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🏡 December 2023 Luxury Real Estate Market Update & Trends for Palms – Mar Vista 🌟

🏡 December 2023 Luxury Real Estate Market Update & Trends for Palms – Mar Vista 🌟

By Christophe Choo Posted Jan 22, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Videos

🏡 December 2023 Luxury Real Estate Market Update & Trends for Palms - Mar Vista 🌟

🔼 Avg Sales Price: $2.62 million, 📈 UP 27%. It’s a hot market!

🔻 Avg List Price $2.65 million, 📉 down 2%

🔼 Properties Sold: 14 , 📈 UP 31%.

🔼 Days on Market: 27 📆, 📈 UP 27%

🔻 $/Sq FT: $980, 📉 down 17%

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Welcome to the vibrant and rapidly evolving Palms-Mar Vista area of Los Angeles, an emerging hotspot akin to what Culver City was a few years ago. Once a rather overlooked locale, it has now blossomed into a sought-after destination, especially for savvy real estate investors. Let's explore the December 2023 market data and trends that make Palms-Mar Vista an area you can't afford to ignore.

A Surge in Market Value

Average Sales Price: There's exciting news for homeowners and investors alike, as the average sales price in Palms-Mar Vista has soared to approximately $2.62 million, marking an impressive 27% increase from the previous quarter. This surge reflects the area's growing popularity and the lucrative opportunities it presents.
Average List Price: The average list price currently stands at $2.65 million, experiencing a slight dip of about 2%. This minor adjustment in listing prices could indicate a more buyer-friendly market amidst the broader upward trend.
The Rise in Demand

Properties Sold: The real estate scene here is buzzing with activity. In December alone, 14 properties were sold, which is a substantial 31% increase in sales volume. This spike signifies a robust demand for properties in this up-and-coming neighborhood.
Days on Market: Homes in Palms-Mar Vista are selling relatively quickly, averaging around 33 days on the market. This 27% increase from the previous period suggests that while properties are moving fast, buyers still have a moment to breathe and make considered decisions.
Price Per Square Foot: The average price per square foot is currently $980, down by about 17%. This presents a unique opportunity to acquire westside property at a more attainable price point, especially when compared to neighboring areas.
Why Palms-Mar Vista?

Beyond its proximity to the beach, which is even closer than Beverly Hills, Palms-Mar Vista offers a blend of lifestyle, location, and value that's hard to match. It's an ideal spot for those seeking a balance of beachside charm and city living. With new constructions popping up, the area is perfect for those looking to invest in a growing community.

Looking Forward

As we step into the new year, Palms-Mar Vista is poised to continue its ascent in the Los Angeles real estate market. Whether you're looking to invest in property, purchase your dream home, or simply keep an eye on promising real estate markets, Palms-Mar Vista is a location that demands attention.

Bottom Line

Palms-Mar Vista represents a golden opportunity in the Los Angeles real estate landscape, offering both luxury and value. If you're considering a real estate venture in LA, this area might just be the perfect fit for you. Stay tuned for more updates and insights into this exciting market!

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