Our second market climate map of Q2-2017 is here — and the numbers are intriguing. Sales are a bit more volatile for condos & co-ops than for single-family homes, where areas of growth dominated the map in bright red. As you’ll see in the map of The MLS™ Primary Areas below, the land is mostly occupied by areas of significant growth and decline (>±30%) in both directions. However, results were positive overall, as there were 14 areas of significant growth versus 7 areas of significant decline. Here are the best-performing areas from Q2-2017:
Top 5 – Sales Volume Growth
1. Atwater Village (12 More Listings Sold, 1696% Increase) – Atwater Village sustained well-rounded success in Q2-2017, ranking as the biggest area of growth for Condos & Co-Ops and the 3rd biggest area of growth for single-family homes. To all the flippers and developers out there, take note: the market is red-hot for all varieties of homes in Atwater Village right now.
2. El Sereno (12 More Listings Sold, 766% Increase) – El Sereno grew from a mere $570,000 in gross sales in Q2-2016 to $4,935,800 in Q2-2017. With this burst into high-grossing action, it would be wise to keep your eyes peeled for any nice housing developments in El Sereno.
3. East Los Angeles (2 More Listings Sold, 454% Increase) – East Los Angeles broke into the top 5 this time around, but keep in mind that it grew from only one listing sold in Q2-2016 to three listings sold in Q2-2017. However, the area also saw a 46% growth in condo/co-op sales volume from Q1-2016 to Q1-2017, so perhaps this trend of growth isn’t a fluke.
4. Topanga (1 More Listing Sold, 448% Increase) – Topanga also saw a negligible growth in quantity sold, growing from one listing sold in Q2-2016 to two listings sold in Q2-2017. With a 100% decline in sales volume from Q1-2016 to Q1-2017, Topanga has been a volatile area with slow sales activity thus far in 2017. These trends are much more likely to occur in areas with smaller inventory, and Topanga is no exception to this rule.
5. Metropolitan Southwest (1 More Listing Sold, 140% Increase) – The Metropolitan Southwest area saw a sizable growth, going from 3 homes sold and $720,000 in gross sales in Q2-2016 to 4 homes sold and $1,725,000 in gross sales in Q2-2017. This suggests a drastic growth in the value of condos & co-ops in the area. This is the second quarter in a row that the Metropolitan Southwest area has ranked in the top 5 for this category, as it also saw a 260% increase in condo & co-op sales volume from Q1-2016 to Q1-2017.
Top 5 – Highest-Grossing
|1. Westwood – Century City||$203,478,985|
|2. Santa Monica||$146,880,950|
|3. Downtown Los Angeles||$89,950,245|
|4. Marina Del Rey||$87,221,069|
|5. West Hollywood||$79,774,977|
Top 5 – Quantity Sold
|1. Westwood – Century City||154|
|2. Santa Monica||107|
|3. West Hollywood||100|
|4. Marina Del Rey||93|
|5. Downtown Los Angeles||84|
The information contained herein has been deemed reliable but not guarateed. Data subject to change.
Here are the full stats (click on the link at the bottom to download):
For a look at the sales volume of single-family homes (Q2-2016 to Q2-2017), click here.