Just How Much Are LAX Area Homes Dropping In Price?

I’ve written in the past about how the Westside homes aren’t dropping in price nearly at the rate that homes in other areas of Los Angeles might be. Well, now that one of our kind readers has shared a little resource called DQNews.com, I can relay the info to you all. I’m always more than happy to find little nuggets where you can garner more info. DQNews provides data based on numbers directly from the county and assessor’s records, says that site.

So, let’s dig in on the findings. These figures are from the February 2008 report.

In Playa del Rey, there were 3 single-family homes that sold. The median price was $1,200,000. And the price change? It was up (yes, up, not down) 29.0% from the previous year. Just two condos sold in February. The median-price of condo sales was $470,000 and down -8.7% from February of 2007.

Playa Vista had no single-family homes sold. That’s not unusual because the area has a high density of condos. But I can tell you that two condos sold in the month of February for a median price of $622,000 (anyone ever calculate the median with just two numbers before?) The price drop was a whopping 25.3% since February of 2007. This one surprised me a bit, but I guess it shouldn’t.

And finally, we get to Westchester. There were 12 single-family homes sold. The average sale price of homes in this neighborhood was $728,000. The drop was just 4.3% from February of last year. (This doesn’t surprise me, but it’s a tad less than I thought it was.) I also wonder if some sales of the nicer bluff homes kept the median price up a bit. Only one condo sold. The median price came out to be $380,000. Condo prices dropped 16.5% from February of 2007.

Oh, and enjoy the view of Playa Vista from the Westchester bluffs in the picture above.