The luxury housing market in Southern California continues to venture forward in the second quarter of the year with modest annual gains. According to Sotheby’s International Realty’s Greater Los Angeles Market Report, overall luxury home sales increased 5 percent annually in the first half of 2016.

  • The luxury housing market in Los Angeles saw a 5 percent increase in home sales to 432 from January to June in 2016.
  • Brentwood was the most active neighborhood, with 37 luxury home sales, which was a 16 percent annual increase.
  • The average sold price for a home was led by Bel Air-Holmby Hills, which was $9,752,638.
Brentwood, Los Angeles/Flickr user Slices of Light

Brentwood, Los Angeles/Flickr user Slices of Light

The luxury housing market in Southern California continues to venture forward in the second quarter of the year with modest annual gains. According to Sotheby’s International Realty’s Greater Los Angeles Market Report, overall luxury home sales increased 5 percent annually in the first half of 2016.

Between January and June, 432 homes sold, which is 20 more than the first half of 2015. Luxury homes are considered to be homes sold for more than $3 million.

During the same period, Brentwood saw a 16 percent increase in the number of homes sold in that period compared with the same quarter last year. There were 37 home sales, compared to 32 the previous year.

Screen Shot 2016-07-25 at 2.47.52 PM

“Brentwood continues to dominate the local luxury market as more inventory becomes available to meet growing demand for luxury homes,” Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s western region, said in a statement. “The overall luxury market in Los Angeles has held steady, despite economic fluctuations, due to each location’s popularity, inventory and amenities that draw more and more luxury homebuyers.”

luxurysales

Beverly Hills and Pacific Palisades both saw an annual dip of 40 percent and 44 percent in home sales, respectively, but of the top five L.A. neighborhoods for home sales, the two ranked in the no. 2 and no. 3 spots. There were 26 homes sold in Beverly Hills and 25 in Pacific Palisades in Q2.

Rounding out the top five neighborhoods, Santa Monica and Sunset Strip Hollywood Hills West both saw a year-over-year increase of 14 percent and 10 percent, respectively. Santa Monica just had two more sales than the Sunset Strip from April to June 2016 for a total of 24, which was three more than the same quarter the previous year.

And while Beverly Hills saw a dip in home sales, it came in the no. 3 spot for the highest average sold price ($8,500,115). Bel Air-Holmby Hills had the highest average sold price between April 2016 and June 2016 of $9,752,638.

Email Kimberly Manning

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
EXTENDED: We're giving you one extra day to scoop your ICNY ticket. Prices go up at midnight. Don't wait.Register now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
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