Q 2 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 Q2 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 Q2-17. The second quarter is historically LA’s most active selling season, and this year was no exception. The market for luxury single family homes recorded substan-
Single Family Sales by Price Segment
Page 04
Condominium Overview
Page 05
Brentwood Page 13
Q2 2017 LOS ANGELES MARKET REPORT
tial volume increases, and it is safe to say that the past three months culminate in the most active quarter of production on record. 1,093 homes valued greater than $1M traded hands within Compass’ universe of coverage, a 21.9% YoY increase from Q2-16. This increase was primarily driven by the following neighborhoods: Beverly Hills (up 48.5% YoY), Pasadena (up 35.0% YoY), and Silverlake-Echo Park (up 34.3% YoY). Average PPSF increased 3.9% YoY to $940/ SF, while average sale price increased 6.9% YoY to $3.08M. Median sale price rose 6.1% YoY to $2.10M, while average days on market increased 6.7% YoY to 66 days. Please note that all references to single family sales include only listings
Condominium Sales by Bedroom Count
Page 06
Neighborhood Snapshot Single Family Market
Page 07
closed at $1M or above. While condos in LA’s prime markets retained their value during the quarter, sales
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
volumes declined rather significantly. 805 transactions were recorded during the
Malibu Page 19
period, an 11.0% drop from Q2-16, signaling strong buyer holdback as they await new product anticipated to hit the market later this year. While average price fell
13.4% YoY to $860K, average PPSF rose 1.7% to $640/SF, yet another high water
Pacific Palisades
Page 20
mark for condos in the city. Average days on the market dropped 5.2% YoY to 76
Pasadena Page 21
days. Please note that all references to condo sales include only listings closed at $500K or above. Value or valuation refers to PPSF in this report.
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’ Q2 2017 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
Q2 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
Single Family Overview Sales volume in the market for single
1200
$1,000
of coverage increased significantly
1100
$950
during the second quarter, with 1,093
1000
$900
transactions on the book, the highest
900
$850
number ever recorded in any quarters.
800
$800
For perspective, that’s a 21.9% increase
700
$750
over Q2 of last year, and 54.4% ahead of
600
$700
500
$650
400
$600
300
$550
200
$500
100
$450
the first quarter of 2017. What’s more, the largest increases are attributed to Q2 2017 LOS ANGELES MARKET REPORT
Avg. PPSF
# of Sales
family homes within Compass’ area
the toniest of neighborhoods, including Bel Air-Holmby Hills, Beverly Hills, and Brentwood. Average sale price in our universe of coverage increased a 6.9% YoY to $3.08M, as housing in LA contin-
$400
0 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 Q2 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
ues to trade at its peak values. Values across LA continued to rise, average PPSF being the only true equalizing metric for such a broad range of neigh-
SINGLE FAMILY MARKET Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$3,075,608
6.9%
$2,878,098
-0.3%
$3,084,056
$940
3.9%
$905
3.6%
$908
MED. SALE PRICE
$2,097,500
6.1%
$1,976,000
-0.8%
$2,114,500
NUMBER OF SALES
1,093
21.9%
897
54.4%
708
66
6.7%
62
-13.8%
77
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
borhoods and inventory, increasing 3.9% YoY to $940/SF.
AVG. SALE PRICE AVG. PPSF
DOM
ANNUAL PERFORMANCE
AVG. SALE PRICE
03
Single Family Overview Sales by Price Segment Q2 proved to be a very active quarter for home sales at
$1MM - $3MM
the absolute highest end of the price spectrum. Sales volume for homes valued greater than $5M increased
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
53.1% year-over-year, with 147 such deals recorded. 38 home sales over $10M were recorded during the period,
Q2 2017 LOS ANGELES MARKET REPORT
while 8 of these were valued greater than $20M.
AVG. SALE PRICE $1,772,019 0.3% $1,767,068 -0.8% $1,787,132 AVG. PPSF $940 3.9% $905 3.6% $908 MED. SALE PRICE $1,658,750 0.5% $1,650,500 -0.7% $1,670,000 NUMBER OF SALES 776 19.4% 650 55.2% 500 DOM 66 -8.2% 72 -7.2% 71
$3MM - $5MM
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE $3,702,200 1.3% $3,654,789 -2.5% $3,798,774 AVG. PPSF $1,285 4.5% $1,230 5.0% $1,224 MED. SALE PRICE $3,591,250 -0.2% $3,600,000 -2.9% $3,700,000 NUMBER OF SALES 170 12.6% 151 41.7% 120 DOM 87 4.0% 83 1.7% 85
$5MM+
Q1 2017
YOY%
Q1 2016
QOQ%
Q4 2016
AVG. SALE PRICE $9,232,510 0.6% $9,179,029 -3.1% $9,529,803 AVG. PPSF $1,600 -4.1% $1,668 3.3% $1,548 MED. SALE PRICE $7,450,500 2.8% $7,250,000 -2.1% $7,607,500 NUMBER OF SALES 147 53.1% 96 67.0% 88 DOM 92 -17.9% 112 -11.1% 104
04
Condominium Overview Condo volume in Los Angeles continued to trade off its peak levels during Q2, while values climbed slightly ahead of the same period one year ago. Total sales decreased 11.0% YoY in Q2 to 805 deals, while average PPSF increased 1.7% to $640/ SF, the highest ever recorded value for that
Q2 2017 LOS ANGELES MARKET REPORT
benchmark.
