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Latest posts by Larry Rothman (see all)
- Understanding a Co-op Ownership Structure and Proprietary Lease - July 17, 2018
- New Construction Final Walk-Through Punch List - July 16, 2018
- Evaluating a Building’s Financial Statement - July 13, 2018
Los Angeles’ real estate market continues ablaze. Overall, the city’s median sales price was about $780,000, an 11% increase from a year ago. However, given L.A.’s large size, it is more useful to break down the recent single-family home sales price history by neighborhood, using data provided by the Multiple Listing Service (MLS).
This ritzy neighborhood experienced better than an 11% year-over-year increase in the second quarter. The median price reached $2.28 million versus $2.05 million in the year-ago period. There were 49 listings sold compared to 43.
Homes had a 4% appreciation in the median price, to $5.6 million from $5.38 million. This price is the highest on our list. There were 49 units sold, a sharp rise from the 35 last year.
Beverly Hills Post Office (90210)
The zip code made famous by television shows such as Beverly Hills 90210 and the Real Housewives of Beverly Hills, experienced the sharpest price rise on our list. The median price jumped to $3.35 million from $2.39 million, an astounding 40% increase. There were 44 listings sold, an additional 8 listings versus a year ago.
This cozy neighborhood’s median price was $1.47 million, a 25% increase from the $1.17 million fetched last year. Unit sales were flat, at 62. While its small population numbers about 6,000, this is increasing as larger homes are added.
Price appreciation lagged for this high end, classic L.A. neighborhood. However, it was up 3% to $3.03 million. Sold listings edged up to 76 from 73.
While the majority of areas experienced a year-over-year price increase, Century City/Westwood saw a price decline. The median price edged down by 2% to $2.15 million from $2.19 million, with sold listing essentially flat, at 55 versus 54.
This data may be skewed since it is based on single-family homes. The area has attracted urban-oriented dwellers, and high-rises have been built to meet this demand. The co-op/condo market has been hot, with a 17% price increase reported earlier in the year.
Cheviot Hills/Rancho Park
These quiet upscale neighborhoods saw a modest 5% price rise, to $2.31 million from $2.2 million. The number of sold listing nearly doubled to 36 from 20.
This was the worst performing neighborhood on our list. The median price fell to $1.11 million from $1.2 million. There were 56 listings sold, 17 fewer than a year ago.
Hancock Park’s prices took a breather. The price was down 5% to $1.48 million from $1.56 million. The number of sold listing rose to 82 from 74, however.
The famous neighborhood saw its median price sharply increase by 22%. It was $1.22 million versus $1 million. The number of units sold was 28, up from 25.
Prices in Hollywood Hills East were essentially flat, at $1.34 million. There were 43 units sold, a downtick from the 48 a year ago.
This neighborhood was hot, with the median price rising by $300,000 to $1.75 million. Meanwhile, the number of units sold jumped to 65 from 55.
This beachside neighborhood saw a 5% dip in the median price. The sales price fell to $2.38 million from $2.51 million. There were 47 sold listings compared to the year ago’s 60.
Marina Del Rey
This small Los Angeles neighborhood was one of the better performers. The price was $1.3 million, 23% higher than the $1.06 million fetched last year. The number of sales was flat, at 37 versus 38.
Housing prices were robust, rising 5% to $2.35 million from $2.19 million. There were 70 listing sold, in-line with the year-ago total of 69.
This is the lowest price neighborhood on our list, with a median price of $892,500, and the only area that is priced below $1 million. Despite this, the price fell 4%, although the number of listings sold rose sharply to 120 from 87.
Sunset Strip/ Hollywood Hills West
Sunset Strip/Hollywood Hills West median price grew 5% to $1.95 million, about $100,000 higher than last year. The volume also increased nicely, to 122 units versus 100.
This wealthy community had a healthy 27% price appreciation. The median price crossed the $3 million thresholds, to $3.2 million, about $700,000 more than a year ago. The number of listing sold was flat, at 71.
Venice realized a 21% increase, with the median price reaching $2.2 million. The sales price was $1.8 million last year.
West Los Angeles
The price of a median home slipped to $1.16 million from $1.22 million on steady sales volume. There were 34 listings sold compared to 32 a year ago.
Home to many creative types, this area saw the price slip a bit. The median price was $1.58 million, down from $1.62 million. The units sold rose by four, to 35, however.