Q4 | 2017
Greater Los Angeles
Market Update
BRENTWOOD
sothebyshomes.com/0344198 Offered at $35,000,000
BIRD STREETS
sothebyshomes.com/1290585 Offered at $9,450,000
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
sothebyshomes.c Offered at
a message from
Frank Symons
EVP/COO, Western Region I take great pleasure in presenting the Greater Los Angeles Market Update for the final quarter of 2017. The Greater Los Angeles real estate market finished the year strongly with over 1,092 homes sold in 2017. According to the CLAW MLS, in the fourth quarter of 2017, Los Angeles housing prices reached new records with the average selling price rising to $2.55M, a 6% increase compared to this time last year. The overall median selling price increased year over year for the fourt consecutive year to a high of $1.68M compared to $1.41M in the fourth quarter of last year. Demand continued to be very high and inventory continued to decline, as did the average days on market; 84 days compared to 92 days at the end of 2016. 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
MALIBU
com/1300324 $23,950,000
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
Q4 | Greater Los Angeles
Sold Volume - all areas by price Units vs MSP vs ASP 1120
$3,000,000
Below $1M
1100 $2,500,000
1080 1060
$2,000,000
$5M and Above
1040 1020
$1,500,000
$1M - $5M
1000 $1,000,000
980 960
$500,000
940 $Below $1M
$1M - $5M
$5M and Above
920
2014 units
Sales Volume by Price Category 8% 57 % 36 %
ASP
2016
2017
Median
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 Q4 Market Update / Q4 Highlights / 6
2015
Comparison by Neighborhood Q4 | Greater Los Angeles
Median current quarter only Median current quarter only $7,000,000
$7,000,000 $6,000,000
$6,000,000 $5,000,000
$5,000,000 $4,000,000
$4,000,000 $3,000,000
$3,000,000 $2,000,000
$2,000,000 $1,000,000
$1,000,000 $-
Median Selling Price 2.4m $ 6.1m $ 3.4m $ 3.3m $ 0.4m $
Bel-Air | Holmby Hills Beverly Hills Beverly Hills Post Office Brentwood Downtown Los Angeles
1.7m $ 1.7m $ 2.4m $ 3.3m $ 3.5m $
Hancock Park / Wilshire Los Feliz Malibu Pacific Palisades Santa Monica
1.1m $1.8m $2.0m $1.7m $
West Hollywood Vicinity
Venice
Sunset Venice West Strip Hollywood Hollywood Vicinity Hills West
Sunset Strip - Hollywood Hills West
Silver Lake - Echo Park
Santa Silver Lake Monica - Echo Park
Santa Monica
Pacific Palisades
Pacific Palisades
Malibu
Malibu
Los Feliz
Downtown L.A.
Hancock Park - Wilshire
Beverly Brentwood Downtown Hancock Los Feliz Hills Post L.A. Park Office Wilshire
Brentwood
Beverly Hills
Beverly Hills Post Office
Holmby Hills
Beverly Hills
Bel Air - Holmby Hills
$- Bel Air -
Silver Lake | Echo Park Sunset Strip | Hollywood Hills Venice West Hollywood
at a glance {Q4 | 2017}
bel-air | holmby hills
71
%
Change in Median Selling Price {2017 v 2016}
88 Average Days on Market
46 Units Sold
2.4m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $6,000,000
50 45
$5,000,000
40 35
$4,000,000
30 $3,000,000
25 20
$2,000,000
15 10
$1,000,000
5 $-
0
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
71.2%
-
35.3%
38.8%
-19.4%
2017
$2,440,000
-2.4%
46
143
88
2016
$1,425,000
-3.4%
34
103
109
2015
$2,212,500
-5.9%
29
86
95
2014
$1,750,000
-2.7%
39
94
104
/
9 Bel Air | Holmby Hills
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $9,000,000
50
$8,000,000
45
$7,000,000
40 35
$6,000,000
30
$5,000,000
25
$4,000,000
20
$3,000,000
15
$2,000,000
10
$1,000,000
5
$-
0
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
63.8%
-
-26.1%
20.7%
0.7%
2017
$6,137,500
-11.3%
34
105
108
2016
$3,747,500
-4.3%
46
87
107
2015
