The Real Deal Los Angeles

West Side condo, co-op prices dipped year-over-year: MLS

Prices declined in Marina Del Ray, Santa Monica
February 17, 2017 09:45AM

The Waverly condo complex in Santa Monica at 1705 Ocean Avenue

Condos prices in some parts of the West Side are headed south.

Marina del Rey, Santa Monica, Beverly Center, and Venice all posted decreases in condo and co-op sales prices between 2015 and 2016, according to a report from the MLS.

In some cases, the drops were marginal. In the case of Santa Monica for instance, prices decreased by about 2 percent, from an average unit price of $1.06 million in the fourth quarter of 2015 to an average price of $1.04 million in the fourth quarter of 2016, based on 95 sales.

In Marina Del Ray, prices dipped by 3 percent, from $879,000 to $851,000 year-over-year.

On the flip side, the southwest neighborhood of Ladera Heights had the highest increase in sales prices: 38 percent. That number should likely be taken with a pinch of salt however, since it’s based on only two transactions.

Other neighborhoods that posted big price increases include Hancock Park, the Sunset Strip, Beverlywood, and El Sereno. They all saw an increase of at least 20 percent in prices over the past year.

The most active neighborhood for co-op and condo sales was Westwood-Century City, where there was a year-over-year increase of 17 percent in median sales prices, based on 135 transactions. [MLS]Cathaleen Chen