2014 was a busy year for most Westside real estate agents. We saw very competitive, multiple offers for 99% of the properties that were for sale. Most agree that more of the same is coming our way in 2015.
I network with the most productive 1% of agents across the nation and this has been true of most upper end market places. And, despite of what you might read about the fragility of our country’s economic recovery, I can’t find any real estate professional that thinks the market has run its course. Everyone I speak with thinks that the market will continue to chug along with, at least, modest appreciation and consistent Buyer demand.
It is difficult to determine what might happen if more owners wanted to sell. Lack of supply makes for increased demand and demand sustains prices. So, if there were a gradual increase in the number of owners wanting to sell their properties, would it mean lower prices? Probably – but the trend over the past 5 years has been fewer, and fewer, homes for sale each year. I see no reason for that slide to level off.
Number of closed sales in 90402:
2012 – 122
2013 – 101
2014 – 94
2015 – ???
Here is your real-time real estate market info:
There are no new listings this week. One listing is in backup position and another has closed bringing the YTD for 2014 to 66.
No New Listings this Week
New Sales this Week
715 23rd Street – 5 bedrooms + 5.5 baths. $3,599,000. Close to Montana Ave. The property has been on and off the market without a sale since 2013. It was recently reduced $166,000, re-listed and then sold within six days! Last sold in September 2009 for $2,550,000.
No Closed Deals this Week
636 Adelaide Drive – 4 bedrooms + 4.5 baths. $4,600,000.
Pence Hathorn Silver Active Properties:
345 21st St. – 6 bedrooms + 8 baths – $6,500,000
229 19th St. – 5 bedrooms + 7 baths – $5,999,000
303 9th St. – 5 bedrooms + 6.5 baths – $4,999,000
1544 12th St. #104 – 1 bedrooms + 1.5 baths – $1,195,000
26311 Bravo Lane – 3 bedrooms + 2.5 baths – $449,500
3166 S. Sepulveda Blvd. #33– 1 bedroom + 1 bath – $329,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.