Q 1 2 0 1 7 L O S
A N G E L E S
M A R K E T R E P O R T
urbanhillsides.com
Introducing the Compass Q1 2017 Los Angeles Market Report Compass created Compass Markets, a mobile application that analyzes real estate
Map of Coverage Area
Page 02
Single Family Overview
Page 03
Bel Air/Holmby Hills
Page 09
Beverly Center/Miracle Mile
Page 10
Beverly Hills
Page 11
Beverly Hills Post Office
Page 12
markets in real time, because we believe in transparency and the importance of real-time information in the marketplace. Highlighted in this report are several key trends observed from our Compass Markets app throughout Q1-17. Although the first quarter is traditionally one of the slowest quarters of the year, both the single family and condo markets continued to rise in value. The most
Single Family Sales by Price Segment
Page 04
Condominium Overview
Page 05
Brentwood Page 13
Q1 2017 LOS ANGELES MARKET REPORT
notable YoY change in the Los Angeles single family market was average sale price, which increased 8.7% to $3.08M in Q1-17. This climb was primarily driven by neighborhoods including Brentwood (up 92.6% YoY due to a couple of large sales), Beverly Hills (up 33.1% YoY) and Pasadena (up 26.1% YoY). Average PPSF increased 1.7% YoY to $908/SF, while the total number of sales increased 3.5% YoY to 708 homes. Median sale price rose 5.0% YoY to $2.11M, while average days on market increased 6.6% YoY to 77 days. Please note that all references to single family sales include only listings closed at $1M or above.
Condominium Sales by Bedroom Count
Page 06
Neighborhood Snapshot Single Family Market
Page 07
Condo market prices remained strong in in Q1-17, even though the total number of sales decreased 7.2% YoY to 592. Average days on the market dropped 1.8% YoY to 90 days. The most notable increase in average sale price was mainly
Neighborhood Snapshot Condominium Market
Page 08
Century City/Westwood
Page 14
Downtown LA
Page 15
Hancock Park/Wilshire
Page 16
Hollywood Hills East
Page 17
Los Feliz
Page 18
driven by neighborhoods including Sunset Strip/Hollywood Hills (up 146.4%
Malibu Page 19
YoY due to two relatively large sales), Beverly Center/Miracle Mile (up 31.2% YoY) and Hollywood Hills East (up 28.7% YoY). Average PPSF increased 5.4% YoY to
$639/SF, the highest recorded value for that benchmark, ever. Median sale price
Pacific Palisades
Page 20
increased 3.1% YoY to $783K. Please note that all references to condo sales include
Pasadena Page 21
only listings closed at $500K or above.
01
Santa Monica
Page 22
Silverlake/Echo Park
Page 23
Sunset Strip/Hollywood Hills
Page 24
West Hollywood
Page 25
Map of Coverage Area Compass’ Q1-17 Los Angeles Market Report is an analysis of the 17 neighborhoods highlighted on this map. Please note that all references to Los Angeles overall refer solely to the collection of these neighborhoods and exclude all other
Q1 2017 LOS ANGELES MARKET REPORT
areas and neighborhoods of Los Angeles.
Pasadena
Bel AirHolmby Brentwood Hills
Beverly Hills Post Office
Hollywood Hills East Sunset StripLos Feliz Hollywood Hills West
West Hollywood Beverly Beverly Hills Center- Hancock Century Miracle ParkCityWilshire Mile Westwood
Pacific Palisades Malibu
Santa Monica
02
Silver LakeEcho Park
Downtown LA
Single Family Overview The market for single family homes within Compass’ area of coverage demonstrated strong but steady growth fundamentals in the first three months of 2017. Including neighborhoods
Q1 2017 LOS ANGELES MARKET REPORT
900
$850
Beverly Hills and Bel-Air, to the more
600
eclectic eastside locales of Silverlake
500
increase from Q1-16. Average sale price
$700 $650
shy of its all-time high in Q4-16 of
100
the only true equalizing metric for such
$750
300 200
continued to rise, with average PPSF,
$800
400
increased 8.7% YoY to $3.08M, a hair $3.16M. And values across Los Angeles
$900
800 700
recorded 708 sales in Q1-17, a 3.5%
$950
1000
ranging from the tony enclaves of
and Echo Park, this expansive territory
Avg. PPSF
# of Sales
$600
0
$550 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
a broad range of neighborhoods and inventory, increasing a steady 1.7% to $908/SF.
SINGLE FAMILY MARKET Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$3,084,056
8.7%
$2,836,773
-2.4%
$3,159,511
$908
1.7%
$893
3.3%
$879
MED. SALE PRICE
$2,114,500
5.0%
$2,014,500
11.9%
$1,890,000
NUMBER OF SALES
708
3.5%
684
-10.2%
788
DOM
77
6.6%
72
7.8%
71
2016
YOY%
2015
YOY%
2014
$2,903,314
2.0%
$2,845,926
-0.1%
$2,847,671
AVG. PPSF
$887
3.9%
$854
3.7%
$823
NUMBER OF SALES
3,258
2.1%
3,190
5.3%
3,030
AVG. SALE PRICE AVG. PPSF
ANNUAL PERFORMANCE
AVG. SALE PRICE
03
Single Family Overview Sales by Price Segment Demand for single family homes was greatest in the
$1MM - $3MM
$5M+ market in Q1-17, with a 44.3% increase in sales volume. Sales metrics in the $1M-$3M markets were
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
ultimately flat from Q1-16. The highest end of the singlefamily market will continue to push pricing in Q2-17 as numerous homes in Bel Air/Holmby Hills priced
Q1 2017 LOS ANGELES MARKET REPORT
upwards of $50M have recently come to market.
