Q2 | 2018
Greater Los Angeles
Market Update
BEL-AIR
sothebyshomes.com/0027976 Offered at $18,999,000
STUDIO CITY
sothebyshomes.com/0028022 Offered at $9,349,000
Greater Los Angles 06 08
Bel-Air | Holmby Hills
10 12
22
28 30 32 34
Hancock Park | Wilshire Los Feliz Malibu
24 26
Brentwood Downtown Los Angeles
18 20
Beverly Hills Beverly Hills Post Office
14 16
Market Snapshot
Pacific Palisades Santa Monica
Silver Lake | Echo Park Sunset Strip | Hollywood Hills
Venice West Hollywood
LOS FELIZ
sothebyshomes.com/0027969 Offered at $15,000,000
a message from
Frank Symons
EVP/COO, Western Region I take great pleasure in presenting the Greater Los Angeles Market Update for the second quarter of 2018. After a strong 2017, the Greater Los Angeles real estate market remains stable in the first and second quarters, and looks to continue that path for the balance of 2018. According to the CLAW MLS, when comparing the second quarter of 2018 to the same time last year, average days on market for Greater LA declined to 79 days compared to 84 days the year prior. Neighborhoods such as Malibu, Santa Monica, and Los Feliz showed a median sales price increase of 33%, 32%, and 16%, respectively. Overall, the average sales price in Greater Los Angeles rose from $2.334M to $2.635M, a 13% increase from the second quarter of 2017. Since our flagship brokerage opened in Beverly Hills in 1995, Sotheby’s International Realty has had a white-gloved finger on the pulse of the real estate market. In the pages that follow, we have prepared a thorough review of the Greater Los Angeles market, with an in-depth analysis of each of the neighborhoods we serve. I hope that you enjoy exploring our quarterly market update, and I invite you to discover more information online at sothebyshomes.com. If Sotheby’s International Realty can be of service to you in the sale or purchase of property in California or anywhere else, please call me at (310) 786-1801 so that I may personally introduce you to a local expert.
GREATER LOS ANGELES BROKERAGES
Beverly Hills | Brentwood | Los Feliz | Malibu | Pacific Palisades | Santa Monica | Sunset Strip
sothebyshomes.com/socal All data within this document is pulled from the Los Angeles MLS. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
Market Snapshot
Q2 | Greater Los Angeles
Sold Volume - all areas by price
Below $1M UnitsvsvsMSP MSPvsvsASP ASP Units
13 130
$3,000,000 $3,000,000
$5M and Above
12 125
$2,500,000 $2,500,000
12 120
$2,000,000 $2,000,000
11 115
$1M - $5M
$1,500,000 $1,500,000
11 110 $1,000,000 $1,000,000
105 10
$500,000 $500,000
100 10
$-$-
950 95
2015 2015
2016 2016 units units
Below $1M
$1M - $5M
ASP ASP
2018 2018
Median Median
$5M and Above
Sales Volume by Price Category 23 % 66% 10 %
2017 2017
Median Selling Price vs. Average Selling Price vs. Total Units Sold
Under $1 Million
Average Selling Price
$1 Million to $5 Million
Median Sale Price
Over $5 Million
Total Units Sold
Los Angeles Q2 Market Update / Q2 Highlights / 6
Comparison by Neighborhood Q2 | Greater Los Angeles
Median - current quarter only
Median Median- -current currentquarter quarteronly only
$7,000,000
$7,000,000 $7,000,000 $6,000,000
$6,000,000 $6,000,000 $5,000,000
$5,000,000 $5,000,000
$4,000,000
$4,000,000 $4,000,000
$3,000,000
$3,000,000 $3,000,000
$2,000,000
$2,000,000 $2,000,000
$1,000,000 $1,000,000 $1,000,000
2.2m $ 5.8m $ 2.7m $ 3.1m $ 0.4m $
Bel-Air | Holmby Hills Beverly Hills Beverly Hills Post Office Brentwood Downtown Los Angeles
1.7m $ 1.9m $ 3.4m $ 3.4m $ 3.1m $
Hancock Park / Wilshire Los Feliz Malibu Pacific Palisades Santa Monica
1.0m $ 1.8m $ 2.3m $ 1.7m
$
West Hollywood Vicinity West Hollywood Vicinity
Venice Venice
Sunset Strip - Hollywood Hills West Sunset Strip - Hollywood Hills West
Median Selling Price
Silver Lake - Echo Park Silver Lake - Echo Park
Venice West Santa Silver Lake Sunset Venice Echo Park Strip Hollywood Monica - Echo Hollywood Vicinity Hills West West
Santa Monica Santa Monica
Pacific Palisades
Pacific Palisades Pacific Palisades
Malibu
Malibu Malibu
Los Los Feliz Feliz
Hancock HancockPark Park --Wilshire Wilshire
Downtown Downtown L.A. L.A.
