Playa Vista had a pretty interesting first quarter. At first glance, the headline number makes it look like prices dropped quite a bit, but that does not tell the whole story.
The median sale price was down 8% from last year, but that was mostly because of what sold, not because the entire Playa Vista market suddenly lost value. This quarter had more smaller Phase 1 condo sales and fewer single-family home sales, so naturally the overall median price came down.
The bigger thing we are watching is inventory. We are starting to see more homes sit on the market, especially Phase 1 condos. The best-priced homes are still selling quickly, but buyers have more choices now, and that gives them a little more breathing room.
Another important signal is the relist rate. In Phase 1 condos, roughly 31% of the homes that sold had been taken off the market and brought back on before selling. That tells us some sellers had to reset their pricing or strategy before finding the right buyer.
So the market is not bad. It is just more selective. Buyers have more opportunity than they did before, and sellers need to be really thoughtful about pricing, presentation, and timing. In Playa Vista right now, the homes that are positioned well are still moving, but the ones that miss the mark are sitting longer or needing a reset.
Days on Market and Relist Rate: The Real Story Behind Market Speed
At first glance, Playa Vista looks fast. The overall median days on market fell to 13 days, down from 22 days a year ago.
But days on market does not always tell the full story. It only measures how long the final listing took to sell. It does not always capture whether a home was previously listed, taken off the market, adjusted, and then brought back on.
That is where the relist rate becomes helpful. The relist rate shows how often homes needed a second attempt before selling. It helps us see whether homes sold quickly right away, or whether they sold quickly only after the seller adjusted price, presentation, or strategy.
This is especially important in Phase 1 condos. Closed Phase 1 condo sales had a median of just 9 days on market, which sounds very fast. But the relist rate was 30.8%, meaning nearly one in three Phase 1 condo sales had been relaunched before ultimately selling.
That tells us the market is not simply "hot" or "slow." It is selective. Homes that are priced correctly are still moving quickly, but homes that start too high may need to sit, adjust, or relaunch before buyers respond.
The active inventory supports this. Current Phase 1 condo listings are sitting at a median of about 33 days, nearly four times the 9-day median for closed sales. Some have been on much longer. So buyers should not assume every home is moving instantly, and sellers should not assume a fast sale is automatic.
Days to Sell vs. Days on Market (Current Active Listings)
Condo segments only. The gap between bars reveals the two-speed dynamic.
Why the Overall Median Price Fell
The overall median sale price fell 8.0% year over year, but the main driver was the sales mix.
In Q1 2025, single-family homes made up 27% of sales. In Q1 2026, they made up just 12.5%. Since single-family homes sit at the upper end of the Playa Vista market, fewer single-family home sales naturally pulled the overall median lower.
At the same time, Phase 1 condos made up a larger share of activity, and those sales skewed smaller. That combination lowered the overall median without necessarily signaling a broad decline in home values across every segment.
The most accurate read is this: Playa Vista has some softness, especially in Phase 1 condos, but the headline price decline overstates the shift because of what sold this quarter.
Sales Mix Shift: Q1 2025 vs Q1 2026
Phase 1 Condos: More Supply, More Competition
Phase 1 condos were the busiest segment in Q1, with 13 closed sales, just over half of all Playa Vista transactions.
The median sale price was $989,500, down 23.6% from $1,295,000 a year ago. That headline decline looks dramatic, but it is largely a composition story. The median size of homes sold also fell 15.5%, meaning smaller units made up more of this quarter's activity. On a price-per-square-foot basis, the decline was a more moderate 6.5%, which reflects real softness but not the broad 20-plus percent drop in values the headline implies.
The bigger shift is inventory. Phase 1 condos currently have 24 active listings and three under contract, creating roughly 5.5 months of supply, which puts the segment in buyer's-market territory. What's notable is that this isn't a pricing problem. Active listings are priced close to where recent sales have actually closed. The challenge is competition. There are simply more similar condos available than the current pace of buyers is absorbing.