AVG. SALE PRICE $1,791,964 0.3% $1,786,134 1.5% $1,764,700 AVG. PPSF $909 1.7% $894 3.5% $879 MED. SALE PRICE $1,670,000 1.2% $1,649,500 1.2% $1,650,000 NUMBER OF SALES 500 0.6% 497 -14.1% 582 DOM 76 6.8% 72 7.7% 71
$3MM - $5MM
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE $3,812,312 0.4% $3,798,073 0.8% $3,783,425 AVG. PPSF $1,228 -3.9% $1,278 -1.8% $1,251 MED. SALE PRICE $3,700,000 2.4% $3,615,000 2.0% $3,627,124 NUMBER OF SALES 120 16.5% 103 17.6% 102 DOM 85 2.9% 82 -11.4% 96
$5MM+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE $7,009,824 1.8% $6,887,929 5.3% $6,655,617 AVG. PPSF $1,557 -6.9% $1,672 2.6% $1,517 MED. SALE PRICE $7,607,500 4.9% $7,250,000 3.2% $7,375,000 NUMBER OF SALES 88 44.3% 61 41.9% 62 DOM 104 2.9% 101 -8.7% 114
04
Condominium Overview Condo sales volume was in decline
Avg. PPSF
# of Sales
during Q1-17, while values continue to skyrocket. Aging inventory and mounting
1000
$650
anticipation for the considerable number
900
$625
of new construction projects coming to
800
$600
LA are pushing qualified buyers onto the
700
$575
sidelines as they await new units to hit the
600
$550
market. Total sales decreased 7.2% YoY
500
$525
400
$500
300
$475
200
$450
100
$425
in Q1-17 to 592 deals, while average PPSF
Q1 2017 LOS ANGELES MARKET REPORT
increased 5.4% to $639/SF, the highest recorded value for that benchmark, ever.
0
$400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
CONDO MARKET Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$1,003,262
4.4%
$960,568
-0.1%
$1,004,312
$639
5.4%
$606
0.4%
$636
MED. SALE PRICE
$783,500
3.1%
$759,990
-0.8%
$790,000
NUMBER OF SALES
592
-7.2%
638
-16.9%
712
DOM
90
-1.8%
92
9.7%
82
2016
YOY%
2015
YOY%
2014
$960,508
-1.4%
$974,248
0.1%
$973,217
AVG. PPSF
$619
0.0%
$619
2.9%
$602
NUMBER OF SALES
3,135
13.8%
2,756
11.4%
2,473
AVG. SALE PRICE AVG. PPSF
ANNUAL PERFORMANCE
AVG. SALE PRICE
05
Condominium Overview Sales by Bedroom Count The 3-BR condos witnessed the most evident decrease
1 BEDROOMS
in the number of sales and increase in average PPSF. Total sales decreased 26.9% YoY to 136 deals, while
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
average price rose to $1.35M, a 13.1% increase from the same quarter last year. Average PPSF was up 9.4% to $614/SF, while the median condo price for 3-BRs increased 12.5% YoY to $987K. We are seeing more and Q1 2017 LOS ANGELES MARKET REPORT
more affluent buyers entering the condo market across Los Angeles, but they are discerning in their taste for large, well-appointed units, an appetite which is currently underserved by existing inventory.
AVG. SALE PRICE $689,209 3.3% $667,128 4.1% $661,870 AVG. PPSF $720 2.2% $704 1.8% $707 MED. SALE PRICE $616,500 0.2% $615,000 2.3% $602,500 NUMBER OF SALES 95 20.3% 79 -16.7% 114 DOM 92 0.3% 91 10.0% 83
2 BEDROOMS The market for 2-BR units followed a similar, though less audacious, trajectory in Q1-17. Volumes declined
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
3.0% YoY to 355 deals, while average sale price grazed the $1M mark at $960K, its highest recorded value, ever. Valuations advanced 3.9% YoY to $624/SF, while median sale price recorded $792K. Modest performance in the 1-BR category produced a 2.2% increase in average PPSF, to $720/SF, while the median sale price remained flat to the previous quarter, at $617K. 95 deals were recorded in this category, a 20.3% YoY increase.
AVG. SALE PRICE $960,724 6.2% $904,403 3.6% $927,216 AVG. PPSF $624 3.9% $601 1.2% $617 MED. SALE PRICE $792,000 3.5% $765,000 -0.4% $795,000 NUMBER OF SALES 355 -3.0% 366 -16.9% 427 DOM 82 -7.1% 89 5.5% 78
3+ BEDROOMS
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE $1,348,549 13.1% $1,192,528 -7.2% $1,453,083 AVG. PPSF $614 9.4% $561 -2.6% $631 MED. SALE PRICE $987,000 12.5% $877,500 -10.3% $1,100,000 NUMBER OF SALES 136 -26.9% 186 -17.6% 165 DOM 112 12.7% 99 21.7% 92
06
Neighborhood Snapshot This page provides a snapshot of the Q1-17 single family market conditions by neighborhood. Single
Single Family Market
family average sale price increased 8.7% YoY, primarily driven by Brentwood (up 92.6% YoY due to a couple of large sales), Beverly Hills (up 33.1% YoY) and Pasadena (up 26.1% YoY). The largest percentage increase in number of sales occurred in Bel Air/Holmby Hills (up 40.0% YoY), Hollywood Hills East (up 35.0% YoY) and Santa Monica (up 31.9% YoY).