$5,757,500
4.8%
31
69
85
2014
$4,395,000
0.0%
35
63
104
Los Angeles Q4 Market Update / Beverly Hills / 10
at a glance {Q4 | 2017}
beverly hills
63.8
%
Change in Median Selling Price {2017 v 2016}
108 Average Days on Market
34 Units Sold
6.1m
$
Median Selling Price
at a glance {Q4 | 2017}
beverly hills post office
22.8
%
Change in Median Selling Price {2017 v 2016}
104 Average Days on Market
38 Units Sold
3.4m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold $5,000,000
45
$4,500,000
40
$4,000,000
35
$3,500,000
30
$3,000,000
25
$2,500,000
20
$2,000,000
15
$1,500,000
10
$1,000,000
5
$500,000
0
$-
2014
2015
2016
2017 Total Units Sold
Average Selling Price
About
BeverlyHills 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
22.8%
-
18.8%
4.5%
-22.7%
2017
$3,437,500
-3.0%
38
140
104
2016
$2,800,000
-1.6%
32
134
135
2015
$2,520,000
-2.9%
38
110
108
2014
$2,547,500
-6.4%
40
100
118
/
13 Beverly Hills Post Office
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 140
$5,000,000 $4,500,000
120
$4,000,000 100
$3,500,000 $3,000,000
80
$2,500,000 60
$2,000,000 $1,500,000
40
$1,000,000 20
$500,000
0
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
14.4%
-
121.1%
29.8%
-25.3%
2017
$3,337,500
1.9%
126
122
79
2016
$2,918,000
-2.6%
57
94
105
2015
$2,890,000
1.4%
55
95
86
2014
$2,440,000
1.9%
71
69
78
Los Angeles Q4 Market Update / Brentwood / 14
at a glance {Q4 | 2017}
brentwood
14.4
%
Change in Median Selling Price {2017 v 2016}
79 Average Days on Market
126 Units Sold
3.3m
$
Median Selling Price
at a glance {Q4 | 2017}
downtown los angeles
15.6
%
Change in Median Selling Price {2017 v 2016}
153 Average Days on Market
34 Units Sold
0.4m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold 40
$500,000 $450,000
35
$400,000
30
$350,000
25
$300,000 $250,000
20
$200,000
15
$150,000
10
$100,000
5
$50,000 $-
0
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
15.6%
-
17.2%
70.8%
35.2%
2017
$376,750
-5.2%
34
41
153
2016
$326,000
-1.2%
29
24
113
2015
$304,892
-2.1%
24
32
100
2014
$232,500
1.1%
14
29
81
/
17 Downtown Los Angeles
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 76
$2,200,000
74
$2,100,000
72 $2,000,000
70
$1,900,000
68 66
$1,800,000
64 $1,700,000
62
$1,600,000
60
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
-1.6%
-
7.7%
-29.0%
-24.3%
2017
$1,672,500
-0.6%
70
66
75
2016
$1,699,000
-5.3%
65
93
98
2015
$1,355,000
0.4%
67
79
73
2014
$1,265,000
1.3%
74
86
95
Los Angeles Q4 Market Update / Hancock Park | Wilshire/ 18
at a glance {Q4 | 2017}
hancock park/wilshire
1.6
%
Change in Median Selling Price {2017 v 2016}
75 Average Days on Market
70 Units Sold
1.7m
$
Median Selling Price
at a glance {Q4 | 2017}
los feliz
-4.5
%
Change in Median Selling Price {2017 v 2016}
67 Average Days on Market
49 Units Sold
1.7m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold 60
$2,500,000
50
$2,000,000
40 $1,500,000 30 $1,000,000 20 $500,000
10
0
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
-4.5%
-
8.9%
15.8%
-25.1%
2017
$1,720,000
1.2%
49
66
67
2016
$1,801,000
0.1%
45
57
89
2015
$1,539,500
-3.6%
44
61
89
2014
$1,278,600
2.3%
57
55
85
/
21 Los Feliz
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $4,000,000
50 45
$3,500,000
40
$3,000,000
35
$2,500,000
30
$2,000,000
25 20
$1,500,000
15
$1,000,000
10
$500,000
5 0
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
-9.6%
-
20.0%
14.2%
-5.4%
2017
$2,395,000
-4.2%
42
185
160
2016
$2,650,000
0.0%
35
162
169
2015
$2,495,000
-0.2%
41
170
172
2014
$2,400,000
-5.8%
45
169
196
Los Angeles Q4 Market Update / Malibu / 22
at a glance {Q4 | 2017}
malibu
9.6
%