Avg. PPSF
# of Sales 1000
$650
900
$625
800
$600
700
$575
600
$550
500
$525
400
$500
300
$475
200
$450
100
$425
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 Q2 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
CONDO MARKET Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$859,724
-13.4%
$992,524
-14.3%
$1,003,262
$640
1.7%
$629
0.2%
$639
MED. SALE PRICE
$751,000
-1.8%
$765,000
-4.1%
$783,500
NUMBER OF SALES
805
-11.0%
904
36.0%
592
DOM
76
-5.2%
80
-15.7%
90
2016
YOY%
2015
YOY%
2014
$963,753
-1.6%
$979,390
-0.1%
$980,244
AVG. PPSF
$620
-0.2%
$621
2.7%
$604
NUMBER OF SALES
3,116
14.1%
2,731
11.7%
2,445
AVG. SALE PRICE AVG. PPSF
ANNUAL PERFORMANCE
AVG. SALE PRICE
05
Condominium Overview Sales by Bedroom Count The second quarter was characterized by significantly
1 BEDROOMS
higher volume at the lower end of the price spectrum, while demand for higher priced 2+ bedroom units
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
lagged previous quarters. Sales volume for 1 bedroom units shot up 25.4% to 148 transactions, while PPSF increased 2.9% YoY to $735/SF. 3+ bedroom units saw the largest declines, both in volume and value. 159 Q2 2017 LOS ANGELES MARKET REPORT
deals were recorded during the period, a 33.5% YoY decrease, while the average price point dipped 14.0% YoY to $1.10M.
AVG. SALE PRICE $640,960 -4.2% $668,732 -7.0% $689,209 AVG. PPSF $735 2.9% $714 2.1% $720 MED. SALE PRICE $595,000 1.7% $585,000 -3.5% $616,500 NUMBER OF SALES 148 25.4% 118 55.8% 95 DOM 92 41.0% 65 0.4% 92
2 BEDROOMS
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE $851,146 -9.3% $938,829 -11.4% $960,724 AVG. PPSF $629 0.4% $627 0.8% $624 MED. SALE PRICE $775,000 1.2% $766,000 -2.1% $792,000 NUMBER OF SALES 490 -8.6% 536 38.0% 355 DOM 71 -9.5% 79 -13.3% 82
3+ BEDROOMS
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE $1,102,268 -14.0% $1,281,419 -18.3% $1,348,549 AVG. PPSF $583 -0.9% $588 -5.2% $614 MED. SALE PRICE $925,000 -1.6% $940,000 -2.6% $950,000 NUMBER OF SALES 159 -33.5% 239 16.9% 136 DOM 76 -17.0% 92 -32.2% 112
06
Neighborhood Snapshot This page provides a snapshot of the Q2 2017 single family market conditions by neighborhood. The
Single Family Market
Los Angeles single family average sale price increased 6.9% YoY, primarily driven by Beverly Hills Post Office (up 85.7% YoY), Los Feliz (up 64.3% YoY), and Pacific Palisades (up 24.1% YoY). The largest percentage increase in number of sales occurred in Beverly Hills (up 48.5% YoY), Pasadena (up 35.0% YoY), and Silverlake-Echo Park (up 34.3% YoY).
YOY%
NEGOTIABILITY
Brentwood
85
9.4% $3,944,009 -2.5%
$1,071 4.6% $3,125,000 5.9% 63 9.4%
-4.0%
Malibu
55
-3.5% $5,380,649 20.6%
$1,445 -7.9% $3,250,000 3.2% 133 15.2% -8.7%
Pacific Palisades
88
22.2% $4,123,663 24.1%
$1,219 22.0% $3,179,488 27.2% 68 10.0% -1.2%
Santa Monica
68
1.5% $2,962,069 5.5%
$1,211 4.0% $2,307,500 4.9% 41 4.4%
Bel Air-Holmby Hills
51
21.4% $5,137,432 5.4%
$937
4.1% $2,465,000 9.0% 92 -8.1% -3.8%
Beverly Center-Miracle Mile
59
31.1% $1,885,303 -7.4%
$805
2.1% $1,657,000 2.4% 74 64.9% -2.2%
0.8%
Beverly Hills
49
48.5% $6,314,235 -10.3% $1,405 3.9% $5,600,500 4.2% 72 -1.3% -3.5%
Beverly Hills Post Office
46
27.8% $5,604,432 85.7%
$991
25.2% $3,445,000 40.3% 83 -16.3% -6.5%
Century City-Westwood
57
5.6% $2,320,711 -9.7%
$863
-2.0% $2,100,000 -4.3% 47 11.2% 1.0%
Hancock Park-Wilshire
76
16.9% $2,195,287 3.6%
$717
3.1% $1,540,000 -6.7% 69 37.2% -0.4%
Hollywood Hills East
42
20.0% $1,590,103 -1.9%
