Los Angeles Real Estate Market Highlights

Greater Los Angeles Market Update Q2-2016

Sotheby's Q2 LA Market Highlights

Greater Los Angeles Market Update Highlights:

Despite reports of a slowdown of sales in L.A.’s ultra-luxury housing market, the overall high-end market (defined at homes sold over $3 million) continues to grow at a modest and steady pace with west Los Angeles community of Brentwood being the leader.
Below are a few total sale highlights from the Sotheby’s International Realty’s Greater Los Angeles Market Update for the 2nd. Quarter of 2016, (April – June):
  • Brentwood had a total of 24 single family home sales in June 2016, up from 23 in June 2015. The average list price for single family home sales in June 2016 was $3,469,750, compared to $3,210,174 for June 2015, representing a 8% increase.  For the three-month period from April to June 2016, the average list price was 30% higher than the same period of the prior year.
  • Santa Monica had 35 condominium home sales in June 2016. The average list price for a condo was $1,205,084 compared to $1,103,098 for June 2015, representing a 9% increase. For the three-month period from April to June 2016, the average list price was 9% higher than the same period of the prior year.
  • The Sunset Strip / Hollywood Hills West had a total of 37 single family homes sold in June 2016. For the three-month period from April to June 2016, the average list price was 3% higher than the same period of the prior year. Average sales price for June 2016 was $2,500,186 compared to that of of April through June 2016, which was $2,453,111. These results indicate that the sale price is trending up.
  • Beverly Hills had 16 single family home sales in June 2016. The average list price for single family home sales in June 2016 was $7,724, 868, compared to $6,362,375 for June 2015, representing a 21% increase. For the three-month period from April to June 2016, the average list price was 18% higher than the same period of the prior year.
  • Bel Air- Holmby Hills had 12 single family home sales in June 2016. The average list price for single family home sales in June 2016 was $7,736,667 compared to $5,189,471 for June 2015, representing a 49% increase. The average sales price for June 2016 was $7,112, 321, compared to that of April through June 2016, which was $4,630,034. These results indicate that the sale price is trending up.

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