DOM
YOY%
NEGOTIABILITY
Brentwood
43
-13.2% $5,322,955 92.6%
$1,128 21.4% $4,230,000 65.3% 74
Malibu
47
-4.1% $4,548,717 7.3%
$1,274 -5.5% $2,985,000 3.4% 144 22.9% -6.9%
Pacific Palisades
57
0.0% $4,045,637 21.5%
$1,054 1.1% $2,895,000 6.3% 78 18.9% -3.3%
Santa Monica
62
31.9% $2,673,666 -20.0% $1,280 21.6% $2,175,500 -27.4% 59 12.7% 1.4%
Bel Air/Holmby Hills
28
40.0% $4,566,922 6.9%
47
27.0% $1,959,527 8.9% $769 3.6% $1,575,000 8.6% 62 28.7% -0.2%
-1.7% $2,370,000 -1.1% 77 -32.3% -4.7%
Beverly Hills
34
-15.0% $7,321,834 33.1%
$1,317 8.3% $5,362,500 25.6% 110 53.6% -5.6%
Beverly Hills Post Office
19
-20.8% $3,456,588 -2.8%
$893
-9.3% $2,500,000 0.6% 65
Century City/Westwood
43
0.0% $2,282,941 2.2%
$880
3.1% $1,935,000 18.6% 44 3.0% -0.2%
Hancock Park/Wilshire
50
28.2% $2,711,686 10.6%
$685
0.0% $2,262,500 23.6% 77 13.9% -1.8%
-23.7% -5.0%
Hollywood Hills East
27
35.0% $1,661,695 4.3%
$639
4.6% $1,539,000 22.9% 69 4.5%
-2.8%
Sunset Strip/Hollywood Hills
94
3.3% $2,604,663 -17.7% $858
-8.8% $1,927,500 -6.0% 85 3.8%
-0.4%
West Hollywood
23
-17.9% $1,839,020 6.5%
-12.5% $1,550,000 -2.3% 74
Downtown LA
- - -
$850
- - - -
35.8% -1.9%
- - - -
Los Felix
28
-39.1% $1,958,814 -12.3% $683
1.4%
Pasadena
78
20.0% $1,953,255 26.1%
$625
6.7% $1,587,500 13.8% 63 4.0%
Silverlake/Echo Park
28
-22.2% $1,318,719 -2.5%
$601
-6.2% $1,212,500 2.3% 48
708
3.5% $3,084,056 8.7%
$908
1.7% $2,114,500 5.0% 77 6.6%
OVERALL
07
$1,602,500 -10.3% 87
MID CITY & THE HILLS
Beverly Center/Miracle Mile
$935
-13.2% -3.2%
WEST SIDE
YOY%
16.1% -2.8% -0.4%
-31.6% 2.2%
EAST SIDE
Q1 2017 LOS ANGELES MARKET REPORT
NUMBER AVG. AVG. MED. OF SALES YOY% SALE PRICE YOY% PPSF YOY% SALE PRICE
Neighborhood Snapshot This page provides a snapshot of the Q1-17 condo market conditions by neighborhood. The most
Condominium Market
notable average condo price increases occurred in Sunset Strip/Hollywood Hills (up 146.4% YoY due to two relatively large sales), Beverly Center/Miracle Mile (up 31.2% YoY) and Hollywood Hills East (up 28.7% YoY). Overall, the Los Angeles condo market experienced a 7.2% decrease in the number of sales, but saw explosive growth in Silverlake/Echo Park (up 300.0% YoY due to new developments at 2753 Waverly Dr. and 2976/2978 Ripple Pl.), Hancock Park/Wilshire (up 106.3%
NUMBER AVG. AVG. MED. OF SALES YOY% SALE PRICE YOY% PPSF YOY% SALE PRICE
YOY%
37
-35.1% $1,034,733 -6.1%
$604
0.4%
-15.0% 74
9
-18.2% $978,635
$630
-19.8% $1,000,000 27.7% 118 -32.6% -1.6%
Pacific Palisades
11
-35.3% $1,159,364 17.8%
$611
2.8%
Santa Monica
69
-16.9% $1,222,045 -0.2%
$870
-3.6% $982,000
Bel Air/Holmby Hills Beverly Center/Miracle Mile Beverly Hills Beverly Hills Post Office
- - -
4.2%
$1,150,000 30.7% 83
- - - -
8.5%
77.8% $737,188 31.2% $574
-0.6% $696,000
27
-15.6% $1,423,648 12.1%
4.5% $1,225,000 6.4%
$670
- - - -
-25.1% 1.3% 7.1%
-2.6%
2.8%
0.6%
- - - -
16
- - -
78
NEGOTIABILITY
19.0% 93 3.4% 1.2% 79
-17.7% -1.9%
- - - -
Century City/Westwood
110
3.8% $1,235,381 3.1%
$630
5.7% $870,000
4.7% 92 -11.8% -1.3%
Hancock Park/Wilshire
33
106.3% $687,871
$489
8.1%
4.4%
Hollywood Hills East
7.5%
$650,000
98
-7.2% -1.9%
2
-75.0% $600,000 28.7%
$535
19.2% $600,000
33.6% 58 -37.7% 1.1%
Sunset Strip/Hollywood Hills
17
13.3% $1,694,588 146.4% $746
45.6% $695,000
15.8% 92 5.0%
West Hollywood
80
-3.3% $860,340 0.1%
$679
4.7% $731,012
-6.3% 64 -25.9% -0.2%
Downtown LA
-1.5%
58
34.9% $818,727 -13.7% $682
-0.4% $722,500
5.0% 112 -11.1% -1.2%
Los Felix
2
-60.0% $672,500
6.8%
$584
12.1% $672,500
7.3%
Pasadena
97
-42.3% $775,390
5.8%
$507
11.8% $690,000
4.2% 90
Silverlake/Echo Park
24
300.0% $752,491
15.7%
$518
7.1%
$725,000
16.1% 165 34.1% -0.2%
592
-7.2%
4.4%
$639
5.4%
$783,500
3.1%
OVERALL
$1,003,262
08
WEST SIDE
Malibu
$910,000
YOY%
128 119.8% -2.4%
90
13.7% 1.2%
-1.8%
MID CITY & THE HILLS
Brentwood
DOM
EAST SIDE
Q1 2017 LOS ANGELES MARKET REPORT
YoY) and in Beverly Center/Miracle Mile (up 77.8% YoY).
Bel Air/Holmby Hills -- LA’s stateliest neighborhood saw a 40.0% YoY increase in sales volume, with 28 deals recorded in Q1-17. -- Average sale price increased 6.9% YoY to $4.57M. Dramatic QoQ declines
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$4,566,922
6.9%
$4,270,199
-44.0%
$8,159,174
$935
-1.7%
$951
-2.4%
$958
AVG. PPSF
are attributed to the Q4-16 sale of the
MED. SALE PRICE
$2,370,000
-1.1%
$2,397,500
51.0%
$1,570,000
Playboy Mansion; the average sale
NUMBER OF SALES
28
40.0%
20
-17.6%
34
DOM
77
-32.3%
114
-11.2%
87
2016
YOY%
2015
YOY%
2014
$5,243,962
11.6%
$4,700,144
-9.4%
$5,188,226
AVG. PPSF
$900
4.9%
$858
3.7%
$827
NUMBER OF SALES
135
-6.9%
145
16.0%
125
price during that period excluding the $100M deal was $5.4M. Q1 2017 LOS ANGELES MARKET REPORT
-- Median sale price decreased 1.1% YoY to $2.37M, while these mega-estates spent 37 fewer days on the market, for an average of 77 days.
