Culver City Market Update
Now that school has officially started, and Labor Day is behind us, what's happening in our real estate market? Currently, there are 30 active single family homes in Culver City. The average price is $1,497,539 and the average number of days on the market is 34. The highest priced home is listed for $3,100,000, which has 7 beds/7baths with 4,672 s.f., located in Culver Crest. The lowest priced home is our listing located at 11902 Culver Dr. listed for $625,000, heavy fixer with lots of potential. 2 bed/1bath home with 725 s.f. Also, another of our listings is a stunning designer remodel located at 11324 Culver Park Dr. Stop by Thursday evening 9/7 for our twilight open house for wine and food from 6-7:30pm.
In the condo & town home market there are 7 listings with an average price of $649,857. Prices range from $499,000-$939,000. In the last three weeks, inventory has dropped by more than half in the condo market in Culver City.
What does all of this mean? We are seeing that homes are sitting on the market a little longer than they did in the spring and the beginning of the summer, which is to be expected now that school is back in session. Everyone was trying to wrap up their summer vacations vs. going out and buying a new home. Seeing a lot of first time home buyers coming into our area from places like Pasadena & Santa Monica, because the home prices are even higher where they live, or they want to be in the Culver City school district.
Interest rates are around 3.77 - 4% for a 30 year fixed rate, which is fantastic! Shop a few lenders to see who can offer you the best rates would be our advise. If you're thinking up upsizing or downsizing, don't hesitate to give us a call, so we can discuss your options at (310) 721-1676.