Brentwood Brentwood
Brentwood Downtown Hancock Los Feliz Beverly Brentwood Hills L.A. Park Hills Post Post Office Wilshire
Beverly BeverlyHills HillsPost Post Office Office
Beverly Hills
Beverly Beverly Hills Hills
Bel Air Holmby Hills
Bel BelAir Air--Holmby Holmby Hills Hills
$-$-$-
Silver Lake | Echo Park Sunset Strip | Hollywood Hills Venice West Hollywood
at a glance {Q2 | 2018}
bel-air | holmby hills
5.0
%
Change in Median Selling Price {2018 v 2017}
115 Average Days on Market
40 Units Sold
2.2m
$
Median Selling Price
ASP ASPvs vsClosed ClosedUnits Units
Average Selling Price | Total Units Sold $7,000,000 $7,000,000 $7,000,000
60 60 60
$6,000,000 $6,000,000 $6,000,000
50 50 50
$5,000,000 $5,000,000 $5,000,000
40 40 40
$4,000,000 $4,000,000 $4,000,000 30 30 30 $3,000,000 $3,000,000 $3,000,000 20 20 20
$2,000,000 $2,000,000 $2,000,000
10 10
$1,000,000 $1,000,000 $1,000,000 $$$-
00
2015 2015
2016 2016
2017 2017
2018 2018 2018 Total Units Sold
Average Selling Price
About
Bel-Air & Holmby Hills Bel-Air’s stately gates off Sunset Boulevard lead down winding streets lined with lavish homes with lush vegetation. Popular with celebrities and entertainment industry elite, the neighborhood is home to the landmark Hotel Bel-Air, and offers a rare kind of seclusion in a non-stop city. sothebyshomes.com/belair
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
5.0%
-
-18.4%
-1.0%
14.3%
2018
$2,162,500
-0.6%
40
100
115
2017
$2,060,000
3.3%
49
101
101
2016
$2,050,000
2.8%
43
89
129
2015
$2,487,500
0.6%
46
89
124
/
9 Bel Air | Holmby Hills
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $7,200,000
70
$7,000,000
60
$6,800,000
50
$6,600,000 40 $6,400,000 30 $6,200,000 20
$6,000,000 $5,800,000
10
$5,600,000
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Beverly Hills Whether you are an art aficionado or feel the lure of the unparalleled shopping of Rodeo Drive, Beverly Hills is known worldwide as a premier destination for luxury. sothebyshomes.com/beverlyhills
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-10.1%
-
-48.9%
9.5%
-8.7%
2018
$5,842,500
-0.9%
24
69
96
2017
$6,500,000
0.1%
47
63
106
2016
$5,175,000
-5.8%
37
82
97
2015
$4,437,500
1.8%
60
56
94
Los Angeles Q2 Market Update / Beverly Hills / 10
at a glance {Q2 | 2018}
beverly hills
-10.1
%
Change in Median Selling Price {2018 v 2017}
96 Average Days on Market
24 Units Sold
5.8m
$
Median Selling Price
at a glance {Q2 | 2018}
beverly hills post office
-20.5
%
Change in Median Selling Price {2018 v 2017}
114 Average Days on Market
43 Units Sold
2.7m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $6,000,000
60
$5,000,000
50
$4,000,000
40
$3,000,000
30
$2,000,000
20
$1,000,000
10
$-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Beverly Hills Post Office Beverly Hills Post Office is home to grand estates, mansions, as well as some of the most celebrated gated communities. The hillside location offers incredible views of the Los Angeles basin, Pacific Ocean, and Catalina Island. sothebyshomes.com/bhpo
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-20.5%
-
-10.4%
-24.2%
22.1%
2018
$2,740,000
-8.6%
43
94
114
2017
$3,445,000
-6.8%
48
124
93
2016
$2,425,000
3.2%
37
87
151
2015
$2,795,000
-3.6%
45
87
125
/
13 Beverly Hills Post Office
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $5,000,000
90
$4,500,000
80
$4,000,000