$712
6.4% $1,403,000 -4.9% 62 -7.0% -0.8%
112
30.2% $2,451,310 -12.5% $909
2.0% $2,050,500 7.5% 69 -1.8% -2.0%
33
17.9% $2,136,453 17.4%
Sunset Strip-Hollywood Hills West Hollywood Downtown LA
- - -
$1,024 3.7% $1,600,000 -2.3% 47 14.6% -0.4%
- - - -
- - - -
Los Feliz
63
28.6% $2,762,061 64.3%
$882
24.8% $1,775,500 17.5% 58 8.1% 4.2%
Pasadena
162
35.0% $1,713,604 -2.3%
$644
5.3% $1,451,500 -4.5% 54 8.2% 2.2%
47
34.3% $1,343,556 -5.0%
$754
5.1% $1,280,500 -4.5% 40 -19.9% 5.6%
$940
3.9% $2,097,500 6.1% 66 6.7%
Silverlake-Echo Park OVERALL
1,093 21.9% $3,075,608 6.9%
07
WEST SIDE
DOM
MID CITY & THE HILLS
YOY%
EAST SIDE
Q2 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 Q2 2017 condo market conditions by neighborhood. The most
Condominium Market
notable average condo price increases occurred in Beverly Center-Miracle Mile (up 37.6% YoY), and Beverly Hills (up 15.9% YoY). Overall, the Los Angeles condo market experienced an 11.0% decrease in the number of sales, but saw robust sales growth in Downtown LA (up 47.1% YoY), and Hancock
NUMBER AVG. AVG. MED. OF SALES YOY% SALE PRICE YOY% PPSF YOY% SALE PRICE
YOY%
Brentwood
63
0.0% $1,030,725 0.5%
$659
6.3% $930,000
9.4% 56 -31.0% 2.1%
Malibu
18
12.5% $919,167
-37.3%
$638
-39.2% $922,500
-19.8% 63
Pacific Palisades
25
-7.4% $1,088,680 10.7%
$628
8.6% $1,116,000 19.3% 55 -29.1% 1.4%
100
-2.0% $1,052,472 -22.1% $839
NEGOTIABILITY
-46.2% -2.7%
-9.6% $1,035,000 -9.6% 58 -19.7% 4.0%
- - -
- - - -
- - - -
Beverly Center-Miracle Mile
25
257.1% $780,040
37.6%
$606
0.2% $740,000
33.3% 54 -15.8% 1.5%
Beverly Hills
35
9.4% $1,623,530 15.9%
$806
19.6% $1,275,000 4.5% 85 -27.1% -1.2%
Bel Air-Holmby Hills
- - -
- - - -
- - - -
Century City-Westwood
100
-29.1% $742,144
-38.7% $590
-5.7% $752,500
-14.5% 68
Hancock Park-Wilshire
61
48.8% $726,862 4.4%
$504
1.0% $675,000
2.7% 79 -6.3% -0.7%
Hollywood Hills East
10
11.1% $664,150 2.3%
$601
20.6% $705,000
11.0% 84 31.4% 2.3%
Sunset Strip-Hollywood Hills
30
3.4% $841,005 -5.6% $642
-3.8% $719,500
18.4% 66 1.1% 0.0%
-4.1% $745,000
6.6% 72 2.0% -0.2%
Beverly Hills Post Office
West Hollywood
100 2.9% $812,319 -7.6%
$635
-22.7% 2.0%
100 47.1% $800,820 -8.8% $711
7.0% $737,500
3.7% 135 48.2% -1.1%
Los Feliz
8
14.3% $651,081 4.9%
3.0% $606,500
0.6% 75 26.0% 1.5%
Pasadena
100
-60.3% $631,492
-23.1% $497
0.0%
30
114.3% $723,748
2.3%
-0.3% $1,035,000 -9.6% 122 23.0% 1.3%
805
-11.0% $859,724
-13.4% $640
Downtown LA
Silverlake-Echo Park OVERALL
$625 $513
08
1.7%
$1,116,5000 19.3% 56
$751,000
-1.8% 76
-24.8% 3.6%
-5.2%
WEST SIDE
YOY%
MID CITY & THE HILLS
Santa Monica
DOM
EAST SIDE
Q2 2017 LOS ANGELES MARKET REPORT
Park-Wilshire (up 48.8% YoY).
Bel Air-Holmby Hills -- Strong volume and price performance in one of LA’s most stately neighborhoods; total transactions increase 21.4% YoY to 51 closed deals, an 82.1% increase over Q1-17. -- Average sale price increased 5.4% YoY to $5.14M, a new high-water mark for the neighborhood, representing a 12.5% increase over Q1-17.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$5,137,432
5.4%
$4,874,321
12.5%
$4,566,922
$937
4.1%
$899
0.2%
$935
MED. SALE PRICE
$2,465,000
9.0%
$2,261,300
4.0%
$2,370,000
NUMBER OF SALES
51
21.4%
42
82.1%
28
DOM
92
-8.1%
100
18.5%
77
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
AVG. PPSF
Q2 2017 LOS ANGELES MARKET REPORT
-- Median sale price increased 9.0% to $2.47M, while LA’s most desirable estates spent 8 fewer days on the market, for an average of 92 days.
