Market Data - Westchester

Market trends help you understand the movement of key price indicators.  Having a better understanding of the market that you are working in helps immensly when making decisions on what to build, remodel, or offer the market.   We have to make sure our remodel doesn't go over budget, but also at the same time make sure it finishes up to the standards of whats available currently. 

Trends in Westchester show a 8% year-over-year rise in median sales price. 

The median sales price for homes in Westchester for May 24 to Aug 23 was $1,122,500 based on 96 home sales.

Number of Sales - Year Over Year <5 Years

Average price per square foot for Westchester was $707, an increase of 5% compared to the same period last year.

These are the factors that drove our decision to start buying and selling in this area.  Consist growth and in genral the area has been on the up an ups for the past 2 years. Additionally, the average household income & amount of college educated residents  is well above the average for LA county.  These factors all contribute to a great market. 

Westchester

We have our sights set on Westchester. A little area just south of the airport. We had been tracking this location awhile back when we first heard the buzz of developers revitalizing this area with bold, and adventurous remodels to in our opinion quite tired looking existing stock of homes.

 

We could see there was a clear change in the area, but couldn't pinpoint what that change would be. I remember it being about 2014 when we first started looking at this area for potential Real Estate investing.  We had found the recent influx of many top tech firms were starting to pour into the surrounding area in Playa Vista, Venice, & Santa Monica. Our biggest indication of a change in the area was the sale of the Howard Hughes Sprucegoose Hanger being leased to Google to convert into its new headquarters. 

Its now 2017, and we regret not investing out here sooner. The area has skyrocketed and in particular, the Kentwood subdivision of Westchester has seen some massive increases in sales price for remodeled homes. Many developers have come in and used the teardown model of investing to build some pretty beautiful and high priced homes.

We will be on the lookout to purchase our first home in Westchester.