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🏡 December 2023 Luxury Real Estate Market Update & Trends for Marina Del Rey 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Marina Del Rey 🌟

By Christophe Choo Posted Jan 19, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Marina Del Rey 🌟

🔼 Avg Sales Price: $1.44 million, 📉 down 40%

⚪️ Avg List Price $2.75 million, no change 0%

🔻 Properties Sold: 3 , 📉 down 40%

🔼 Days on Market: 42 📆, 📈 UP 78%. Act fast!

🔻 $/Sq FT: $1,169, 📈 UP 18%

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As we wrap up the year, let's dive into the fascinating world of Marina del Rey real estate. This coveted area, nestled just south of Santa Monica and Venice, offers more than just picturesque marinas and dockside living; it's a hub of luxury and convenience, particularly appealing to my international and out-of-state clients for its proximity to the airport.

December Insights: A Surprising Shift in the Market

Average Sales Price: There's been a notable shift, with the average sales price dropping to $1.44 million, a significant 40% decrease from the previous quarter. This presents an intriguing opportunity for buyers looking to step into this luxurious locale.
Average List Price: The list price, however, has remained relatively stable at around $2.75 million, indicating a market that's holding its value despite fluctuations in sales.
Properties Sold: Only three properties changed hands this December, down 40% from the previous period. This slowdown is typical of beach communities in the 'winter' season, even in sunny Los Angeles where winter is more a concept than a cold reality.
Days on Market: Properties are spending an average of 42 days on the market, a significant 70% increase. This slower pace could be attributed to the cooler weather, as 65 degrees seemingly cools the enthusiasm for beachside moves.
Marina del Rey: Holding Its Value Amidst Seasonal Adjustments

Despite the winter season's impact, Marina del Rey's appeal remains strong. The average price per square foot has actually increased by 18% to $1,169, underscoring the area's enduring allure.
Why Marina del Rey?

Beyond the stunning views and the luxury yachts, Marina del Rey offers a lifestyle of convenience and elegance. It's a perfect blend of beachside serenity and city living, making it a top choice for those who desire proximity to both nature and urban amenities.
Looking Ahead

As we move into the new year, the Marina del Rey market may experience a spring resurgence. The current dynamics offer a window for buyers and investors to capitalize on lower prices and less competition. For sellers, it's a time to strategize for the upcoming season, ensuring their properties stand out in this exclusive market.
Bottom Line

Marina del Rey's real estate market, with its winter slowdown, presents unique opportunities for both buyers and sellers. Whether you're seeking a luxurious condo with marina views or a strategic investment in a high-demand area, this winter snapshot offers valuable insights for navigating this exclusive Los Angeles neighborhood.

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