Change in Median Selling Price {2017 v 2016}
160 Average Days on Market
42 Units Sold
2.4m
$
Median Selling Price
at a glance {Q4 | 2017}
pacific palisades
2.5
%
Change in Median Selling Price {2017 v 2016}
91 Average Days on Market
57 Units Sold
3.3m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold 62
$5,000,000 $4,500,000
60
$4,000,000
58
$3,500,000
56
$3,000,000 $2,500,000
54
$2,000,000
52
$1,500,000
50
$1,000,000
48
$500,000 $-
46
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
2.5%
-
9.6%
-3.1%
-10.5%
2017
$3,340,000
-1.6%
57
95
91
2016
$3,259,000
-6.7%
52
98
102
2015
$2,927,500
1.1%
61
89
89
2014
$2,181,000
-1.9%
54
72
79
/
25 Pacific Palisades
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold $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
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
39.4%
-
17.6%
30.0%
-1.2%
2017
$3,235,000
-1.8%
60
65
73
2016
$2,320,000
3.1%
51
50
74
2015
$2,547,500
-6.3%
44
66
75
2014
$2,212,500
3.0%
64
45
76
Los Angeles Q4 Market Update / Santa Monica / 26
at a glance {Q4 | 2017}
santa monica
39.4
%
Change in Median Selling Price {2017 v 2016}
73 Average Days on Market
60 Units Sold
3.2m
$
Median Selling Price
at a glance {Q4 | 2017}
silver lake / echo park
18.3
%
Change in Median Selling Price {2017 v 2016}
67 Average Days on Market
97 Units Sold
1.1m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold 120
$1,400,000 $1,200,000
100
$1,000,000
80
$800,000 60 $600,000 40
$400,000
20
$200,000
0
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
18.3%
-
27.6%
19.4%
-24.8%
2017
$1,060,642
6.2%
97
80
67
2016
$896,447
5.5%
76
67
89
2015
$849,000
1.9%
96
82
81
2014
$750,000
1.4%
83
55
75
/
29 Silver Lake | Echo Park
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 140
$2,450,000 $2,400,000
120
$2,350,000 100
$2,300,000 $2,250,000
80
$2,200,000 60
$2,150,000 $2,100,000
40
$2,050,000 20
$2,000,000
0
$1,950,000
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
6.9%
-
36.0%
31.0%
12.3%
2017
$1,844,250
1.1%
121
300
102
2016
$1,725,000
-1.4%
89
229
91
2015
$1,692,500
-1.9%
112
209
90
2014
$1,832,038
-6.2%
100
191
100
Los Angeles Q4 Market Update / Sunset Strip | Hollywood Hills / 30
at a glance {Q4 | 2017}
sunset strip / hollywood hills
6.9
%
Change in Median Selling Price {2017 v 2016}
102 Average Days on Market
121 Units Sold
1.8m
$
Median Selling Price
at a glance {Q4 | 2017}
venice
8.2
%
Change in Median Selling Price {2017 v 2016}
79 Average Days on Market
57 Units Sold
2.0m
$
Median Selling Price
ASP vs Closed Units
Average Selling Price | Total Units Sold 58
$3,000,000
57 $2,500,000
56 55
$2,000,000
54 53
$1,500,000
52 $1,000,000
51 50
$500,000
49 48
$-
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
8.2%
-
11.8%
6.9%
-14.4%
2017
$1,985,000
-0.1%
57
77
79
2016
$1,835,000
-0.8%
51
72
92
2015
$1,635,000
2.3%
52
52
79
2014
$1,620,675
-3.2%
53
36
85
/
33 Venice
/ Los Angeles Q4 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 45
$2,500,000
40 $2,000,000
35 30
$1,500,000
25 20
$1,000,000
15 10
$500,000
5 $-
0
2014
2015
2016
2017 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
Q4
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
-0.5%
-
18.2%
-16.7%
21.9%
2017
$1,659,000
-2.1%
39
40
90
2016
$1,668,000
-3.0%
33
48
74
2015
$1,525,000
1.9%
30
32
87
2014
$1,189,500
8.4%
32
28
83
Los Angeles Q4 Market Update / West Hollywood / 34
at a glance {Q4 | 2017}
west hollywood
-0.5
%
Change in Median Selling Price {2017 v 2016}
90 Average Days on Market
39 Units Sold
1.7m
$
Median Selling Price
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