Q1 | 2018
Greater Los Angeles
Market Update
HOLLYWOOD HILLS
sothebyshomes.com/ 0027922 Offered at $28,000,000
BRENTWOOD
sothebyshomes.com/0344198 Offered at $29,950,000
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.co 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 first quarter of 2018. The Greater Los Angeles real estate market started the year with reduced sales, inventory on the rise and prices remaining stable. According to the CLAW MLS, when comparing the first quarter of 2018 to the same time last year, average days on market for Greater LA declined to 87 days compared to 102 days the year prior while both Beverly Hills and Los Feliz showed increased sales volume by 15.5% and 23%, respectively. 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
ENCINO
om/0309248 t $9,995,000
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
Q1 | Greater Los Angeles
Sold Volume - all areas by price Units vs MSP vs ASP $3,000,000
860
Below $1M
840 $2,500,000 820
$5M and Above
$2,000,000
800 780
$1,500,000 760
$1M - $5M
$1,000,000
740 720
$500,000 700 $Below $1M
$1M - $5M
$5M and Above
680
2015 units
Sales Volume by Price Category 11 % 60% 29 %
ASP
2018
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 Q1 Market Update / Q1 Highlights / 6
2016 2017
Comparison by Neighborhood Q1 | Greater Los Angeles
Median current quarter only Median current quarter only Median - current quarter 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
West Hollywood Vicinity West Hollywood Vicinity
Venice Venice
Sunset Venice West Strip Hollywood Hollywood Vicinity Hills West
Sunset Strip - Hollywood Hills West Sunset Strip - Hollywood Hills West
Silver Lake - Echo Park Silver Lake - Echo Park
Santa Silver Lake Monica - Echo Park
Santa Monica Santa Monica
Pacific Palisades
Pacific Palisades Pacific Palisades
Malibu
Malibu Malibu
Los Feliz Los Feliz
Hancock Park - Wilshire Hancock Park - Wilshire
Brentwood Brentwood
Downtown L.A. Downtown L.A.
Beverly Brentwood Downtown Hancock Los Feliz Hills Post L.A. Park Office Wilshire
Beverly Hills Post Office Beverly Hills Post Office
Beverly Hills
Beverly Hills Beverly Hills
Bel Air Holmby Hills
Bel Air - Holmby Hills Bel Air - Holmby Hills
$-$-$-
Median Selling Price 2.4m $ 6.4m $ 1.4m $ 1.6m $ 0.4m $
Bel-Air | Holmby Hills Beverly Hills Beverly Hills Post Office Brentwood Downtown Los Angeles
1.7m $ 1.7m $ 2.5m $ 3.3m $ 2.6m $
Hancock Park / Wilshire Los Feliz Malibu Pacific Palisades Santa Monica
0.8m $ 1.9m $ 2.0m $ 1.9m
$
Silver Lake | Echo Park Sunset Strip | Hollywood Hills Venice West Hollywood
at a glance {Q1 | 2018}
bel-air | holmby hills
15.1
%
Change in Median Selling Price {2018 v 2017}
141 Average Days on Market
30 Units Sold
2.4m
$
Median Selling Price
Average Selling Price | Total ASP vs Closed Units Units Sold 50
$6,000,000
45 $5,000,000
40 35
$4,000,000
30 25
$3,000,000
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
15.1%
-
-9.1%
39.1%
36.5%
2018
$2,427,500
-10.8%
30
141
141
2017
$2,109,000
0.4%
33
102
104
2016
$2,240,000
2.3%
25
132
135
2015
$2,272,750
-3.2%
44
138
138
/
9 Bel Air | Holmby Hills
/ Los Angeles Q1 Market Update
Average Selling Price | Total ASP vs Closed Units Units Sold $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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
33.2%
-
-8.8%
-27.5%
-28.7%
2018
$6,409,000
-3.6%
31
103
103
2017
$4,812,500
-6.1%
34
141
144
2016
$4,270,000
-8.0%
40
112
112
2015
$4,450,000
-1.1%
33
143
142
Los Angeles Q1 Market Update / Beverly Hills / 10
at a glance {Q1 | 2018}
beverly hills
33.2
%
Change in Median Selling Price {2018 v 2017}
