[REAL ESTATE] Median Prices Up Everywhere For Homes and Condos
According to the California Assoc. of Realtors (CAR), the median price paid in October 2016 for a Los Angeles area home was $533,370, down 2.5% from September 2016 but up 4.7% year over year.
Additionally, CAR reported Los Angeles is currently experiencing a median time-on-market of 35 days, 10 days fewer than the market experienced in October 2015.
Only homes sold in San Diego sold faster in October than those locally, according to CAR. In that region, the median time a home was on the market was 24 days.
Ventura, conversely, had homes on the market than any other Southern California region at 58 days.
Locally, 36 homes sold in the Ledger’s coverage area, which includes the Hancock Park, Larchmont Village, Wilshire/La Brea, Windsor Square and Oxford Square.
In the 90036 zip code, the median price paid for a home in October 2016 was up 16% year over year at $1,569,000.
The Oxford Square area, just south of Windsor Village, saw the most activity in October with 15 single-family homes closing escrow. That area additionally saw a median price increase of 8% to $955,000.
The 90004 zip code remained strong, showing a 6% median price increase to $1,480,000. That area had 14 homes sell in October 2016.
The 90020 zip code had only one home sell in October but it was a whopper at $11,300,000.
Regarding condominiums, 11 sold in the area in October, with the 90020 area registering the most with seven properties.
Regarding the median price paid for a condo in the Ledger’s coverage area, all zip codes had robust gains year over year, specifically: 171% in 90019 but based on only two sales with a median of just over $1 million; a 54% increase to $690,000 in 90004; a 43% increase to $440,000 for 90020 and a 20% increase in 90036 to $795,000.