For sellers, the message is not that Phase 1 condos cannot sell. They can, and well-positioned homes are still moving. But with more comparable condos competing for attention, pricing, presentation, and timing matter more than the fast 9-day closed figure suggests.
That said, the most recent activity points to momentum the current data does not yet capture. Just in the past week we have seen several Phase 1 condos go under contract, and we are seeing real buyer interest across much of the remaining inventory. These moves are still in progress, so they have not yet shown up in the data, but the supply is real, and it is starting to move.
Phase 1 Condos: YoY Change
Year-over-year change. Read together to see the composition story.
The -23.6% median price drop overstates the market shift. Buyers purchased smaller units this quarter (median size down 15.5%), which mechanically lowers the median. On a per-square-foot basis, the decline was a more moderate -6.5%.
Months of Inventory (Current Snapshot)
Active supply ÷ monthly sales pace. As of May 23, 2026.
Phase 1 Condos — Q1 2026 Sales
13 closed sales. Sorted by price, highest first.
Phase 2 Condos: Stable and More Balanced
Phase 2 condos had five closed sales in Q1, up from three a year earlier. Because the sample size is small, the numbers should be read directionally.
The median sale price was $2,200,000, essentially flat from $2,185,000 last year. Median price per square foot rose 4.3%, and the median home size was unchanged. That makes the pricing comparison cleaner and suggests this segment has held up well.
Phase 2 condos also had no relisted sales this quarter, which is a meaningful contrast to Phase 1. Homes in this segment sold at a median of 10 days on market, and the lack of relist activity suggests pricing was more aligned with buyer expectations from the start.
Inventory is also healthier here than in Phase 1. Phase 2 condos have roughly 3.6 months of supply, which points to a more balanced market. That said, active listings are sitting longer than the homes that closed, so sellers still need to be responsive to buyer feedback.
Phase 2 Condos: YoY Change
Year-over-year change. Read together to see the composition story.
Phase 2 Condos — Q1 2026 Sales
5 closed sales. Sorted by price, highest first.
Single-Family Homes: Limited Sales, High-End Activity
Single-family home activity was limited this quarter, so it is best to look at the sales individually rather than draw broad conclusions.
One Phase 1 single-family home sold: 12923 Bluff Creek Drive, in the Mondrian community, which closed at $1,900,000. The home was 2,464 square feet and sold at $771 per square foot after an extended marketing period.
Two Phase 2 single-family homes sold, both at higher price points and both before reaching the open market, though in different ways. The standout was a Jewel at 5912 Village Drive, which closed at $4,999,000 and was the highest-priced sale of the quarter; it sold entirely off-market. The second, a Collection Plan 1 home at 12657 Seacoast Place, closed at $2,975,000 and went straight from "coming soon" to under contract, selling before it ever reached active status.
Both sales are a useful reminder that at the upper end of Playa Vista, a meaningful share of activity happens quietly, before a home is widely marketed. For buyers and sellers at that price point, relationships and early access can matter as much as what shows up in active listings.
Phase 1 SFR — Individual Sales
1 sale this quarter. Too few for aggregate statistics.
Phase 2 SFR — Individual Sales
2 sales this quarter, both pre-market. No DOM accrued.
Townhomes: Small Sample, Limited Read
Three townhomes closed in Q1, compared with one a year earlier. The sales ranged from $1,560,000 to $2,125,000, including two Tapestry units and one Bridgeway Mills.
With only three sales, the data is too thin to draw conclusions about pace or demand within the townhome segment. The two Tapestry sales each took longer to find a buyer than the Bridgeway Mills sale's current listing did, but the Bridgeway Mills home had been previously listed, so its time on this listing understates the actual marketing effort. Once you account for that, no single townhome in the quarter sold quickly on a first attempt.
Year-over-year volume tripled from one sale to three, which is a positive signal compared with a year ago, but a small sample in both periods makes it more useful to read the sales individually than as a trend. Buyers in this segment continue to be selective, and well-positioned townhomes are finding buyers when pricing aligns with the market.