103 Average Days on Market
31 Units Sold
6.4m
$
Median Selling Price
at a glance {Q1 | 2018}
beverly hills post office
-45.7
%
Change in Median Selling Price {2017 v 2016}
104 Average Days on Market
6 Units Sold
1.4m
$
Median Selling Price
Average Selling Price | Total ASP vs Closed Units Units Sold 30
$4,000,000 $3,500,000
25
$3,000,000 20
$2,500,000
15
$2,000,000 $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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-45.7%
-
-70.0%
-29.9%
13.5%
2018
$1,442,500
-2.2%
6
94
104
2017
$2,655,000
-5.0%
20
134
92
2016
$2,397,500
-10.0%
26
110
115
2015
$1,775,000
-4.1%
27
100
123
/
13 Beverly Hills Post Office
/ Los Angeles Q1 Market Update
Average Selling Price | Total Units Sold ASP vs Closed Units
50
$6,000,000
45 $5,000,000
40 35
$4,000,000
30 25
$3,000,000
20 $2,000,000
15 10
$1,000,000
5 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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2017 vs. 2016}
Change
-61.5%
-
-81.8%
3.6%
6.0%
2018
$1,575,000
1.8%
57
109
109
2017
$4,096,000
-1.2%
44
106
103
2016
$2,650,000
2.9%
41
105
107
2015
$2,800,000
-6.4%
33
98
98
Los Angeles Q1 Market Update / Brentwood / 14
at a glance {Q1 | 2018}
brentwood
-61.5
%
Change in Median Selling Price {2018 v 2017}
109 Average Days on Market
57 Units Sold
1.6m
$
Median Selling Price
at a glance {Q1 | 2018}
downtown los angeles
-1.6
%
Change in Median Selling Price {2018 v 2017}
77 Average Days on Market
24 Units Sold
0.4m
$
Median Selling Price
Average Selling Price |Units Total Units Sold ASP vs Closed 35
$500,000 $450,000
30
$400,000 25
$350,000 $300,000
20
$250,000 15
$200,000 $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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-1.6%
-
-14.3%
-32.8%
-2.5%
2018
$366,430
-1.7%
24
77
77
2017
$372,500
-0.7%
28
114
79
2016
$287,500
0.0%
22
136
136
2015
$305,000
1.7%
27
130
130
/
17 Downtown Los Angeles
/ Los Angeles Q1 Market Update
ASP vs Closed Units
Average Selling Price | Total Units Sold 70
$3,000,000
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
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-0.5%
-5.0%
-
-25.9%
-20.8%
2018
$1,790,000
$1,650,000
-7.8%
43
85
2017
$1,799,000
$1,737,500
-3.4%
58
107
2016
$1,482,000
$1,468,169
-0.9%
52
103
2015
$1,197,000
$1,267,500
5.9%
62
99
Los Angeles Q1 Market Update / Hancock Park | Wilshire/ 18
at a glance {Q1 | 2018}
hancock park/wilshire
-5.0
%
Change in Median Selling Price {2018 v 2017}
85 Average Days on Market
43 Units Sold
1.7m
$
Median Selling Price
at a glance {Q1 | 2018}
los feliz
36.1
%
Change in Median Selling Price {2018 v 2017}
91 Average Days on Market
45 Units Sold
1.7m
$
Median Selling Price
Average Selling Price | Total ASP vs Closed Units 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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
36.1%
-
21.6%
-23.2%
-18.2%
2018
$1,725,000
-1.4%
45
91
91
2017
$1,267,000
-2.5%
37
118
111
2016
$1,500,000
-4.7%
54
100
100
2015
$1,350,000
-3.2%
47
90
90
/
21 Los Feliz
/ Los Angeles Q1 Market Update
Average Selling Price | Total ASP vs Closed Units Units Sold $3,500,000
42 41
$3,000,000
40 $2,500,000
39
$2,000,000
38
$1,500,000
37 36
$1,000,000
35 $500,000
34
$-
33
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-9.3%
-
-12.2%
-9.6%
-9.6%
2018
$2,537,500
-10.1%
36
156
156
2017
$2,799,000
0.0%
41
172
172
2016
$2,300,000
-7.8%
39
120
120
2015
$2,084,625
-5.2%
39
176
176
Los Angeles Q1 Market Update / Malibu / 22
at a glance {Q1 | 2018}
malibu
-9.3
%
Change in Median Selling Price {2018 v 2017}
156 Average Days on Market
36 Units Sold
2.5m
$
