeles value of 1.4, as well as the national value of 1.5.
Playa del Rey real estate market update
Playa del Rey’s real estate market is shifting – although the number of contracts are currently at its lowest level in the three previous months, sales are climbing with 27 homes sold within the past 30 days. This is comparable to Mid City, which led all nearby neighborhoods with 34 executed contracts during the same period.
Potential buyers may want to keep a closer eye on properties in Playa del Rey, as the median sales price dropped from $1,180,000 to $907,500 during this period. Taking into account the rise in sales as well as the lower-than-usual two months of inventory shows that Playa del Rey is currently a seller’s market.
In the rental market, the median rent per month for apartments in Playa del Rey was $6,170, which was recorded from March 13 to April 13. Rental prices are currently on the rise this year – by comparison, the median rental price was $4,500 during the start of 2017.