Annual Performance AVG. SALE PRICE
9
Beverly Center-Miracle Mile -- Volumes in Beverly Center-Miracle Mile followed the broader market trend upward this quarter, with 59 deals recorded, a 31.1% YoY increase. -- The neighborhood remains one of LA’s
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,855,303
-7.4%
$2,035,434
-3.8%
$1,959,527
$805
2.1%
$789
4.7%
$769
AVG. PPSF
most popular, however the healthy
MED. SALE PRICE
$1,657,500
2.4%
$1,618,700
5.2%
$1,575,000
increase in volume is tempered by the
NUMBER OF SALES
59
31.1%
45
25.5%
47
DOM
74
64.9%
45
18.3%
62
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
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$780,040
37.6%
$567,071
5.8%
$737,188
$606
0.2%
$605
5.5%
$574
fear that average sale price declined 7.4% YoY to $1.86M. Q2 2017 LOS ANGELES MARKET REPORT
-- Average PPSF for the month was recorded at $805/SF, up 2.1% YoY.
Annual Performance AVG. SALE PRICE
-- Condos tracked a similar course to Single Family homes, with 25 deals recorded during the period, an exponential 257.1% YoY increase. The caveat being, however, that 7 recorded
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
deals during the same quarter last
MED. SALE PRICE
$740,000
33.3%
$555,000
6.3%
$696,000
year was extremely low.
NUMBER OF SALES
25
257.1%
7
56.3%
16
DOM
54
-15.8%
65
-41.5%
93
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
-- Average PPSF remained flat to Q2-16, while average sale price rose significantly by 37.6% to $780K, a strong indicator for luxury product in this neighborhood.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
10
Beverly Hills -- Sales volume was strong in LA’s toniest neighborhood during the second quarter, with 49 deals recorded, a 48.5% YoY increase, and 44.1% ahead of Q1-17. -- Pricing declined during the period, however, as average sales price shed 10.3% YoY to $6.31M. -- Valuations during this incredibly
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$6,314,235
-10.3%
$7,039,712
-13.8%
$7,321,834
$1,405
3.9%
$1,352
6.7%
$1,317
MED. SALE PRICE
$5,600,000
4.2%
$5,375,000
4.4%
$5,362,500
NUMBER OF SALES
49
48.5%
33
44.1%
34
DOM
72
-1.3%
73
-34.6%
110
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+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,623,530
15.9%
$1,401,266
14.0%
$1,423,648
$806
19.6%
$674
20.3%
$670
AVG. PPSF
Q2 2017 LOS ANGELES MARKET REPORT
active sales quarter also pushed ahead of Q2-16 numbers, recording $1,405/SF, up 3.9% YoY, implying that the range of transactions were at lower price points, rather than lower valuations.
-- Condo values increased at a substantial clip in LA’s most recognizable zip code, with 35 transactions recording an average PPSF of $806/SF, a 19.6% YoY increase.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
AVG. PPSF
-- The greater number of deals during
MED. SALE PRICE
$1,275,000
4.5%
$1,220,000
4.1%
$1,225,000
the period attracted higher median
NUMBER OF SALES
35
9.4%
32
29.6%
27
DOM
85
-27.1%
116
6.6%
79
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
pricing; median sales price increased 4.5% YoY to $1.28M. -- Average sales price increased at an even greater clip, pushing forward 15.9% 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 -- More robust sales volume in this stately enclave; 46 transactions recorded during the period, a 27.8% YoY increase, and 142.1% ahead of Q1-17. -- Average sale price increased 85.7% YoY to $5.60M, a high number attributable to the 5 transactions in excess of $10M, and 3 sales north of $20M.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$5,604,432
85.7%
$3,018,444
62.1%
$3,456,588
$991
25.2%
$791
11.0%
$893
MED. SALE PRICE
$3,445,000
40.3%
$2,455,000
37.8%
$2,500,000
NUMBER OF SALES
46
27.8%
36
142.1%
19
DOM
83
-16.3%
99
27.5%
65
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
Q2 2017 LOS ANGELES MARKET REPORT
-- Median sale price increased 40.3% YoY to $3.45M.
Annual Performance AVG. SALE PRICE
12
Brentwood -- Brentwood continued its outperformance as a top luxury market during the quarter, with yet again strong sales volume. 85 transactions were recorded during the period, a 16.4% YoY increase. -- Average sales price declined 2.5% YoY to $3.94M, but with fewer $10M+ homes transacting in Q2-17 than the prior quarter, that metric decreased 25.9%
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$3,944,009
-2.5%
$4,045,317
-25.9%
$5,322,955
$1,071
4.6%
$1,024
-5.1%
$1,128
MED. SALE PRICE
$3,125,000
5.9%
$2,950,000
-26.1%
$4,230,000
NUMBER OF SALES
85
16.4%
73
97.7%
43
DOM
63
9.4%
57
-15.0%
74
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+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,030,725
0.5%
$1,025,864
-0.4%
$1,034,733
$659
6.3%
$620
9.1%
$604
AVG. PPSF
Q2 2017 LOS ANGELES MARKET REPORT
from Q1-17. -- Brentwood real estate trades, on average, faster than any of the other highest end neighborhoods. During Q2, DOM increased 6 days to an average of 63 days, still among the lowest for all highend homes.
-- Condo performance in Brentwood was flat during the quarter, with 63 units trading hands, the exact same number as during Q2-16. -- Values, on the other hand, increased a
Annual Performance AVG. SALE PRICE
AVG. PPSF
healthy 6.3% YoY, recording an average
MED. SALE PRICE
$930,000
9.4%
$850,000
2.2%
$910,000
PPSF of $659/SF.