Townhomes — Individual Sales
3 sales this quarter. Individual data points, not aggregate statistics.
Current Market Conditions
Playa Vista currently has 37 active listings: 30 condos, 3 townhomes, and 4 single-family homes. Six properties are under contract, all of them condos or townhomes.
A few of the homes counted in active inventory are in "coming soon" status. These can be shown privately and can sell, so they are part of the available supply, but they are not yet accruing days on market. It is worth knowing that a buyer browsing listing portals may see homes that have not yet started their official time on market.
The market varies significantly by segment. Phase 1 condos are showing the most buyer-friendly conditions, with roughly 5.5 months of inventory. Phase 2 condos are more balanced, with about 3.6 months of inventory.
Single-family homes and townhomes had too few sales this quarter to draw a reliable inventory trend, but the current single-family inventory is worth watching. Four single-family homes are active, two are coming soon and none are currently under contract.
The takeaway is simple: Playa Vista is not one single market. Conditions depend heavily on property type, price point, and how well a home is positioned against the competition.
Active Inventory Composition
37 total active listings as of May 23, 2026. Includes 3 Coming Soon (part of supply, excluded from DOM calculations).
What This Means for Buyers
Buyers in Phase 1 condos have a little more room than they did a year ago. The closed-sales numbers make the market look very fast, but the fuller picture is more balanced: there is more selection, well-priced homes are still moving quickly, and buyers have time to be thoughtful rather than rushed. On a listing that has been available for several weeks, there may be room to talk on price.
Importantly, this is a healthy, normalizing market, not a distressed one. Asking prices on active condos are sitting very close to where recent sales have actually closed, so sellers are pricing realistically and the well-positioned homes continue to sell. The opportunity for buyers is selection and pace, not fire-sale pricing.
At the higher end, both major Phase 2 single-family sales happened before the homes were widely marketed, one fully off-market and one straight from "coming soon." For buyers at the top of the market, that makes relationships and early access genuinely valuable, since some of the best opportunities never reach the active listings.
What This Means for Sellers
For sellers, the biggest takeaway is that pricing and presentation matter more than ever.
In Phase 1 condos, the market is not dramatically overpriced, but it is more crowded. A well-priced listing can still sell quickly, but sellers should not rely on the 9-day closed-sales median alone. The more realistic benchmark may be the current active inventory, which is sitting closer to a month on average, with some listings taking much longer.
The 30.8% relist rate is the caution flag. It shows that a meaningful share of Phase 1 condo sellers did not get the market response they wanted on the first try. Sellers who price ahead of the market risk becoming part of the inventory that sits, adjusts, and relaunches.
The best strategy is to come to market with strong pricing, polished presentation, and a clear understanding of competing listings from day one.
Phase 2 condo sellers are in a stronger position, with more balanced supply, stable pricing, and no relist activity this quarter. At the high end of the single-family market, both of this quarter's sales happened before the homes hit the open market, so sellers there should weigh whether early, quiet exposure fits their price point and timing.
Bottom Line
Playa Vista's Q1 2026 market is not defined by one simple headline. Sales volume held up, the overall median price moved lower, and inventory began to build, especially in Phase 1 condos.
The price decline is mostly about composition, not a neighborhood-wide reset. The more important trend is the growing divide between homes that are priced well and sell quickly, and homes that sit because buyers have more options.
The relist rate helps confirm that story. In Phase 1 condos, nearly one in three closed sales needed a reset before selling. That is a clear sign that buyers are still there, but they are more disciplined.
For buyers, this creates opportunity. For sellers, it calls for precision. And while the current data shows inventory building, the most recent activity suggests these homes are beginning to move, even if it has not yet shown up in the market data.
Data source: CRMLS and CLAW via Repliers MLS API. All sales classified by official Team Tami sub-neighborhood boundaries. Methodology v1.1. Active inventory snapshot as of May 23, 2026. Coming Soon listings count toward supply but are excluded from days-on-market calculations. Relist detection uses a conservative 30-day cancel-and-relist window; actual relist activity may be somewhat higher.
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