The insanity of L.A.'s housing market has reached a new high. Or low.
The Westside of the market, where it once seemed that paying $500,000 or so for a house was a stretch, is now pretty much off limits for all but millionaires.
Yep. Parts of the Westside still have shootings, gangs and crime. But they no longer welcome middle-class home buyers.
The folks at real estate listings site Redfin analyzed July home prices in Los Angeles and concluded that the median price of a Westside home was $1.1 million in July, a whopping 10 percent more than the same time last year.
That compared with a price hike of 8.1 percent for all of L.A.
We asked if this was the first time the median for the Westside had topped the $1 million mark. The answer was that it's not clear because this is the first time Redfin has distinguished home prices for that region for July comparisons.
“I found that the Westside was both the most expensive and the most competitive area in all of L.A. this July,” says Redfin's Jeffery Marino. “The median sale price in July was $1.1 million on the Westside and the typical home was off the market within 15 days.”
The area with the highest median home price for July was Pacific Palisades, where $2,465,176 will put you in the middle of the home-buying frenzy, the site says.
The communities west of the 405 freeway had a median home price of $1.9 million in July, Redfin says.
The ridiculous prices have hit Venice hard. Says Redfin:
Venice is now as expensive as the tony Beverly Hills Post Office neighborhood, with a median sale price of $1.72 million, up 19 percent from last year.
Want a deal on the Westside?
You want to be in the “the Westside’s Fox Hills, where you can still buy a condo for less than $500,000,” Redfin says.
Or look elsewhere in L.A., where the median price overall is still just below half a million dollars, at $490,000.