Slow season for luxury real estate in LA? Not a chance

Top five submarkets accounted for 21 more luxury sales during a recent period
  • Luxury brokerages are expanding in response to the strength of Los Angeles' high-priced submarkets.
  • Beverly Hills and Pacific Palisades are the most active submarkets for luxury home sales.
  • The Bel Air - Holmby Hills and Malibu Beach submarkets have the highest average priced luxury sales.

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The top five submarkets in Los Angeles for luxury home sales, those valued at more than $3 million, accounted for a total of 115 transactions spanning December to February. This total is noticeable as it occurred during what is historically a slow period for sales. Additionally, the 115 transactions compare to 94 luxury sales that occurred during the same three-month period last year, according to a Sotheby's International Realty's Greater Los Angeles market report. While a year-over-year increase of 21 sales at first glance doesn't seem significant, a boost of 21 luxury sales means a minimal increase in Los Angeles' overall sales volume of $63 million. "The current Southern California luxury market is in a position of strength as the spring home-buying season gets underway,” said Frank Symons, executive vice president of Sotheby’s Western Region. Beverly Hills accounted for the most luxury sales, 31, during the three-month period. This sales total equated to a ...