NUMBER OF SALES
63
0.0%
63
70.3%
37
DOM
56
-31.0%
81
-24.0%
74
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
-- Average sale price during the quarter remained flat to Q2-16, recording a 0.5% YoY increase to $1.03M. -- Median sale price, meanwhile, climbed 9.4% YoY to $930K, a strong indicator for the high end of this market.
Annual Performance AVG. SALE PRICE
13
Century City-Westwood -- Healthy sales volume continues to characterize the market in Century City-Westwood, with 57 transactions recorded during the second quarter, a 5.6% YoY increase, and a 32.6% uptick from Q1-17. -- Valuations declined, however, relative to Q2-16, recording an average of $863/ SF, a 2.0% YoY decrease.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,320,711
-9.7%
$2,570,133
1.7%
$2,282,941
$863
-2.0%
$881
-1.9%
$880
MED. SALE PRICE
$2,100,000
-4.3%
$2,193,293
8.5%
$1,935,000
NUMBER OF SALES
57
5.6%
54
32.6%
43
DOM
47
11.2%
43
8.6%
44
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
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$742,144
-38.7%
$1,210,314
-39.9%
$1,235,381
$590
-5.7%
$625
-6.5%
$630
MED. SALE PRICE
$752,500
-14.5%
$880,000
-13.5%
$870,000
NUMBER OF SALES
100
-29.1%
141
-9.1%
110
DOM
68
-22.7%
88
-25.7%
92
2016
YOY%
2015
YOY%
2014
$1,203,612
3.1%
$1,167,581
-2.7%
$1,199,726
AVG. PPSF
Q2 2017 LOS ANGELES MARKET REPORT
-- Average sale price dropped 9.7% YoY to $2.32M, while houses in the neighborhood spent a relatively low 47 days on the market compared to the other neighborhoods.
-- An uncharacteristically slow quarter for condo sales in this neighborhood, with both volumes and values in decline; in stark contrast to broader LA market for luxury. -- With so few $1M+ condo deals recorded, average sale price dropped 38.7% to $742K. Interestingly, there were no transactions during the period at The
Annual Performance AVG. SALE PRICE
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
Century, this neighborhood’s highest valued asset. -- 100 sales were recorded during Q2-17,
Annual Performance
a 29.1% YoY decrease, while average
AVG. SALE PRICE
PPSF shed 5.7% YoY to an average of
AVG. PPSF
$618
5.2%
$588
0.5%
$585
NUMBER OF SALES
510
-6.1%
543
12.7%
482
$590/SF. -- Median sale price, perhaps the strongest indicator of the lack of highpriced deals this quarter, dropped 14.5% to $753K.
14
Downtown LA -- Sales volume in Downtown LA pushed well ahead of previous periods, with 100 deals recorded during Q2-17, 16 of which were attributed to closings at the recently completed Ten50 project
CONDO $500K+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$800,820
-8.8%
$877,653
-2.2%
$818,727
$711
7.0%
$665
4.2%
$682
AVG. PPSF
on South Grand. That represents a
MED. SALE PRICE
$737,500
3.7%
$711,000
2.1%
$722,500
47.1% increase over Q2-16, and 72.4%
NUMBER OF SALES
100
47.1%
68
72.4%
58
DOM
135
48.2%
91
20.3%
112
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
ahead of Q1-17. -- Average price points dropped rather Q2 2017 LOS ANGELES MARKET REPORT
substantially to $801K, an 8.8% YoY decline, which we attribute the greater number of transactions at the lower end of the price spectrum. -- Meanwhile, valuations pushed ahead 7.0% to $711/SF, a strong indication of value retention in the neighborhood
Annual Performance AVG. SALE PRICE
as the downtown market asserts itself as one of the city’s strongest.
15
Hancock Park-Wilshire -- Greater sales volume in one of LA’s most stately neighborhoods during the second quarter pushed valuations even higher; 76 home sales recorded in Q2-17, a 16.9% increase over Q2-16 and
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,195,287
3.6%
$2,119,924
-19.0%
$2,711,686
$717
3.1%
$696
4.7%
$685
AVG. PPSF
a 52.0% higher than Q1 of this year.
MED. SALE PRICE
$1,540,000
-6.7%
$1,650,000
-31.9%
$2,262,500
-- While average sale price rose by 3.6%
NUMBER OF SALES
76
16.9%
65
52.0%
50
DOM
69
37.2%
50
-11.2%
77
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
CONDO $500K+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$726,862
4.4%
$696,149
5.7%
$687,871
$504
1.0%
$499
3.0%
$489
MED. SALE PRICE
$675,000
2.7%
$657,000
3.8%
$650,000
NUMBER OF SALES
61
48.8%
41
84.8%
33
DOM
79
-6.3%
84
-19.6%
98
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
relative to Q2-16, the significant QoQ decline of 19.0% was attributed to the Q2 2017 LOS ANGELES MARKET REPORT
higher number of lower priced homes sold during the period. -- With so many lower priced homes trading hands, the median sale price declined 6.7% YoY to $1.54M.
