Market Update: Los Angeles, CA
Home to some of the world’s most amazing real estate, the California Luxury Real Estate Market is finishing the year off strong, especially in some of LA’s most luxurious neighborhoods.
Looking specifically at the Los Angeles area, overall, the median price for homes has risen steadily despite a slow spring, according to a recent Micro Market Report on California Luxury Real Estate by DouglasElliman. Single family homes are currently averaging a median price of $820,000, a 20.6% price increase from October 2019, at $680,000. Demand for homes in this area is strong with a 46.7% decrease of average days on market, and an increase in properties sold and pending sale.
Within LA, Beverly Hills has perhaps experienced some of the most drastic changes in median sale prices over the last year. Since October 2019 the median sales price has overall increased 35.9% to $11,000,000, compared to $8,095,000, but what a crazy year it has been for this market. While feeling the effects of COVID-19 impacts early spring, 6 months ago the median price dropped suddenly to $3,075,000, where months ago it was $4,625,000.
Malibu’s iconic estates have also proved resilient with an average 33.6% median price increase. Interestingly, condominiums specifically within Malibu Beach have gone up 68.4%, from 1,995,000 in October 2019 to $2,740,000 October 2020, while single family home prices within the same area have experienced a 28.7% decrease in comparison to last October.
Seeing one of the largest median price increases within the Los Angeles area is Playa Del Rey. With a total increase of over 55% since October 2019, prices have been steadily increasing in this area since late spring. The median single family home price in this area is now $2,325,000 compared to last fall at $1,497,500. With a recent rise in home prices, sellers have seized the opportunity, adding an influx of new listings to the market, also resulting in more days on market, and less pending and sold properties then last year at the same time.
To view more statistics on the latest California Luxury Real Estate Market Report from Douglass Elliman including, Orange County, Santa Barbara County, San Diego County, Riverside County, and Monterey County, click here!