• Beverly Hills and Beverly Hills Post Office are the top luxury markets in Los Angeles when it comes to both average sales prices and quarterly sales volume
  • Malibu Beach luxury home prices rise despite recent initiative
  • Prices for luxury homes only seem to be going up in most of Los Angeles' high priced markets

During the third quarter, luxury homes in Malibu Beach sold for an average of $9.433 million, the highest price tag for luxury residences in Los Angeles’ 33 premier markets.

Malibu’s average sales price also represented a 15 percent year-over-year increase in home values for the submarket, according to a report from Sotheby’s International Realty. The report considers luxury homes to be properties that sell for more than $3 million.

“The fact that Malibu Beach properties are increasing in price is quite profound considering predictions of a decrease amid the July 2015 initiative by Los Angeles County and the coastal commission,” said Frank Symons, executive vice president of Sotheby’s International Realty’s western region. That initiative provides more public beach access near beachfront properties.

“There seems to be little hesitation from buyers or sellers to invest in the Malibu market as it still provides private beach access alongside public areas,” he added.

Fewer than 18 luxury homes sold in Malibu during the third quarter.

Andrey Bayda / Shutterstock.com

Andrey Bayda / Shutterstock.com

The Beverly Hills market ranked second when it comes to highest average sales price. Luxury homes in the submarket traded on average for $9.428 million during the quarter, which is a year-over-year increase of 28 percent. Beverly Hills also saw 22 luxury sales close during the 3-month period.

In nearby Beverly Hills Post Office, the 18 luxury homes that sold during the quarter traded for an average of 7.582 million, a 29 percent year-over-year rise.

Other submarkets with high average prices included Sunset Strip-Hollywood Hills, $5.859 million, and downtown Los Angeles, $5.7 million.

Leading Los Angeles luxury markets in sales volume were Pacific Palisades, 34 transactions; Santa Monica, 23 transactions; and Brentwood, 23 transactions.

Email Erik Pisor

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription