Malibu and Sunset Mesa
Malibu faired fairly well in the recent months, although median home sales decreased from $2,219,000 to $1,617,500—a decrease of roughly 27 percent. The average price per square foot in Malibu went off the other direction and increased from $1,046 to $1,087.
Despite the decrease in overall median home sales, 2-bedroom homes in Malibu recorded a median sales price of $1,200,000—a significant increase of almost 32 percent as median sales price in the first quarter of 2017 for 2-bedroom homes was recorded at $1,000,000.
When it comes to home sales, it’s been slow in Malibu, with 135 sales recorded from April to June. It’s a stark contrast to the last quarter of 2016, but compared to the first half of 2017, the outlook is optimistic.
The past three months have been good to Pacific Palisades real estate. In a nutshell, the recent market trends collated from April to June indicate an increase in median home sales. The average price per square foot in Pacific Palisades also rose during the same period, from $851 to $1,157.
Median sales price in Pacific Palisades decreased from March to June, from $2,836,000 down to $2,450,000. Still, the market is performing well compared to last year, as the median sales price shows a 21 percent year-on-year increase. Median sales prices for 2-, 3-, and 4-bedroom homes rose, particularly for 3-bedroom homes, jumping from $2,300,000 to $2,335,000.
Meanwhile, home sales have steadily increased in Pacific Palisades since the start of the year. A total of 119 homes were sold from April to May, and 79 home sales have been recorded since the first week of June.
Santa Monica real estate has performed well since April, recording increases in median sales price and home sales. Like Malibu and Pacific Palisades, the average price per square foot in Santa Monica also increased, this time from $1,010 to $1,095.
From April to June 14, median sales price in Santa Monica increased from $1,350,000 to $1,5000,000, which represents a 20 percent jump. The main driver behind this is the increase in median sales price among 4-bedroom homes in Santa Monica. Three months before, 4-bedroom homes recorded a median sales price of $3,010,000. As of June 14, it’s $3,947,000, which is a 62.5 percent increase.
Home sales in Santa Monica started off strong but experienced a drop last March. No worries, as home sales are steadily climbing, with 381 home sales recorded from March to the early weeks of June.
Brentwood experienced a dip in home sales from March to April despite the strong start when the year started, but the neighborhood is getting back in shape. As of June 2017, a total of 60 home sales were recorded. The average price per square foot also increased, from $866 last year to $1,072.
Brentwood homes also went through a slight decrease when it comes to median home sales prices. During the first quarter of the year, prices averaged at $2,607,500. From March to June 28, the median home sales price was recorded at $2,469,000. Compared to last year’s figures, however, Brentwood real estate is performing well, with an 8.8 percent year-on-year increase in median home sales.
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