Annual Performance AVG. SALE PRICE
9
Beverly Center/Miracle Mile -- The popularity of one of LA’s trendiest neighborhoods continues to drive values, with average sale pricing having increased 8.9% YoY to $1.96M. -- Average PPSF for Q1-17 was recorded at $769/SF, up 3.6% YoY. -- Total sales in Q1-17 were up 27.0% YoY to 47 transactions, and 6.8% against Q4-16, a notable increase given strong
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,959,527
8.9%
$1,798,770
13.9%
$1,720,150
$769
3.6%
$742
3.4%
$744
MED. SALE PRICE
$1,575,000
8.6%
$1,450,000
-1.4%
$1,597,500
NUMBER OF SALES
47
27.0%
37
6.8%
44
DOM
62
28.7%
49
8.8%
57
2016
YOY%
2015
YOY%
2014
$1,870,348
4.4%
$1,790,993
7.5%
$1,666,337
AVG. PPSF
$758
4.2%
$727
6.7%
$682
NUMBER OF SALES
173
8.8%
159
-3.6%
165
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$737,188
31.2%
$561,778
44.1%
$511,500
$574
-0.6%
$577
15.4%
$498
AVG. PPSF
Q1 2017 LOS ANGELES MARKET REPORT
4th quarter market trends in the neighborhood.
Annual Performance AVG. SALE PRICE
-- The number of single family sales increased 77.8% YoY to 16 deals. -- Average PPSF remained flat to Q1-16, while average sale price rose significantly by 31.2% to $737K, a
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
strong indicator for luxury product in
MED. SALE PRICE
$696,000
19.0%
$585,000
36.1%
$511,500
this neighborhood.
NUMBER OF SALES
16
77.8%
9
1500.0%
1
DOM
93
3.4%
90
25.8%
74
2016
YOY%
2015
YOY%
2014
$568,289
-3.3%
$587,727
0.7%
$583,435
$577
20.3%
$479
5.4%
$455
27
-15.6%
32
-22.0%
41
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
10
Beverly Hills -- Pricing rose sharply in Q1-17, with average sale price increased 33.1% YoY to $7.32M. -- Valuations during what is typically LA’s slowest selling season also
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$7,321,834
33.1%
$5,502,956
8.6%
$6,739,865
$1,317
8.3%
$1,216
-4.9%
$1,385
AVG. PPSF
pushed ahead of Q1-16 numbers,
MED. SALE PRICE
$5,362,500
25.6%
$4,270,000
26.7%
$4,234,000
recording $1,317/SF, up 8.3% YoY.
NUMBER OF SALES
34
-15.0%
40
-24.4%
45
DOM
110
53.6%
72
16.5%
94
2016
YOY%
2015
YOY%
2014
$6,455,954
3.0%
$6,265,302
8.6%
$5,766,754
$1,334
5.5%
$1,265
11.1%
$1,138
148
-9.2%
163
2.5%
159
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,423,648
12.1%
$1,269,645
-16.6%
$1,707,828
$670
4.5%
$642
-9.4%
$740
MED. SALE PRICE
$1,225,000
6.4%
$1,151,500
-10.3%
$1,365,000
NUMBER OF SALES
27
-15.6%
32
-15.6%
32
DOM
79
-17.7%
97
-18.3%
97
2016
YOY%
2015
YOY%
2014
$1,422,409
5.5%
$1,348,568
3.3%
$1,305,491
AVG. PPSF
$686
2.4%
$670
5.1%
$637
NUMBER OF SALES
120
-4.8%
126
11.5%
113
-- Owing to the typically sluggish Q1 market, sales volume declined 15.0% Q1 2017 LOS ANGELES MARKET REPORT
YoY to 34 deals, and 24.4% down from Q4-16.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Condo values increased in LA’s most recognizable zip code, with 27 transactions recording an average PPSF of $670/SF, a 4.5% YoY increase over Q1-16. -- Fewer deals during Q1-17, 27 deals vs. 32 in Q1-16, attracted higher median pricing; median sale price increased 6.4% YoY to $1.23M.
AVG. PPSF
-- Average sale price increased at an even greater clip, pushing forward 12.1% YoY. Low inventory in Beverly Hills continues to characterize the condo market, and we expect to see both price and volume increases as new product comes online.
Annual Performance AVG. SALE PRICE
11
Beverly Hills Post Office -- Average sale price dipped 2.8% YoY to $3.46M on 19 deals in the stately canyons of Beverly Hills Post Office. -- Median sale price remained constant
Q1 2017 LOS ANGELES MARKET REPORT
from Q4-16, despite the lower volume.
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$3,456,588
-2.8%
$3,557,607
-32.4%
$5,110,872
$893
-9.3%
$984
-2.3%
$913
MED. SALE PRICE
$2,500,000
0.6%
$2,485,000
-14.5%
$2,925,000
NUMBER OF SALES
19
-20.8%
24
-36.7%
30
DOM
65
-23.7%
85
-31.7%
95
2016
YOY%
2015
YOY%
2014
$3,884,007
5.0%
$3,699,170
-2.9%
$3,810,193
AVG. PPSF
$873
0.3%
$870
10.7%
$786
NUMBER OF SALES
126
-17.1%
152
3.4%
147
AVG. PPSF
Annual Performance AVG. SALE PRICE
12
Brentwood -- Insomuch as the market slowed across the board during the first quarter, owing to several macro-economic factors like families re-locating for the school year and tax season approaching,
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$5,322,955
92.6%
$2,764,199
27.9%
$4,161,712
$1,128
21.4%
$930
12.2%
$1,006
AVG. PPSF
Brentwood’s market performance during
MED. SALE PRICE
$4,230,000
65.3%
$2,559,100
53.8%
$2,750,000
the period, which can only be described
NUMBER OF SALES
43
2.4%
42
-29.5%
61
DOM
74
-13.2%
85
-7.3%
80
2016
YOY%
2015
YOY%
2014
$3,688,418
-0.1%
$3,693,274
4.2%
$3,544,950
AVG. PPSF
$988
1.7%
$971
5.0%
$925
NUMBER OF SALES
246
13.9%
216
-6.9%
232
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,034,733
-6.1%
$1,102,057
9.7%
$942,862
$604
0.4%
$601
-1.5%
$613
as explosive, is particularly notable. -- 5 homes valued greater than $10M Q1 2017 LOS ANGELES MARKET REPORT
transacted in Q1-17, as opposed to zero last year, sending the average sale price skyrocketing 92.6% YoY to $5.32M. -- Houses at this end of the spectrum typically spend longer days on the market owing to a significantly smaller buyer pool, though during Q1-17, days on
Annual Performance AVG. SALE PRICE
market decreased 13.2% YoY to 74 days. -- Condos performed counter to single family homes in the tony Westside community, recording only 37 deals, down 35.1% YoY. -- Values remained constant, with average
AVG. PPSF
PPSF flat at $604/SF, while average sale
MED. SALE PRICE
$910,000
-15.0%
$1,070,000
17.4%
$775,000
price declined 6.1% to $1.03M.
