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.
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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 Office area are seeing a revival. Buyers are quickly renovating and selling,” said Frank Symons, Executive Vice President and COO of Sotheby’s International Realty’s Western Region.
Pacific Palisades also remained a dominant luxury real estate market this summer, as the submarket accounted for the largest volume of luxury home sold in August — 37 homes. In August 2014, 36 luxury homes in this market.
Santa Monica also tallied a significant number of luxury home transactions, with 28 occurring in August.
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With an average sales price of nearly $8.5 million, Malibu Beach represents the top L.A. market when it comes to the value of luxury properties. Bel Air-Holmby Hills ranked second, with an average sales price of $7.9 million. The Sunset Strip-Hollywood Hills submarket ranked as the fourth-most-expensive market for luxury sales, with an average sales price of $6.8 million.
Recent analysis from Realtor.com, which eyed the number of listing views and median days on the market in various cities, indicated that the greater Los Angeles market is the 14th “hottest” single-family housing market in the nation. Nearby Oxnard, California, came in at 15th.