70
$3,500,000
60
$3,000,000
50
$2,500,000 40
$2,000,000
30
$1,500,000
20
$1,000,000
10
$500,000 $-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Brentwood Brentwood is known for its palatial estates and laid-back California elegance. It’s the perfect enclave for dining at Katsu-ya or biking down San Vicente to the ocean. Perched on a hill above this chic neighborhood, take in the architecture and art on display at the Getty Center. sothebyshomes.com/brentwood
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-3.3%
-
-24.0%
7.0%
-8.3%
2018
$3,075,000
-0.8%
57
92
76
2017
$3,180,000
-8.5%
75
86
83
2016
$3,196,410
-1.6%
73
87
92
2015
$2,768,450
2.7%
79
85
73
Los Angeles Q2 Market Update / Brentwood / 14
at a glance {Q2 | 2018}
brentwood
-3.3
%
Change in Median Selling Price {2018 v 2017}
76 Average Days on Market
57 Units Sold
3.1m
$
Median Selling Price
at a glance {Q2 | 2018}
downtown los angeles
4.5
%
Change in Median Selling Price {2018 v 2017}
78 Average Days on Market
24 Units Sold
0.4m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $600,000
35 30
$500,000
25 $400,000 20 $300,000 15 $200,000 10 $100,000
5
$-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Downtown Los Angeles Downtown L.A. offers urban living at its finest, and is the heart of L.A.’s art boom which has put the city on the world stage of contemporary art. Gleaming new landmark lofts, a central business district, and popular revolving art attract thousands of new residents to every year. sothebyshomes.com/dtla
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
4.5%
-
-11.1%
-24.2%
-13.2%
2018
$410,000
-2.4%
24
25
78
2017
$392,500
-1.6%
27
33
90
2016
$285,750
-5.4%
32
29
118
2015
$305,000
1.7%
25
28
79
/
17 Downtown Los Angeles
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $2,500,000
100 90
$2,000,000
80 70
$1,500,000
60 50
$1,000,000
40 30
$500,000
20 10
$-
0
2015
2016
2017
2018
Total Units Sold
Average Selling Price
About
Hancock Park/Wilshire Centrally located and surrounded by the Wilshire Country Club, Hancock Park boasts some of the best classical Los Angeles architecture, making it one of the most desirable areas in all of Southern California. sothebyshomes.com/hancockpark
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
17.4%
-
-7.1%
5.6%
-15.9%
2018
$1,735,000
1.5%
78
57
78
2017
$1,477,500
0.2%
84
54
93
2016
$1,540,000
3.0%
75
64
85
2015
$1,285,000
2.8%
93
69
85
Los Angeles Q2 Market Update / Hancock Park | Wilshire/ 18
at a glance {Q2 | 2018}
hancock park/wilshire
17.4
%
Change in Median Selling Price {2018 v 2017}
78 Average Days on Market
78 Units Sold
1.7m
$
Median Selling Price
at a glance {Q2 | 2018}
los feliz
16.4
%
Change in Median Selling Price {2018 v 2017}
77 Average Days on Market
60 Units Sold
1.9m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $2,500,000
80 70
$2,000,000 60 50
$1,500,000
40 $1,000,000
30 20
$500,000 10 $-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Los Feliz Los Feliz is a creative neighborhood with an independent vibe all its own. This historic neighborhood is steeped in architectural history, boasting homes designed by Richard Neutra, John Lautner, and Frank Lloyd Wright. sothebyshomes.com/losfeliz
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
16.4%
-
-14.3%
-41.0%
6.4%
2018
$1,902,500
5.9%
60
36
77
2017
$1,635,000
2.8%
70
61
72