NUMBER OF SALES
37
-35.1%
57
-14.0%
43
DOM
74
-25.1%
98
7.9%
68
2016
YOY%
2015
YOY%
2014
$999,677
17.0%
$854,063
-0.2%
$856,039
AVG. PPSF
$612
9.6%
$558
6.8%
$523
NUMBER OF SALES
220
5.8%
208
14.3%
182
Annual Performance AVG. SALE PRICE
13
Century City/Westwood -- Solid volume in the neighborhood, 43 deals recorded during the period, drove an average price increase of 2.2% YoY in Century City/Westwood. -- Deals during the period skewed
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$2,282,941
2.2%
$2,232,882
2.9%
$2,218,124
$880
3.1%
$853
6.3%
$828
AVG. PPSF
toward the more expensive end of the
MED. SALE PRICE
$1,935,000
18.6%
$1,632,000
9.0%
$1,775,000
spectrum, recording a median price of
NUMBER OF SALES
43
0.0%
43
-24.6%
57
DOM
44
3.0%
42
-25.3%
58
2016
YOY%
2015
YOY%
2014
$2,277,677
5.7%
$2,154,884
7.6%
$2,003,393
AVG. PPSF
$860
5.5%
$815
5.5%
$772
NUMBER OF SALES
199
25.9%
158
-6.5%
169
$1.94M, an 18.6% increase over Q1-16. -- Average PPSF pushed ahead by 3.1% Q1 2017 LOS ANGELES MARKET REPORT
YoY during the quarter, netting out at $880/SF.
Annual Performance AVG. SALE PRICE
-- Strong performance in the Condo segment drove pricing higher yet
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
again, with the average sale price
AVG. SALE PRICE
$1,235,381
3.1%
$1,198,138
-4.1%
$1,288,380
$630
5.7%
$596
-1.0%
$637
pushing ahead to $1.24M, a 3.1% YoY increase.
AVG. PPSF
-- 110 sales were recorded during Q1-17,
MED. SALE PRICE
$870,000
4.7%
$831,194
-5.3%
$918,750
a 3.8% YoY increase, including the
NUMBER OF SALES
110
3.8%
106
-11.3%
124
DOM
92
-11.8%
104
-0.3%
92
2016
YOY%
2015
YOY%
2014
$1,203,612
3.1%
$1,167,581
-2.7%
$1,199,726
AVG. PPSF
$618
5.2%
$588
0.5%
$585
NUMBER OF SALES
510
-6.1%
543
12.7%
482
$15.2M sale of a 3-bedroom penthouse at The Century, the neighborhood’s most prominent address.
Annual Performance AVG. SALE PRICE
14
Downtown LA -- Very strong sales volume in Downtown LA in Q1-17; 58 transactions recorded during the period, a 34.9% YoY increase, but short of the 64 deals recorded during Q4-16, Downtown LA’s strongest selling season. -- PPSF remained constant in Q1-17, with average values recording $682/SF for the period, while average unit price
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$818,727
-13.7%
$948,722
3.8%
$788,624
$682
-0.4%
$685
7.5%
$635
MED. SALE PRICE
$722,500
5.0%
$688,000
3.2%
$700,000
NUMBER OF SALES
58
34.9%
43
-9.4%
64
DOM
112
-11.1%
126
10.2%
102
2016
YOY%
2015
YOY%
2014
$837,284
2.1%
$820,302
7.1%
$765,938
AVG. PPSF
$654
3.3%
$634
10.9%
$571
NUMBER OF SALES
238
-16.5%
285
2.2%
279
AVG. SALE PRICE AVG. PPSF
Q1 2017 LOS ANGELES MARKET REPORT
declined 13.7% to $819K. -- Notable transactions during the period include 9 closings at Ten50, the latest new construction project to hit the market and begin move-ins. -- Barker block remains one of Downtown LA’s most popular
Annual Performance AVG. SALE PRICE
buildings, with 5 sales during the quarter at an average PPSF of $785/SF.
15
Hancock Park/Willshire -- Average sale price reached $2.71M in Q1-17, a 10.6% YoY increase from the same period last year. -- Single family homes in this historic neighborhood continue to be in
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$2,711,686
10.6%
$2,452,070
17.3%
$2,310,956
$685
0.0%
$685
-6.3%
$731
AVG. PPSF
high demand, resulting in a 28.2%
MED. SALE PRICE
$2,262,500
23.6%
$1,830,000
25.7%
$1,800,000
YoY increase in the total number of
NUMBER OF SALES
50
28.2%
39
-9.1%
55
DOM
77
13.9%
68
17.9%
66
2016
YOY%
2015
YOY%
2014
$2,232,624
6.4%
$2,098,215
-7.2%
$2,261,535
AVG. PPSF
$711
4.5%
$680
3.8%
$656
NUMBER OF SALES
224
9.3%
205
6.8%
192
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$687,871
7.5%
$640,149
-8.4%
$750,773
$489
8.1%
$452
-2.4%
$501
closings. -- Average PPSF remained steady during Q1 2017 LOS ANGELES MARKET REPORT
Q1-17, netting out at $685/SF. -- Several transactions at the higher end of the market pushed the median sale price to $2.26M, a 23.6% increase over Q1-16.
-- Higher demand for condos resulted in 33 sales, a 106.3% YoY increase from Q1-16. -- Average PPSF rose by 8.1% during the quarter, netting out at $489/SF.
