🏡 March 2024 Luxury Real Estate Market Update & Trends for Marina Del Rey 🌟
🏡 March 2024 Luxury Real Estate Market Update & Trends for Marina Del Rey 🌟
🔻 Avg Sales Price: $1.72 million, 📉 down 7%
🔻 Avg List Price $2.78 million, 📉 down 3%
🔻 Properties Sold: 2, 📉 down 33%
🔻 Days on Market: 4 📆, 📉 down 91%
🔻 $/Sq FT: $993, 📉 down 6%
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Marina del Rey, renowned for its serene coastal vibe and luxury waterfront living, offers an exceptional lifestyle for those captivated by the ocean. With its world-class marina, upscale condos, and exquisite dining options right on the water, it’s a haven for yacht enthusiasts and those seeking a sophisticated, water-centric way of life.
This March, the real estate landscape in Marina del Rey has shown some interesting shifts. The average sales price saw a decrease to $1.72 million, reflecting a 7% drop, signaling a slight cooling from the previous pricing trends. Conversely, the average list price was $2.78 million, dipping about 3%—still showcasing the area’s high-end market appeal. Notably, property sales decreased by 33%, with only two properties closing in March, highlighting a more selective market environment.
Despite these changes, the properties that did hit the market moved quickly, with an average of just four days on the market—a staggering 91% decrease in market time. This rapid turnover rate underscores a highly competitive market where desirable properties are snapped up almost as soon as they are listed. Additionally, the price per square foot stands firm at $993, down just 6% from the last cycle, maintaining its value in this coveted locale.
For those drawn to the allure of living by the marina, the current dynamics present both challenges and opportunities. The luxury real estate market in adjacent areas like Beverly Hills also reflects similar trends, where discerning buyers and sellers need to navigate carefully to capitalize on their investments.
In Marina del Rey, whether you're contemplating buying a dream waterfront home or considering selling your property, understanding these trends is crucial. This neighborhood not only offers a unique lifestyle but also represents a robust investment in the heart of Southern California's luxury coastal real estate market. If Marina del Rey’s chic, marina lifestyle calls to you, now might be the perfect time to explore what this vibrant community has to offer. Connect with a local expert to discover how you can dive into this exclusive real estate opportunity.