Eagle Rock/Flickr user JoeInSouthernCA
Partners Trust released its Los Angeles Residential Market Report for the first quarter April 28. The market report breaks down the entire Southern California market by area and community. Kicking the year off with a busy January, the real estate market in Southern California is slowing down a bit in the luxury sector but still remains pretty active and competitive across the board.
Beyond the common hot communities, Partners Trust also broke down the hottest neighborhoods to watch. Sherman Oaks, Eagle Rock, Hawthorne, Westwood-Century City, Palms-Mar Vista and Monrovia all made the list of booming communities.
In Eagle Rock, home sales in the first quarter increased 48.57 percent, and prices increased 14.96 percent. In Hawthorne, home sales rose 38 percent and prices for single-family residences went up 13.67 percent.
Westwood-Century City single-family residence sales rose 61.5 percent and days on market fell 41 percent.
Metro Los Angeles
In the Los Angeles metro area, the average days on market dropped annually in all communities except Hollywood, which also saw a drop in average sold price for both condos and single-family homes. In Downtown Los Angeles, single-family home prices fell, but condo prices increased. Sales of condos dropped 42.06 percent downtown and prices increased 18.16 percent.
Los Feliz saw a jump of 12.5 percent in homes sold and a 34.54 percent increase in price to $2,019,572. Homes in Los Feliz did stay on the market for just slightly longer, though.
Condos in Silver Lake-Echo Park posted the most significant increase in days on market of 94, compared with 50 the previous year — an uptick of 88 percent.
Coastal communities
No communities are two in the same along the coast. However, only one community saw a decrease in the number of single-family residence sales: Marina Del Ray.
Marina Del Ray saw a dip in both condo home sales and single-family home sales of 16.13 percent and 13.33 percent, respectively. Overall, this neighborhood is seeing a cooling off, with average sold prices falling and days on market increasing. Annually, the average sold price for a single-family home fell 38.08 percent to $1,271,462.
Condo sales fell almost across the board in the coastal communities, except for in Malibu, Pacific Palisades and Westchester. Westchester saw a whopping 175 percent increase in condo sales but the pool of condo sales here is still small, increasing from four to 11 sales.
The most notable price increases took place in Malibu (SFR), Santa Monica (SFR) and Venice (Condo).
The Hills
In Beverly Hills P.O., the number of home sales dropped, yet the average sold price increased significantly by 40.49 percent to $3,453,303. Beverly Hills saw a 21.21 percent increase in the number of home sales in 2016 and the average sold price fell 7.71 percent. However, the days on market fell 22.86 percent to 81.
Condo sales in Beverly Hills and the surrounding communities didn’t change much at all. In fact, only 32 condos sold in Beverly Hills and none sold in Beverly Hills P.O. or Bel Air.
The Westside
Sales in The Westside were on the rise for the most part. Condo sales in Beverlywood fell 28.57 percent, representing the only decrease out of the four areas covered. Westwood-Century City saw a 61.54 percent increase in single-family residence sales — a 2.72 percent rise in average sold price and 41.18 percent drop in average days on market.
Hollywood Hills & Mid-City
Home and condo sales fell throughout the majority of Hollywood Hills & Mid-City. Single-family home sales increased 5.13 percent in Beverly Center-Miracle Mile, 11.54 percent in Hollywood Hills East and 16.13 percent in Sunset Strip-Hollywood Hills West.
Sunset Strip reported having the biggest dip in average sold price, falling 54.76 percent annually for condo sales in the area. The biggest gain was reported in Hancock Park-Wilshire, where single-family home prices increased 23.04 percent.
The Westside-South
All four communities in Westside-South this year, which includes Culver City, Inglewood, Ladera Heights and Park Hills Heights, saw an increase in average sold price for both condos and single-family homes. Days on market fell for the most part as well.
The one exception was Ladera Heights, which saw a 73.08 percent increase in days on market. However, this community saw a massive jump of 85.71 percent in the number of sales.
Inglewood saw a pretty significant drop in days on market of 54.69 percent for condo sales, which seems to be a product of inventory. Annually inventory remained stagnant at 29 condos, and the average sold price increased 22.68 percent.
View the full report below.