Annual Performance AVG. SALE PRICE
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
-- Notable transactions in Q1-17 include
MED. SALE PRICE
$650,000
4.4%
$622,500
-7.1%
$700,000
4 closings at Olympic Vista, a new
NUMBER OF SALES
33
106.3%
16
50.0%
22
DOM
98
-7.2%
106
-17.9%
120
2016
YOY%
2015
YOY%
2014
$696,026
0.8%
$690,299
-2.1%
$704,776
AVG. PPSF
$494
10.9%
$445
0.3%
$444
NUMBER OF SALES
125
15.7%
108
14.9%
94
construction project located at the intersection of Olympic and Greymouth in Koreatown.
Annual Performance AVG. SALE PRICE
16
Hollywood Hills East -- Solid volume in the neighborhood drove average sale price up 4.3% YoY to $1.66M, on 27 deals, a 35.0% YoY increase. -- Strong demand for properties priced
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,661,695
4.3%
$1,593,075
9.9%
$1,512,198
$639
4.6%
$611
4.6%
$611
AVG. PPSF
at the higher end of the spectrum
MED. SALE PRICE
$1,539,000
22.9%
$1,252,500
8.8%
$1,415,000
pushed the median price up by 22.9%
NUMBER OF SALES
27
35.0%
20
-6.9%
29
DOM
69
4.5%
66
23.2%
56
2016
YOY%
2015
YOY%
2014
$1,605,531
8.2%
$1,484,422
-3.7%
$1,541,382
AVG. PPSF
$663
7.4%
$617
3.8%
$595
NUMBER OF SALES
108
0.9%
107
13.8%
94
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$600,000
28.7%
$466,025
1.4%
$591,450
$535
19.2%
$449
11.9%
$478
MED. SALE PRICE
$600,000
33.6%
$449,250
4.9%
$572,000
NUMBER OF SALES
2
-75.0%
8
-80.0%
10
DOM
58
-37.7%
92
-22.8%
75
2016
YOY%
2015
YOY%
2014
$548,188
12.7%
$486,548
12.8%
$431,280
$463
11.5%
$415
2.4%
$406
41
-4.7%
43
4.9%
41
YoY to $1.25M, while average PPSF advanced by 4.6% YoY to $639/SF. Q1 2017 LOS ANGELES MARKET REPORT
-- Hollywood Hills East continues to offer properties at a significant PPSF discount to comparable hillside neighborhoods such as Sunset Strip/ Hollywood Hills, Beverly Hills, and Brentwood.
-- The extremely limited condo supply in Hollywood Hills East continued to drive pricing in Q1-17, with an average YoY sale price increase of 28.7% to $600K; PPSF increased 19.2% YoY to $535/SF. -- Only two condos over $500K transacted in Q1-17; they spent 58 days on the market on average, a
Annual Performance AVG. SALE PRICE
AVG. PPSF
decline of 34 days from 1Q-16. With little development in the pipeline, we expect to see continued value appreciation in this neighborhood.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
17
Los Feliz -- Sales volume and pricing declined in LA’s eastside luxury enclave during Q1-17; average sale price decreased 12.3% YoY to $1.96M. -- Total sales were down by 39.1% YoY to
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,958,814
-12.3%
$2,233,612
-3.5%
$2,029,035
$683
1.4%
$674
3.6%
$660
AVG. PPSF
28 transactions, and 34.9% against Q4-
MED. SALE PRICE
$1,602,500
-10.3%
$1,787,500
-11.0%
$1,801,000
16, signaling possible value correction
NUMBER OF SALES
28
-39.1%
46
-34.9%
43
DOM
87
16.1%
75
68.8%
51
2016
YOY%
2015
YOY%
2014
$1,935,386
-0.8%
$1,950,324
-0.8%
$1,966,107
AVG. PPSF
$688
2.7%
$669
1.7%
$658
NUMBER OF SALES
184
10.2%
167
4.4%
160
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$672,500
6.8%
$629,480
7.3%
$626,750
$584
12.1%
$521
4.3%
$560
in a market which has experienced tremendous upward pricing Q1 2017 LOS ANGELES MARKET REPORT
momentum in recent years. -- Average PPSF within the smaller sample set was up slightly by 1.4% YoY to $683/SF; we’ll be keeping our eyes on this market to track values through Q2-17.
-- Los Feliz continues to have a limited supply of condos, with little new inventory in the pipeline. Increased prices in the neighborhood reflects these dynamics, with average sale
Annual Performance AVG. SALE PRICE
AVG. PPSF
price up 6.8% YoY to $673K, and 7.3%
MED. SALE PRICE
$672,500
7.3%
$627,000
10.3%
$609,750
QoQ.
NUMBER OF SALES
2
-60.0%
5
-66.7%
6
128
119.8%
58
96.7%
65
2016
YOY%
2015
YOY%
2014
$636,996
3.8%
$613,517
7.2%
$572,083
$589
11.8%
$527
5.0%
$502
26
13.0%
23
91.7%
12
-- There were only 2 sales during Q1-17, down from 6 in Q1-16, driving the
DOM
average PPSF up 12.1% to $584/SF.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
18
Malibu -- 47 deals were recorded during the period with an average sale price increase of 7.3% YoY in Malibu to $4.55M. -- Home sales skewed toward the more
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$4,548,717
7.3%
$4,240,987
9.8%
$4,140,970
$1,274
-5.5%
$1,348
12.7%
$1,130
AVG. PPSF
expensive end of the spectrum,
MED. SALE PRICE
$2,985,000
3.4%
$2,888,000
2.1%
$2,925,000
recording a median price of $2.99M, a
NUMBER OF SALES
47
-4.1%
49
11.9%
42
DOM
144
22.9%
117
-8.9%
158
2016
YOY%
2015
YOY%
2014
$4,378,714
15.5%
$3,792,512
-7.1%
$4,080,837
$1,300
18.5%
$1,097
-4.8%
$1,153
216
0.9%
214
3.9%
206
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$978,635
4.2%
$938,739
33.8%
$731,667
$630
-19.8%
$785
-5.4%
$665
MED. SALE PRICE
$1,000,000
27.7%
$783,000
43.9%
$695,000
NUMBER OF SALES
9
-18.2%
11
200.0%
3
118
-32.6%
176
54.7%
77
2016
YOY%
2015
YOY%
2014
$1,264,139
22.3%
$1,033,801
-24.7%
$1,372,392
$877
14.0%
$769
-23.5%
$1,005
44
-13.7%
51
37.8%
37
3.4% increase over Q1-16. -- Average PPSF fell by 5.5% YoY during Q1 2017 LOS ANGELES MARKET REPORT
the quarter, netting out at $1,274/SF.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Malibu’s limited condo market recorded 9 sales during Q1-17. -- Average PPSF was down by 19.8% YoY to $630, while median pricing increased by 27.7% YoY to $1.00M.
