DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
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10 DIGS.NET | 1.18.2019 "Facts are stubborn, but statistics are more pliable." — Mark Twain WHAT A DIFFERENCE A YEAR MAKES. P U B L I S H E R ' S M U S E MRMLS single family residence average sales in Pacific Palisades, Brentwood, Santa Monica, Malibu, Malibu Beach, and Venice. Information is deemed accurate but not guaranteed. Let me start by saying that I, nor anyone for that matter, knows exactly what the housing market will bring in 2019. That being said, there is some common ground among the "experts" on what the real estate market will look like this year, below are some bullet points. • Generally speaking, the housing market is slowing down • Home prices will continue to rise although at a slower rate, pundits predict ~2-3% appreciation • Home sales (this one is a bit all over the place) forecast to be around the same as 2018, increase slightly or possibly decline, (which means it is anyone's guess!) • Mortgage rates – potential to impact the market the most, expected to increase to around 5.5% by end of year, which would make the average home purchase around 8 percent more expensive per month than last year • Inventory will continue to be a concern along with housing affordability • Economic uncertainty – global trade tensions, stock market volatility and a slowing economy? The real estate market on the Westside LA last year was solid and experienced average sale price appreciation in most areas with the exception of Malibu Beach which experienced an average sale price reduction of 15.6% and a median sales price reduction of 25.61%. See Average Sale Price table and market recap below for each city. Warren J Dow | Publisher | wdow@Southbaydigs.com | 310.373.0142 x2461 MEDIAN SALE PRICES | 5 Year Trendline | Single Family Residence 2019 Housing Market Forecast Market Wildcards Westside LA Market MARKET TRENDS | WESTSIDE | Year-to-Date | January 1, December 31 - 2017/2018 | Single Family Residence Pacific Palisades Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 259 230 -11.20% Total Sold $ Volume $1,033,355,255 $984,998,711 -4.68% Minimum Sales Price $1,350,000 $1,050,000 -22.22% Maximum Sales Price $22,000,000 $33,850,670 53.87% Average Days on Market 50 47 -6.00% Average Sales Price $3,989,789 $4,282,711 7.34% Average Price Per Sq Ft $1,108 $1,165 5.15% Median List Price $3,749,000 $3,688,000 -1.63% Median Sales Price $3,150,000 $3,350,000 6.35% Average Sales Discount -15.98% -9.16% -42.64% (Selling Price vs. Original List Price) Brentwood Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 251 244 -2.79% Total Sold $ Volume $1,077,069,113 $1,087,000,865 0.92% Minimum Sales Price $1,120,000 $1,350,000 20.54% Maximum Sales Price $23,000,000 $26,000,000 13.04% Average Days on Market 50 53 6.00% Average Sales Price $4,291,113 $4,454,922 3.82% Average Price Per Sq Ft $1,083 $1,134 4.77% Median List Price $3,499,000 $3,995,000 14.18% Median Sales Price $3,194,700 $3,087,500 -3.36% Average Sales Discount -8.70% -22.72% 161.20% (Selling Price vs. Original List Price) Santa Monica Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 249 197 -20.88% Total Sold $ Volume $777,022,067 $658,946,832 -15.20% Minimum Sales Price $800,000 $975,000 21.88% Maximum Sales Price $11,000,000 $11,100,000 0.91% Average Days on Market 41 35 -14.63% Average Sales Price $3,120,571 $3,344,908 7.19% Average Price Per Sq Ft $1,207 $1,211 0.40% Median List Price $2,995,000 $2,849,500 -4.86% Median Sales Price $2,510,000 $2,820,000 12.35% Average Sales Discount -16.19% -1.04% -93.61% (Selling Price vs. Original List Price) Malibu Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 182 155 -14.84% Total Sold $ Volume $621,167,906 $526,606,975 -15.22% Minimum Sales Price $500,000 $830,000 66.00% Maximum Sales Price $15,850,000 $15,907,000 0.36% Average Days on Market 117 87 -25.64% Average Sales Price $3,413,010 $3,397,464 -0.46% Average Price Per Sq Ft $1,040 $1,028 -1.12% Median List Price $3,350,000 $3,437,500 2.61% Median Sales Price $2,670,000 $2,740,000 2.62% Average Sales Discount -20.30% -20.29% -0.04% (Selling Price vs. Original List Price) Malibu Beach Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 40 56 40.00% Total Sold $ Volume $381,721,970 $451,040,295 18.16% Minimum Sales Price $2,200,000 $1,879,500 -14.57% Maximum Sales Price $24,150,950 $45,000,000 86.33% Average Days on Market 132 165 25.00% Average Sales Price $9,543,049 $8,054,295 -15.60% Average Price Per Sq Ft $2,379 $2,842 19.48% Median List Price $7,995,000 $7,795,000 -2.50% Median Sales Price $7,425,000 $5,523,807 -25.61% Average Sales Discount -7.13% -29.14% 308.68% (Selling Price vs. Original List Price) Venice Year Over Year Jan. - Dec. 2017 Jan. - Dec. 2018 % Change Properties Sold 207 201 -2.90% Total Sold $ Volume $468,623,489 $464,138,972 -0.96% Minimum Sales Price $725,000 $998,000 37.66% Maximum Sales Price $14,600,000 $6,000,000 -58.90% Average Days on Market 42 45 7.14% Average Sales Price $2,263,882 $2,309,149 2.00% Average Price Per Sq Ft $1,134 $1,148 1.19% Median List Price $2,275,000 $2,350,000 3.30% Median Sales Price $1,970,000 $2,075,000 5.33% Average Sales Discount -13.41% -11.70% -12.71% (Selling Price vs. Original List Price) Pacific Palisades Santa Monica Brentwood Venice $2.0M $2.5M $3.0M $3.5M $1.5M $1.0M 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018