2016
$1,447,000
0.8%
57
35
92
2015
$1,313,000
6.0%
64
57
66
/
21 Los Feliz
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 60
$4,500,000 $4,000,000
50 $3,500,000 $3,000,000
40
$2,500,000 30 $2,000,000 $1,500,000
20
$1,000,000 10 $500,000 $-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price About
Malibu With nearly 27 miles of gorgeous coastline covered in pristine beaches, Malibu is one of the most storied oceanfront communities on the West Coast. The area offers long strands of private beaches, world-class surfing at Zuma and El Matador, and front-row seats to unforgettable sunsets. Malibu is both classic California and understated/rustic elegance. sothebyshomes.com/malibu
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
32.6%
-
25.0%
-35.9%
-31.8%
2018
$3,365,000
0.4%
45
100
105
2017
$2,537,500
-5.9%
36
156
154
2016
$2,725,000
-2.6%
47
147
139
2015
$2,325,000
-5.8%
53
164
181
Los Angeles Q2 Market Update / Malibu / 22
at a glance {Q2 | 2018}
malibu
32.6
%
Change in Median Selling Price {2018 v 2017}
105 Average Days on Market
45 Units Sold
3.4m
$
Median Selling Price
at a glance {Q2 | 2018}
pacific palisades
9.8
%
Change in Median Selling Price {2018 v 2017}
96 Average Days on Market
67 Units Sold
3.4m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $6,000,000
12 0
$5,000,000
100
$4,000,000
80
$3,000,000
60
$2,000,000
40
$1,000,000
20
$-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Pacific Palisades More a retreat than an urban neighborhood, the Palisades sits against a stunning backdrop with views of the Santa Monica mountains, the Pacific Coast, and several canyons that run between them. The Palisades are a green oasis within Los Angeles. sothebyshomes.com/pacificpalisades
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
9.8%
-
-1.5%
-26.3%
5.9%
2018
$3,350,000
-4.1%
67
56
96
2017
$3,050,000
3.0%
68
76
91
2016
$2,651,800
-1.6%
66
86
89
2015
$2,602,500
-0.3%
102
80
74
/
25 Pacific Palisades
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $4,000,000
76
$3,500,000
74 72
$3,000,000
70
$2,500,000
68 $2,000,000 66 $1,500,000
64
$1,000,000
62
$500,000
60
$-
58
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Santa Monica L.A.’s premier beach destination, Santa Monica blends urban energy, beach town atmosphere, and world-class oceanfront hotels like Shutters and Casa Del Mar, whose back yard is the glorious Pacific Ocean. sothebyshomes.com/santamonica
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
32.3%
-
-9.9%
9.8%
-23.2%
2018
$3,062,500
2.1%
64
45
65
2017
$2,315,000
7.7%
71
41
84
2016
$2,185,000
-0.5%
65
52
62
2015
$2,075,000
4.0%
75
38
62
Los Angeles Q2 Market Update / Santa Monica / 26
at a glance {Q2 | 2018}
santa monica
32.3
%
Change in Median Selling Price {2018 v 2017}
65 Average Days on Market
64 Units Sold
3.1m
$
Median Selling Price
at a glance {Q2 | 2018}
silver lake / echo park
10.5
%
Change in Median Selling Price {2018 v 2017}
54 Average Days on Market
82 Units Sold
1.0m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $1,400,000
12 0
$1,200,000
100
$1,000,000 80 $800,000 60 $600,000 40 $400,000 20
$200,000 $-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Silver Lake/Echo Park Rock ‘n’ roll attitudes contrast the refined and modern homes of Silver Lake. This hilly neighborhood is one of L.A.’s most walkable areas and is home of its namesake reservoir and cutting-edge music scene. sothebyshomes.com/silverlake