AVG. PPSF
DOM
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
19
Pacific Palisades -- Pricing rose sharply during Q1-17, average sale price increased 21.5% YoY to $4.05M, while PPSF recorded an average of $1,054/SF, up 1.1% YoY.
Q1 2017 LOS ANGELES MARKET REPORT
-- Median sale price rose 6.3% YoY to
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$4,045,637
21.5%
$3,330,364
-7.1%
$4,356,421
$1,054
1.1%
$1,043
1.8%
$1,035
AVG. PPSF
$2.90M despite zero growth in sales
MED. SALE PRICE
$2,895,000
6.3%
$2,724,000
-11.2%
$3,259,000
volume from Q1-16.
NUMBER OF SALES
57
0.0%
57
5.6%
54
DOM
78
18.9%
65
6.7%
73
2016
YOY%
2015
YOY%
2014
$3,543,456
2.8%
$3,448,279
8.0%
$3,192,041
$1,039
2.7%
$1,013
9.3%
$926
258
-10.7%
289
-4.3%
302
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,159,364
17.8%
$984,382
12.7%
$1,028,389
$611
2.8%
$595
0.9%
$606
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Pricing metrics for condos in Pacific Palisades rose in Q1-17, while the overall sales volume reduced by 35.3% YoY. -- Average sale price in the ocean-side
AVG. PPSF
community increased 17.8% YoY to
MED. SALE PRICE
$1,150,000
30.7%
$880,000
20.8%
$952,000
$1.16M, while average PPSF recorded
NUMBER OF SALES
11
-35.3%
17
-38.9%
18
DOM
83
7.1%
77
9.4%
76
2016
YOY%
2015
YOY%
2014
$1,052,627
3.0%
$1,022,307
9.4%
$934,233
$613
-0.8%
$618
15.4%
$535
82
32.3%
62
-8.8%
68
$611/SF, up 2.8% YoY.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
20
Pasadena -- Pasadena continues to record strong sales performance, with average sale pricing up 26.1% YoY to $1.95M. -- Median sale price ticked up 13.8% YoY to $1.59M. -- 78 deals were recorded in Q1-17, a 20.0% increase from the same period
Q1 2017 LOS ANGELES MARKET REPORT
last year.
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,953,255
26.1%
$1,548,853
15.1%
$1,696,560
$625
6.7%
$586
-0.2%
$627
MED. SALE PRICE
$1,587,500
13.8%
$1,395,000
8.4%
$1,465,000
NUMBER OF SALES
78
20.0%
65
-28.4%
109
DOM
63
4.0%
60
4.5%
60
2016
YOY%
2015
YOY%
2014
$1,677,121
-5.2%
$1,769,100
0.0%
$1,769,608
$609
1.4%
$600
1.0%
$594
415
2.5%
405
24.2%
326
AVG. PPSF
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Although total sales were down in Q117, average PPSF rose by 11.8% YoY to
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$507/SF, while the average sale price
AVG. SALE PRICE
$775,390
5.8%
$733,208
-3.5%
$803,260
$507
11.8%
$454
-1.9%
$517
rose by 5.8% to $775K. -- Explosive sales volume in 2016
AVG. PPSF
normalized in Q1-17, and we expect
MED. SALE PRICE
$690,000
4.2%
$662,000
3.5%
$666,500
to see those numbers resume a more
NUMBER OF SALES
97
-42.3%
168
-50.5%
196
DOM
90
13.7%
79
18.1%
76
2016
YOY%
2015
YOY%
2014
$766,704
0.5%
$762,738
1.2%
$753,902
AVG. PPSF
$487
4.9%
$464
0.5%
$462
NUMBER OF SALES
854
123.6%
382
7.6%
355
consistent growth trajectory during the year.
Annual Performance AVG. SALE PRICE
21
Santa Monica -- Home sales in Santa Monica skewed towards the lower end of the price spectrum during Q1-17, while average PPSF surged 21.6% YoY to $1,280/SF. -- Average sale price decreased by 20.0%
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$2,673,666
-20.0%
$3,342,541
-9.7%
$2,962,466
$1,280
21.6%
$1,052
5.1%
$1,218
AVG. PPSF
YoY to $2.67M, while average PPSF
MED. SALE PRICE
$2,175,500
-27.4%
$2,995,000
-8.0%
$2,365,000
soared by 21.6% YoY to $1,280/SF,
NUMBER OF SALES
62
31.9%
47
29.2%
48
DOM
59
12.7%
53
4.8%
57
2016
YOY%
2015
YOY%
2014
$2,952,788
5.5%
$2,797,541
5.4%
$2,653,358
$1,140
-2.2%
$1,165
13.1%
$1,031
222
-3.9%
231
1.3%
228
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,222,045
-0.2%
$1,224,719
1.0%
$1,209,967
$870
-3.6%
$902
-2.3%
$890
MED. SALE PRICE
$982,000
8.5%
$905,000
-6.7%
$1,052,500
NUMBER OF SALES
69
-16.9%
83
-26.6%
94
DOM
78
2.8%
76
5.1%
75
2016
YOY%
2015
YOY%
2014
$1,227,770
-1.1%
$1,242,003
-1.1%
$1,256,338
AVG. PPSF
$885
3.3%
$857
2.0%
$840
NUMBER OF SALES
394
-14.7%
462
3.1%
448
driven by higher demand for smaller homes in the area. Q1 2017 LOS ANGELES MARKET REPORT
-- 62 deals were recorded during the quarter, a 31.9% YoY increase.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Pricing metrics for condos in Santa Monica have leveled off over the past two quarters. -- The median sale price rose by 8.5% to $982K despite the decreases in sales volume from both Q1-16 and Q4-16.
