Playa Vista Real Estate Market Trends – March 2015
Playa Vista condos and lofts are selling as fast as they can come on the market. For March, just as in February, we continue to see low levels of inventory. While this is true, it is important to note the number of homes that have come up for sale has actually grown by 27% year over year. Demand for Playa Vista has accelerated the pace at which homes are selling causing the low inventory and price increases.
There were 26 condo and loft listings added for sale in Q1 of 2014 and this year we saw 33 new listings in Q1 2015. As for the number of homes sold, 28 properties sold this most recent quarter compared to 17 in the first quarter of 2014 which is a 64% increase.
New Listings in Green and Sold Properties in Blue
Playa Vista Condos and Lofts, January 2014 – March 2015
This next chart shows the median sales price for condos and lofts in Playa Vista from January of 2014 through March of 2015. The median sales price in March of last year was $635,000 while the median price for this March was $780,000. This a 23% increase in price year over year for the month of March.
When comparing the median sales price from the first quarter of 2014 at $645,000 to our most recent quarter at $730,000 we see a 13% increase.
Median Sales Price – Playa Vista Condos and Lofts
January 2014 – March 2015
To show a better picture of the Playa Vista marketplace we chose to separate condos and lofts from single family residences and townhomes. Very few single family homes and townhomes come on the market which can skew some of the results. In the chart below, because of the few sales for this segment of the market, the median sales price and its percentage increase is not a very good representation of appreciation.
What is interesting about these numbers is that new listings are down 50% from last quarter (from 16 to 8) and home sales are up 133% (from 3 to 7). Much like the condos and lofts, this points to greater demand and we are seeing it reflected in higher sold prices with fewer days on the market.
If you have questions about this report or the Playa Vista real estate market I can be reached at your convenience.
These analyses were made in good faith with data from sources deemed reliable, but they may contain errors and are subject to revision. Statistics are generalities and how they apply to any specific property is unknown without a tailored comparative market analysis. All numbers should be considered approximate. Please contact us with any questions or concerns.