-- Higher demand for condos resulted in 61 sales, a 48.8% YoY increase from Q2-16. -- Average PPSF remained constant at $504/SF, a 1.0% increase over Q2-16. -- Average sale price, meanwhile, increased 4.4% YoY to $727K on a substantially higher number of transactions.
Annual Performance AVG. SALE PRICE
AVG. PPSF
Annual Performance AVG. SALE PRICE
16
Hollywood Hills East -- Healthy sales volume in the neighborhood drove valuations up 6.4% YoY to $712/SF on 42 deals, a 20.0% YoY increase in total transactions. -- Average sale price remained relatively consistent at $1.59M, down 1.9% YoY, while median price declined 4.9% YoY to $1.40M.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,590,103
-1.9%
$1,620,214
-4.3%
$1,661,695
$712
6.4%
$670
6.4%
$670
MED. SALE PRICE
$1,403,000
-4.9%
$1,475,000
-8.8%
$1,539,000
NUMBER OF SALES
42
20.0%
35
55.6%
27
DOM
62
-7.0%
67
-9.3%
69
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+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$664,150
2.3%
$649,444
10.7%
$600,000
$601
20.6%
$498
12.3%
$535
AVG. PPSF
Q2 2017 LOS ANGELES MARKET REPORT
-- Strong sales activity in Hollywood Hills East continues underscore the valuation divide between other luxury hillside locales, such as Sunset Strip-Hollywood Hills, Beverly Hills, and Brentwood.
-- The market for condos in Hollywood Hills East continues to be extremely limited, with 10 transactions recorded during Q2-17. -- Average YoY sales price increased
Annual Performance AVG. SALE PRICE
AVG. PPSF
2.3% to $664K; average PPSF increased
MED. SALE PRICE
$705,000
11.0%
$635,000
17.5%
$600,000
20.6% YoY to $601/SF.
NUMBER OF SALES
10
11.1%
9
400.0%
2
DOM
84
31.4%
64
46.8%
58
2016
YOY%
2015
YOY%
2014
$651,682
10.6%
$589,369
0.6%
$585,692
$476
17.0%
$407
-7.7%
$441
22
22.2%
18
38.5%
13
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
17
Los Feliz -- Following a sluggish Q1-17 in the east side’s most coveted neighborhood, we indicated that we’d be keeping our eyes on what could be slowing market dynamics, but Q2 performance in Los
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,762,061
64.3%
$1,681,357
41.0%
$1,958,814
$882
24.8%
$706
29.0%
$683
AVG. PPSF
Feliz has be anything but sluggish.
MED. SALE PRICE
$1,775,000
17.5%
$1,510,000
10.8%
$1,602,500
-- The second quarter was character-
NUMBER OF SALES
63
28.6%
49
125.0%
28
DOM
58
8.1%
53
-33.5%
87
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+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$651,081
4.9%
$620,714
-3.2%
$672,500
$625
3.0%
$606
6.9%
$584
MED. SALE PRICE
$606,500
0.6%
$603,000
-9.8%
$672,500
NUMBER OF SALES
8
14.3%
7
300.0%
2
DOM
75
26.0%
60
-41.0%
128
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
ized by strong turnaround in sales volume and valuations, with 63 deals Q2 2017 LOS ANGELES MARKET REPORT
recorded, a 28.6% YoY increase, and 125.0% ahead of ‘sluggish’ Q1-17. -- Average sale price shot up 64.3% YoY to $2.76M, with 14 deals recorded greater than $3M (only 4 such deals were recorded in Q1-17) -- Average PPSF climbed 24.8% YoY
Annual Performance AVG. SALE PRICE
to $882/SF, the highest value for the benchmark on record. -- Of note, the Cecil B. DeMille estate was acquired by Angelina Jolie during the period for $24.5M.
AVG. PPSF
-- Los Feliz continues to have a limited supply of condos, with little new inventory in the pipeline. Average sales price increased 4.9% YoY to $651K. -- There were only 8 sales in the second quarter of 2017, up from 7 in Q2-16, driving the average PPSF up 3.0% to $625/SF.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
18
Malibu -- 55 deals recorded during the period drove an average sales price increase of 20.6% YoY in Malibu. -- Home sale prices skewed even more toward the higher end of the
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$5,380,649
20.6%
$4,460,586
18.3%
$4,548,717
$1,445
-7.9%
$1,568
13.4%
$1,274
AVG. PPSF
spectrum, recording a median price of
MED. SALE PRICE
$3,250,000
3.2%
$3,150,000
8.9%
$2,985,000
$3.25M, a 3.2% increase over Q2-16.
NUMBER OF SALES
55
-3.5%
57
17.0%
47
DOM
133
15.2%
115
-8.0%
144
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
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$919,167
-37.3%
$1,465,031
-6.1%
$978,635
$638
-39.2%
$1,050
1.3%
$630
MED. SALE PRICE
$922,500
-19.8%
$1,150,000
-7.8%
$1,000,000
NUMBER OF SALES
18
12.5%
16
100.0%
9
DOM
63
-46.2%
117
-46.9%
118
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
-- Average PPSF fell by 7.9% during the quarter, netting out at $1,445/SF. Q2 2017 LOS ANGELES MARKET REPORT
SINGLE FAMILY $1M+
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Despite higher volume, condo values took a hit during the second quarter, recording an average sale price of $919K, down 37.3% YoY. -- Valuations tracked a similar course, shedding 39.2% YoY to $638/SF.
