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SANTA MONICA+ VENICE REAL ESTATE SNAPSHOT~SEPT. 2013~GOOD @ THE BEACH
by Jodi Summers
If you own real estate at the beach, life is like a holiday by the sea, today is good, tomorrow even better.  As you enjoy the ocean, the  equity just keeps on rising. Figure if California real estate is strong, coastal real estate is stronger. And, BTW, California real estate is good.  We will soon be seeing more property millionaires.
The California Association of Realtors reports that the July year-over-year statewide median price increased by 29.8%  to $433,760 (rah! Rah! RAH!).  California strong. By, comparison, the national median price for an existing single-family home in 2Q 2013 was $203,500 - up by 12.2% from a year earlier.
Here at the end of the 10 freeway, the median asking price for Santa Monica and Venice residential properties is up 25% from August 2012, while the median price of sold properties is up 28%. These statistics reaffirm what we all know; the beaches are in multiple offer situations. And here's a number to make property owners proud and buyers concerned - the median sold price is an eye-popping $1,495,000. Life is lucky @ the beach.

Life in California is good for those who can get it. Inventory of unsold single-family homes ... more

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