Today we are going to focus in on the popular Culver City condominium market, specifically around the vicinity of the Westfield Shopping Mall (see the area highlighted on the map).
I’ve put together a brief summary chart of statistics related to condo sales in this Culver City area. Please take a look at the chart, and I’ve summarized some interesting data below for reference.
Over the past 6 months (up to 3/25/2020), the following condo sales data has been recorded:
Active Condo Listings: 6
In Escrow Condos: 8
Pending Condos: 4
Closed/Sold Condos: 44
ACTIVE LISTINGS
Currently there are 6 active/available condos. The median Days on Market for these is 15 days, and the average asking price is $662,983.
IN ESCROW
Currently there are 8 in-escrow condos. The median Days on Market for these is 15 days, and the average asking price is $611,250.
PENDING
Currently there are 4 pending condos. The median Days on Market for these is 23 days, and the average asking price is $626,500.
CLOSED/SOLD
There were 44 sold condos in the past 6 months within this grid. The median Days on Market for these was 21 days, and the average asking price is $660,378. What’s most interesting is the data at the bottom.
Of the 44 sales, 54.55% of them (or 24 sales) sold within 0-30 days on market, and sold for 101.13% of list price (which is OVER ASKING price).
Of the 44 sales, 27.27% of them (or 12 sales) sold within 31-60 days on market, and sold for 99.67% of list price (which is basically the exact asking price).
Of the 44 sales, 13.64% of them (or 6 sales) sold within 61-90 days on market, and sold for 98.98% of list price (which is basically the exact asking price).
Of the 44 sales, 4.55% of them (or 2 sales) sold within 91-120 days on market, and sold for 101.01% of list price (which is OVER ASKING price).
SUMMARY
The above statistics overwhelmingly show that properties priced correctly are selling quickly, and at (or over) their price! It is critical in today’s market to hire an agent who can advise you on the comparable sales, and then execute a plan to produce the interest and activity that will yield the best value for you in the resulting sale.
