September 2016 Market Update

Things continue to steam along in the westside housing market, despite indications that certain sectors (like luxury single family homes) have recently cooled.  We feel the summer may have slowed things a bit, but that’s natural and expected.  Based on The Multiple Listing Service and public data, there were 402 sales of condos and townhomes on the westside (west of the 405, north of LAX) in the last 90 days. These properties were on the market for 45 days on average, and sold for 4-5% above asking price.  Hot areas for condos and townhomes continue to be Brentwood, Santa Monica and Marina del Rey.

This is mixed news, but it continues to be a very competitive market for condos and townhomes.  This is why we recommend that if a buyer is serious about finding a home, they work with a professional agent who’s knowledgable and active in their desired area (versus searching on their own).  An experienced agent will know how to best handle writing offers on a property in a competitive situation, but also may have access to off-market listings, which is becoming more important these days.