AVG. PPSF
Annual Performance AVG. SALE PRICE
22
Silverlake/Echo Park -- Demand for single family properties leveled off during the last two quarters with a 22.2% YoY decrease in sales volume.
Q1 2017 LOS ANGELES MARKET REPORT
-- PPSF fell by 6.2% in Q1-17 to $601/SF,
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,318,719
-2.5%
$1,352,319
2.4%
$1,287,375
$601
-6.2%
$641
-18.5%
$737
AVG. PPSF
while average sale price declined 2.5%
MED. SALE PRICE
$1,212,500
2.3%
$1,185,000
1.5%
$1,194,750
to $1.32M.
NUMBER OF SALES
28
-22.2%
36
-12.5%
32
DOM
48
-31.6%
70
32.5%
36
2016
YOY%
2015
YOY%
2014
$1,350,590
0.1%
$1,349,057
-8.8%
$1,479,648
AVG. PPSF
$695
8.8%
$639
4.0%
$614
NUMBER OF SALES
140
59.1%
88
2.3%
86
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
$752,491
15.7%
$650,650
8.6%
$692,812
$518
7.1%
$484
-0.8%
$522
Annual Performance AVG. SALE PRICE
-- Strong demand has continued to drive pricing on the eastside; average sale price rose 15.7% YoY in Q1-17 to $752K. -- The number of sales increased significantly YoY by 300.0% to 24 sales
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
in Q1-17. Only 6 sales were recorded in
MED. SALE PRICE
$725,000
16.1%
$624,500
2.8%
$705,000
Q1-16.
NUMBER OF SALES
24
300.0%
6
100.0%
12
DOM
165
34.1%
123
75.5%
94
2016
YOY%
2015
YOY%
2014
$687,390
-3.7%
$713,815
19.0%
$599,910
$515
2.5%
$502
20.1%
$418
58
26.1%
46
100.0%
23
-- Average PPSF rose by 7.1% to $518/SF, while median pricing increased by 16.1% YoY to $725K.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
23
Sunset Strip/Hollywood Hills -- Pricing dropped sharply in Q1-17, with average sale price decreasing 17.7% YoY to $2.60M. -- Valuations also fell, recording an average of $858/SF, 8.8% lower than Q1-16. -- Volumes, however, increased significantly, with 94 deals recorded during the period, a 3.3% YoY
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$2,604,663
-17.7%
$3,165,962
-3.8%
$2,707,633
$858
-8.8%
$940
4.2%
$823
MED. SALE PRICE
$1,927,500
-6.0%
$2,050,000
-10.0%
$2,141,000
NUMBER OF SALES
94
3.3%
91
30.6%
72
DOM
85
3.8%
82
26.1%
67
2016
YOY%
2015
YOY%
2014
$2,820,695
9.1%
$2,586,309
-1.7%
$2,631,182
AVG. PPSF
$888
8.1%
$821
0.5%
$818
NUMBER OF SALES
341
-9.8%
378
8.3%
349
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,694,588
146.4%
$687,723
48.8%
$1,138,992
$746
45.6%
$512
17.5%
$635
AVG. PPSF
Q1 2017 LOS ANGELES MARKET REPORT
increase, and up 30.6% QoQ.
Annual Performance AVG. SALE PRICE
-- The current supply of condominium properties is very limited in Sunset Strip/Hollywood Hills with just 17 sales in Q1-17. -- Demand for vertical living along the
AVG. PPSF
Sunset Strip is driving the pricing
MED. SALE PRICE
$695,000
15.8%
$600,000
-13.1%
$799,900
metrics, with average PPSF up 45.6%
NUMBER OF SALES
17
13.3%
15
30.8%
13
DOM
92
5.0%
88
30.7%
71
2016
YOY%
2015
YOY%
2014
$844,736
-17.3%
$1,021,413
-2.7%
$1,050,197
$620
-4.8%
$651
-5.1%
$686
78
39.3%
56
47.4%
38
YoY to $746/SF, and average sale price up 146.4% to $1.70M. -- A significant number of new condominium properties is currently under construction or approved along the Sunset corridor and will start coming to market at the end of 2017 through 2020.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
24
West Hollywood -- Volume also dipped during the period, down 17.9% YoY to 23 closed sales. -- Average sale price rose 6.5% YoY to $1.84M, while average PPSF declined 12.5% to $850/SF. -- Volume also dipped during the period,
Q1 2017 LOS ANGELES MARKET REPORT
down 17.9% YoY to 23 closed sales.
SINGLE FAMILY $1M+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$1,839,020
6.5%
$1,726,599
-12.1%
$2,092,047
$850
-12.5%
$971
-10.6%
$951
MED. SALE PRICE
$1,550,000
-2.3%
$1,586,500
-11.4%
$1,750,000
NUMBER OF SALES
23
-17.9%
28
-30.3%
33
DOM
74
35.8%
54
27.0%
58
2016
YOY%
2015
YOY%
2014
$1,869,290
1.3%
$1,845,990
17.6%
$1,569,292
AVG. PPSF
$951
6.9%
$889
8.5%
$820
NUMBER OF SALES
123
8.8%
113
25.6%
90
CONDO $500K+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE
$860,340
0.1%
$859,899
-6.3%
$918,105
$679
4.7%
$648
-3.0%
$700
MED. SALE PRICE
$731,012
-6.3%
$780,000
-8.9%
$802,000
NUMBER OF SALES
80
29.0%
62
8.1%
74
DOM
64
-25.9%
87
-7.4%
69
2016
YOY%
2015
YOY%
2014
$880,106
7.3%
$820,592
7.6%
$762,607
AVG. PPSF
$664
7.5%
$618
9.6%
$564
NUMBER OF SALES
318
-3.3%
329
26.5%
260
AVG. PPSF
Annual Performance AVG. SALE PRICE
-- Total sales in Q1-17 were up 29.0% YoY to 80 transactions, and up 8.1% from Q4-16. -- PPSF rose 4.7% YoY in Q1-17, with average values recording $679/SF for the period, while average unit price remained flat at $860K. -- Several new condo properties are expected to come to market in West Hollywood later this year such as 1345
AVG. PPSF
Havenhurst and 8500 Sunset.
Annual Performance AVG. SALE PRICE
25
Q1 2017 LOS ANGELES MARKET REPORT
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