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
10.5%
-
-26.1%
-28.8%
-28.3%
2018
$1,048,500
6.0%
82
42
54
2017
$949,000
5.6%
111
59
76
2016
$932,500
3.7%
80
43
76
2015
$786,143
2.5%
86
55
77
/
29 Silver Lake | Echo Park
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $3,000,000
160 140
$2,500,000
12 0 $2,000,000
100
$1,500,000
80 60
$1,000,000
40 $500,000
20
$-
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
Sunset Strip/Hollywood Hills Hollywood’s fame is rooted in its cultural identity, peerless entertainment industry, and historical significance as the origin of American cinema. Get a perfect martini at Musso & Frank’s, which has been serving drinks since 1919 to the likes of Charlie Chaplin and William Faulkner, and then stroll down to the Roosevelt Hotel for a nightcap. sothebyshomes.com/sunsetstrip
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-6.5%
-
3.3%
-49.2%
-10.0%
2018
$1,810,000
-3.6%
126
100
92
2017
$1,935,000
-2.9%
122
197
103
2016
$1,826,000
1.5%
97
182
92
2015
$1,650,000
-0.5%
142
206
84
Los Angeles Q2 Market Update / Sunset Strip | Hollywood Hills / 30
at a glance {Q2 | 2018}
sunset strip / hollywood hills
-6.5
%
Change in Median Selling Price {2018 v 2017}
92 Average Days on Market
126 Units Sold
1.8m
$
Median Selling Price
at a glance {Q2 | 2018}
venice
8.2
%
Change in Median Selling Price {2018 v 2017}
81 Average Days on Market
55 Units Sold
2.3m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $3,000,000
62 60
$2,500,000
58 $2,000,000 56 $1,500,000 54 $1,000,000 52 $500,000
50
$-
48
2015
2016
2017
2018 Total Units Sold
Average Selling Price About
Venice Welcome to the heart of Silicon Beach. Admire the street art and commissioned murals in old Venice, alongside a new community of creative entrepreneurs, startups, and venture capitalists. Stroll through Abbot Kinney, the “coolest block in America.� Explore the historic Venice Canals, a tranquil and hidden gem, and finish the evening with dinner at Gjelina. sothebyshomes.com/venice
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
8.2%
-
0.0%
27.1%
2.9%
2018
$2,325,500
-1.0%
55
61
81
2017
$2,150,000
-1.7%
55
48
79
2016
$1,851,935
0.2%
53
49
83
2015
$1,820,000
-0.2%
60
46
68
/
33 Venice
/ Los Angeles Q2 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $2,050,000
45
$2,000,000
40
$1,950,000
35
$1,900,000
30
$1,850,000
25
$1,800,000 20
$1,750,000
15
$1,700,000
10
$1,650,000 $1,600,000
5
$1,550,000
0
2015
2016
2017
2018 Total Units Sold
Average Selling Price
About
West Hollywood West Hollywood is a thriving, diverse community on the leading edge of culture, entertainment, and design. “WeHo” is home to the Pacific Design Center and ground zero for Los Angeles’s thriving Interior Design and Architectural community. sothebyshomes.com/westhollywood
Q2
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
5.6%
-
-12.5%
32.0%
-25.3%
2018
$1,660,000
-2.1%
35
33
54
2017
$1,572,100
1.9%
40
25
73
2016
$1,612,000
0.2%
28
26
58
2015
$1,560,000
0.8%
36
25
68
Los Angeles Q2 Market Update / West Hollywood / 34
at a glance {Q2 | 2018}
west hollywood
5.6
%
Change in Median Selling Price {2018 v 2017}
54 Average Days on Market
35 Units Sold
1.7m
$
Median Selling Price
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