How’s The Market Playa Vista?
The #1 question realtors get asked is “how’s the market?” It’s such a big question. I almost never know where to start. Different people think different criteria tell the story. Below are six that I think best answer the question, along with trend graphs as of September 30th. All graphs depict a 12 month rolling average to smooth out the trendlines.
In Playa Vista, there were 147 new condo listings in September compared to 133 new condo listings in August. As you can see from the trend graph below, Playa Vista has been on a steady upward climb in turning over property in the neighborhood since the beginning of the year.
Months Supply is a good indicator of a sellers’ versus a buyers’ market. Typically, a market that favors sellers has less than six months of supply (listings). Playa Vista is well under two months and still solidly in seller territory. In a seller’s market, a buyer can expect to pay their own closing costs and other negotiable amounts (including the Community Enhancement Fee), and buyers can also expect competition from other buyers. Know what you want, have your financing and buyer agent tee’d up and be prepared to move quickly in Playa Vista.
Price reductions are a mixed bag as far as being an indicator of any trend, but people still love to talk about this metric.
Sometimes a seller starts out unrealistic and has to “right-price.” Sometimes the agent is from out of area and doesn’t know that south of Venice Blvd. is cheaper than north of Venice Blvd. It takes some real analysis of the price reductions to see if there is a broader trend working.
So far this month, we’ve seen five price reductions in Playa Vista. This doesn’t surprise me with all the extra competition on the market right now. Contact us if you want the details. As you can see from the graph below, most Playa Vista condos sell at their list price. Don’t go crazy offering over list price for a Playa Vista condo!
Price Per Square Foot
The average price per square foot is on a steady upward march in Playa Vista and has been since at least 2015, currently hanging out at $719/ft for condos in Playa Vista. Different property types and bed/bath configurations likely have their own average PPSF. Contact us if you want to see a graph for a particular property type or bed/bath configuration.
Days On Market
Days on market can be an indicator of demand. If DOM is trending down, properties are moving faster. In Playa Vista, DOM for condos is hovering at about 20 days and has been on an aggressive downward trajectory for the last 1-1/2 years, although it’s been pretty stable around 20 days for most of the six months.
Back on Market
Zero properties have fallen out of escrow in Playa Vista in the last seven days.
Assumptions & Other Markets
This report was written for condos in the Playa Vista community of Silicon Beach. Similar reports can be generated on request for neighborhoods and other carve outs within Playa Vista 90094. For example, in Playa Vista there are significant differences in the data for condos versus single family homes. We can generate reports for other property types, too! Contact us for custom reports.
Click this link for access to our 60 second property valuation tool.
No obligation and you know you want to know, right? 😉