Median Selling Price
at a glance {Q1 | 2018}
pacific palisades
16.8
%
Change in Median Selling Price {2017 v 2016}
88 Average Days on Market
44 Units Sold
3.3m
$
Median Selling Price
Average Selling Price | Total ASP vs Closed Units Units Sold $4,500,000
60
$4,000,000
50
$3,500,000 $3,000,000
40
$2,500,000
30
$2,000,000
20
$1,500,000 $1,000,000
10
$500,000
0
$-
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
16.8%
-
-25.4%
-23.1%
-24.3%
2018
$3,285,344
2.7%
44
88
88
2017
$2,812,000
-2.9%
59
114
116
2016
$2,724,000
-2.7%
57
85
85
2015
$3,100,000
-3.0%
57
92
92
/
25 Pacific Palisades
/ Los Angeles Q1 Market Update
ASP vs Closed Units Units Sold Average Selling Price | Total
$3,500,000
70
$3,000,000
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
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
26.3%
-
-42.2%
-15.1%
-16.5%
2018
$2,590,000
-3.4%
37
72
72
2017
$2,050,000
2.6%
64
85
87
2016
$2,995,000
0.0%
49
76
75
2015
$2,300,000
2.9%
42
73
73
Los Angeles Q1 Market Update / Santa Monica / 26
at a glance {Q1 | 2018}
santa monica
26.3
%
Change in Median Selling Price {2018 v 2017}
72 Average Days on Market
37 Units Sold
2.6m
$
Median Selling Price
at a glance {Q1 | 2018}
silver lake / echo park
-19.0
%
Change in Median Selling Price {2018 v 2017}
77 Average Days on Market
58 Units Sold
0.8m
$
Median Selling Price
Average Selling Price | Total ASP vs Closed Units Units Sold 90
$1,200,000
80
$1,000,000
70 60
$800,000
50
$600,000
40
$400,000
30 20
$200,000
10
$-
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
-19.0%
-
-9.4%
-15.1%
-16.3%
2018
$799,500
0.3%
58
77
77
2017
$987,000
2.6%
64
91
92
2016
$967,625
5.2%
82
91
91
2015
$760,000
-0.7%
73
94
94
/
29 Silver Lake | Echo Park
/ Los Angeles Q1 Market Update
Average Selling Price | Total ASP vs Closed Units Units Sold $2,900,000
115
$2,800,000
110
$2,700,000
105
$2,600,000
100
$2,500,000 95
$2,400,000
90
$2,300,000 $2,200,000
85
$2,100,000
80
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
8.8%
-
-17.1%
-14.4%
-14.9%
2018
$1,860,000
-2.1%
92
88
88
2017
$1,710,000
0.6%
111
103
103
2016
$1,782,500
-4.9%
106
102
102
2015
$1,700,000
-3.4%
93
104
104
Los Angeles Q1 Market Update / Sunset Strip | Hollywood Hills / 30
at a glance {Q1 | 2018}
sunset strip / hollywood hills
8.8
%
Change in Median Selling Price {2018 v 2017}
88 Average Days on Market
92 Units Sold
1.9m
$
Median Selling Price
at a glance {Q1 | 2018}
venice
19.4
%
Change in Median Selling Price {2018 v 2017}
100 Average Days on Market
39 Units Sold
2.0m
$
Median Selling Price
ASP vs Closed Units Units Sold Average Selling Price | Total
$2,200,000
46
$2,100,000
44
$2,000,000
42
$1,900,000
40
$1,800,000
38
$1,700,000
36
$1,600,000
34
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
19.4%
-
-11.4%
-15.3%
25.2%
2018
$2,000,000
5.5%
39
61
100
2017
$1,675,000
1.5%
44
72
79
2016
$1,882,378
-2.7%
45
52
82
2015
$1,516,500
1.1%
38
36
90
/
33 Venice
/ Los Angeles Q1 Market Update
Average Selling Price | Total ASP vs Closed Units Units Sold 40
$2,500,000
35 $2,000,000
30 25
$1,500,000
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
Q1
Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market
{2018 vs. 2017}
Change
25.4%
-
20.8%
-31.3%
-15.9%
2018
$1,900,000
0.3%
29
33
76
2017
$1,515,000
-1.6%
24
48
90
2016
$1,585,000
-0.9%
31
32
83
2015
$1,600,000
0.0%
35
28
77
Los Angeles Q1 Market Update / West Hollywood / 34
at a glance {Q1 | 2018}
west hollywood
25.4
%
Change in Median Selling Price {2018 v 2017}
76 Average Days on Market
29 Units Sold
1.9m
$
Median Selling Price
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