When it comes to sales involving luxury homes -- properties that sell for $3 million or more -- the greater Los Angeles market is a major locale. Two neighboring submarkets, Beverly Hills and Beverly Hills Post Office, recently saw luxury home sales volumes increase by more than 80 percent in August when compared to the same month last year. According to a Sotheby’s International Realty market report, Beverly Hills saw 33 luxury homes trade in August, a year-over-year rise of 83 percent. The average sales price for a home in August stood at nearly $7.7 million, the third-highest average sales price for the 33 Los Angeles markets analyzed. turtix / Shutterstock.com Beverly Hills Post Office saw 24 luxury homes sell, equating to an 85 percent year-over-year rise. In this market, the average sales price stood at $6.4 million, the fifth-highest average amongst greater Los Angeles submarkets. “The luxury homes that line the streets of the Beverly Hills Post Off...
- Activity in Beverly Hills was hot in August despite average prices ranging from $6.4 million to $7.7 million.
- Pacific Palisades appears to be a consistent market when it comes to year-over-year luxury sales activity.
- Four submarkets accounting for 122 luxury sales in August equates to roughly $850 to $900 million in transaction volume, based on average sales prices.