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Los Angeles Real Estate Market Prices – 4th Quarter 2014 vs. 2013

la re market map

Anyone who is currently in the real estate market in the Los Angeles area, whether in residential or commercial, knows that the market is very hot right now and has been for many months. The map above shows the Los Angles MLS Market Climate Map for 4th Quarter 2014 vs. 2013 which is a little dated right now, but gives an idea of the abundance of double digit increases in the LA market. The submarkets that are showing decreases are mostly a result of dramatic increases in 2013. Over the past couple of years, no submarket in LA is down. The Market Climate Map for 1st Quarter of 2015 should be available in a few weeks but a sneak peak at some selected markets shows robust growth.

Culver City Residential Sales Data for February 2015 is as follows:

Median Sales Price
No. Area Feb 2014 Feb 2015 Jan 2015 2015 To Date 2014 To Date
28 Culver City $807,500 $758,000 $1,092,750 $900,000 $740,000

Monthly numbers can be a bit of an aberration but Culver City properties are seeing a 22% annual increase for year to date according to the above sales figures.

Median Sales Price
No. Area Feb 2014 Feb 2015 Jan 2015 2015 To Date 2014 To Date
13 Palms – Mar Vista $1,120,000 $1,190,000 $962,500 $1,061,500 $1,100,000

The Palms – Mar Vista submarket shows a relatively modest 6.3% growth from February 2014 to February 2015, but the median sales price is over $1 Million in a market that used be knows as an affordable alternative to Venice and Santa Monica.

Median Sales Price
No. Area Feb 2014 Feb 2015 Jan 2015 2015 To Date 2014 To Date
16 Mid Los Angeles $461,562 $629,500 $520,000 $565,000 $455,125

Mid Los Angeles or Mid City is still relatively affordable for property in Los Angeles that is west of the 110 Freeway and North of the 105 Freeway, but that might not last long. 2015 vs. 2014 year to date sales show a 24% increase which is the highest by percent of the three submarkets that Vars Realty examines in this blog post and is our area of speciality.

To receive a complimentary market analysis of your property or area of interest, please contact us now.

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