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
19
Pacific Palisades -- Pricing increased during Q2-17; average sales price jumped 24.1% YoY to $4.12M, while PPSF for the month recorded an average of $1,219/SF, up 22.0% YoY.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$4,123,663
24.1%
$3,323,627
1.9%
$4,045,637
$1,219
22.0%
$999
15.7%
$1,054
AVG. PPSF
-- Sales volume rose dramatically as
MED. SALE PRICE
$3,179,488
27.2%
$2,500,480
9.8%
$2,895,000
well, with 88 home sales recorded
NUMBER OF SALES
88
22.2%
72
54.4%
57
DOM
68
10.0%
62
-12.6%
78
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
during the period, a 22.2% YoY increase. Q2 2017 LOS ANGELES MARKET REPORT
-- The median sale price rose by 27.2% to $3.18M as home sales skewed significantly towards the higher end of the price spectrum in Q2-17.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Pricing metrics for condos in the Palisades rose in Q2-17, while the number
CONDO $500K+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
of sales transactions declined by 7.4%
AVG. SALE PRICE
$1,088,680
10.7%
$983,352
-6.1%
$1,159,364
$628
8.6%
$578
2.7%
$611
YoY to 25 deals. -- The average sales price in the oceans-
AVG. PPSF
ide community increased 10.7% YoY to
MED. SALE PRICE
$1,116,500
19.3%
$936,000
-2.9%
$1,150,000
$1.09M, while average PPSF recorded
NUMBER OF SALES
25
-7.4%
27
127.3%
11
DOM
55
-29.1%
78
-33.3%
83
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
an average of $628/SF, up 8.6% YoY.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
20
Pasadena -- Strong sales volume in Pasadena underscored stronger valuations in the city’s most quintessential suburb. -- 162 single family transactions were recorded during the period, a 35.0%
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,713,604
-2.3%
$1,753,422
-12.3%
$1,953,255
$644
5.3%
$611
2.9%
$625
AVG. PPSF
YoY increase, at an average PPSF of
MED. SALE PRICE
$1,451,000
-4.5%
$1,520,000
-8.6%
$1,587,500
$644/SF, a 5.3% YoY increase.
NUMBER OF SALES
162
35.0%
120
107.7%
78
DOM
54
8.2%
50
-13.9%
63
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
-- Average sale price declined slightly by 2.3% YoY to $1.71M. Q2 2017 LOS ANGELES MARKET REPORT
SINGLE FAMILY $1M+
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Out-sized sales sales volume in 2016 continued to normalize in Q2-17, and
CONDO $500K+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
the 60.3% YoY decline to 100 sales is
AVG. SALE PRICE
$631,492
-23.1%
$821,507
-18.6%
$775,390
$497
0.0%
$497
-2.0%
$507
more reflective of the steady state we expect to see in this market.
AVG. PPSF
-- Valuations held steady to Q2-16,
MED. SALE PRICE
$1,116,500
19.3%
$936,000
-2.9%
$1,150,000
recording an average of $497/SF.
NUMBER OF SALES
100
-60.3%
252
3.1%
97
DOM
56
-24.8%
74
-37.5%
90
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
Annual Performance AVG. SALE PRICE
21
Santa Monica - Santa Monica home values experienced steady growth during Q2-17, as the 68 deals recorded an average of $1,211/SF, a 4.0% YoY increase. - Average sales pricing increased by
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,962,069
5.5%
$2,806,641
10.8%
$2,673,666
$1,211
4.0%
$1,165
-5.3%
$1,280
AVG. PPSF
5.5% YoY to $2.96M, while median sale
MED. SALE PRICE
$2,307,500
4.9%
$2,200,000
6.1%
$2,175,500
price rose 4.9% YoY to $2.31M, driven
NUMBER OF SALES
68
1.5%
67
9.7%
62
DOM
41
4.4%
39
-31.0%
59
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+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,052,472
-22.1%
$1,351,690
-13.9%
$1,222,045
$839
-9.6%
$928
-3.5%
$870
by higher demand for larger homes in the area. Q2 2017 LOS ANGELES MARKET REPORT
SINGLE FAMILY $1M+
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
-- Condos tracked an opposite course to the single-family market during the second quarter, recording 100 transactions, two fewer than Q2-16. -- Valuations were most affected, how-
AVG. PPSF
ever, as average PPSF declined 9.6%
MED. SALE PRICE
$1,035,000
-9.6%
$1,145,000
5.4%
$982,000
YoY to $839/SF. We attribute this lower
NUMBER OF SALES
100
-2.0%
102
44.9%
69
DOM
58
-19.7%
72
-26.4%
78
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
value to significantly fewer deals at The Seychelle and The Waverly during the period, this neighborhood’s benchmark buildings for luxury.
Annual Performance AVG. SALE PRICE
22
Silverlake-Echo Park -- Demand for single family properties surged during the second quarter, with 47 transactions recorded, a 34.3% YoY increase. -- PPSF climbed 5.1% in Q2-17 to $754/
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$1,343,556
-5.0%
$1,413,607
1.9%
$1,318,719
$754
5.1%
$717
25.5%
$601
AVG. PPSF
SF, the highest valuation on record for
MED. SALE PRICE
$1,280,000
-4.5%
$1,340,000
5.6%
$1,212,500
any individual quarter.
