May 24, 2024 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Venice Home Sales Spike in Part due to ‘Silicon Beach’ Transplants

Annual report shows single-family home sales spiking in Venice-area

By Sam Catanzaro

A recent report says that single-family home sales in the Venice-area have spiked the past year in part due to East Coast and Northern California buyers “moving live within the close reach of Silicon Beach.”

A recent report titled The Red Paper 2020 Press from real estate firm The Agency finds that the ‘Beach Cities’ – defined as Venice, Playa del Rey, Marina del Rey, Redondo Beach, Manhattan Beach and Hermosa Beach – saw a 9 percent increase in single-family home sales and median prices over 2019 levels.

“With driving to the office not top of the mind in 2020, the Beach Cities saw more buyers seeking sand, surf, quality schools and a walkable lifestyle that offered outdoor recreation amongst stay-at-home orders,” reads the report.

It was not just the sun, sand and surf that attracted buyers, however, the report states.

“Early in the pandemic, Venice, Playa del Rey and the Marina saw on the influence of buyers from the East Coast, Northern California and Greater LA moving to live within the close reach of Silicon Beach’s tech centers,” reads the report, which is published annually.

Looking ahead, the authors predict the Beach Cities should expect a busy 2021 as well, with demand growing and inventory dwindling.

“While new inventory will be arriving to the market in the way of new construction and remodeled older homes, expect price points to trend slightly upwards as the market remains highly competitive,” reads the report, contending that the market will be the most competitive in the Venice-area for entry-level homes.

While the Beach Cities’ increase was sharp, it was beaten out by Santa Monica, Brentwood and Pacific Palisades. According to the report, the sale of single-family homes throughout Brentwood and the Palisades rose 14 percent with median prices up 5 percent, while in Santa Monica single-family home sales rose 13 percent over 2019 levels.

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