July 2010 – Westside Sales Data and News

July sales data for selected areas is included in the tables below:

There was less movement in the market from last month, and previous years, though given the current global financial situations, and the summer holidays, this was not far from expected.

Of all the sales, 4250 Grand View, in Mar Vista jumped out the most because it sold for 58% over its reported list price, a listing to sales price discrepancy that is not representative of the area or market, and clearly indicating that this was an auction situation. Excluding this listing, the average sale price in Mar Vista was 2% less than the average list price where the majority of sales were below the $1M price point.

In comparison to higher priced neighborhoods, such as Brentwood and the Palisades, sales prices averaged 6% lower than listing prices.

The Pacific Palisades had two properties sell for about 15% lower than their listing prices. 1246 Piedra Morada Drive, that eventually sold for $2,549,375 – 14% lower than its list price, and 854 Napoli Drive, that sold for $3,800,000 – 15% less than its list price. Both properties were listed for about 6 months – 2 months longer than the 4-month average for that area.

In other areas, some sellers took a similar price drop – like 641 18th Street in Manhattan Beach. This property sold for $2,865,000, 13% lower than its list price of $3,295,000 but after only 6 weeks on the market.

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