NUMBER OF SALES
47
34.3%
34
67.9%
28
DOM
40
-19.9%
50
-15.0%
48
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
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$723,748
2.3%
$707,764
-3.8%
$752,491
$513
-0.3%
$514
-1.1%
$518
MED. SALE PRICE
$1,035,000
-9.6%
$1,145,000
5.4%
$982,000
NUMBER OF SALES
30
114.3%
14
25.0%
24
DOM
122
23.0%
99
-25.9%
165
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
-- Median sale price dipped 4.5% YoY to $1.28M, which is to be expected in an Q2 2017 LOS ANGELES MARKET REPORT
environment where volume is surging and more lower-priced homes are trading hands.
-- Condo volumes more than doubled in Q2-17, recording 30 deals during the period. -- Strong demand continued to drive pricing on the eastside; average sales price rose 2.3% YoY in Q2-17 to $724K. -- Average PPSF held constant to Q2-16 at $513/SF, while median pricing declined by 9.6% YoY to $1.04M.
Annual Performance AVG. SALE PRICE
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
23
Sunset Strip-Hollywood Hills - There was a tremendous run-up in home sale volume in the Hollywood Hills during the second quarter. 112 deals were recorded during the period, a 30.2% YoY increase.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,451,310
-12.5%
$2,801,537
-5.9%
$2,604,663
$909
2.0%
$892
6.0%
$858
AVG. PPSF
- Average sale price dropped in Q2-17,
MED. SALE PRICE
$2,050,000
7.5%
$1,907,500
6.4%
$1,927,500
recording an average of $2.45M, a 12.5%
NUMBER OF SALES
112
30.2%
86
19.1%
94
DOM
69
-1.8%
70
-18.9%
85
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
YoY decline. - Valuations, meanwhile, improved 2.0% Q2 2017 LOS ANGELES MARKET REPORT
YoY to $909/SF, while median sale price improved 7.5% YoY to $2.05M.
Annual Performance AVG. SALE PRICE
-- Condo metrics held relatively constant in this neighborhood, as supply
CONDO $500K+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
remained very limited in the Hills. 30
AVG. SALE PRICE
$841,005
-5.6%
$891,276
-50.4%
$1,694,588
$642
-3.8%
$668
-13.8%
$746
MED. SALE PRICE
$719,500
18.4%
$607,500
3.5%
$695,000
NUMBER OF SALES
30
3.4%
29
76.5%
17
DOM
66
1.1%
65
-28.9%
92
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
condo transactions were recorded in Q2-17, a 3.4% YoY increase. -- With fewer trades this quarter at marquis buildings like Sierra Towers, the average price recorded during the quarter declined rather significantly
AVG. PPSF
by 50.4% from Q1-17, but by a more conservative 5.6% decline YoY from Q2-16. -- Valuations held steady, shedding only 3.8% YoY, and closing out the quarter at an average PPSF of $642/SF.
Annual Performance AVG. SALE PRICE AVG. PPSF NUMBER OF SALES
24
West Hollywood -- Single family home sales in West Hollywood were very strong in the second quarter. -- Average sales pricing rose 17.4% YoY to $2.14M, while average PPSF climbed 3.7% to $1,024/SF. -- Sales volume was strong during the
Q2 2017 LOS ANGELES MARKET REPORT
period, up 17.9% YoY to 33 closed sales.
SINGLE FAMILY $1M+
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
AVG. SALE PRICE
$2,136,453
17.4%
$1,820,025
16.2%
$1,839,020
$1,024
3.7%
$988
20.5%
$850
MED. SALE PRICE
$1,600,000
-2.3%
$1,637,000
3.2%
$1,550,000
NUMBER OF SALES
33
17.9%
28
43.5%
23
DOM
47
14.6%
41
-36.2%
74
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
Q2 2017
YOY%
Q2 2016
QOQ%
Q1 2017
$812,319
-7.6%
$879,548
-19.3%
$1,006,548
$635
-4.1%
$663
-8.1%
$691
MED. SALE PRICE
$745,000
6.6%
$699,000
3.6%
$719,000
NUMBER OF SALES
100
-20.0%
125
3.1%
97
DOM
72
2.0%
70
3.8%
69
2016
YOY%
2015
YOY%
2014
$873,139
2.7%
$849,802
6.3%
$799,279
AVG. PPSF
$656
5.2%
$623
7.4%
$580
NUMBER OF SALES
396
2.9%
385
29.2%
298
AVG. PPSF
Annual Performance AVG. SALE PRICE
-- Condo sales volume was down in 20.0% YoY to 100 transactions in Q2-17, a relatively small number of deals for one of LA’s most active condo markets. -- PPSF declined 4.1% YoY in Q2-17, with average values recording $635/SF for the period, while average unit price also declined 7.6% to 812K.
CONDO $500K+ AVG. SALE PRICE AVG. PPSF
-- With 8500 Sunset removed from the condo pipeline in West Hollywood, we will have to wait another year or so for other new development inventory to enter the market.
Annual Performance AVG. SALE PRICE
25
Q2 2017 LOS ANGELES MARKET REPORT
research@compass.com
team@urbanhillsides.com
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