Where are single-family home prices on the rise? Our latest heat map dives into the numbers for Q2-2017. With its overwhelmingly red landscape, this map shows that it was a rewarding time for sellers in Q2-2017. This time around, we have intel on all 50 areas: 38 areas of growth, one area with no change, and only 11 areas of decline (none of which were significant declines). Here are the top 5 performing areas:
Top 5 – Median Sale Price Growth
1. Playa Del Rey ($564.5K Higher MSP, 46% Increase) – King’s Beach may be in the midst of a minor traffic crisis, but that hasn’t prevented a substantial increase in the value of homes in the area. Playa Del Rey grew from a median sale price of $1.22 million in Q2-2016 to $1.785 million in Q2-2017.
2. Beverly Hills Post Office ($962.5K Higher MSP, 40% Increase) – Beverly Hills Post Office grew from a median sale price of $2.39 million in Q2-2016 to $3.352 million in Q2-2017. This makes Beverly Hills PO arguably hottest area for single-family home sales, as it not only saw significant growth, but also saw the third highest median sale price of this past quarter. If you’re a fan of Nine Inch Nails, you might be excited to know that Trent Reznor’s recent home sale was a contributing factor in these numbers.
3. Metropolitan ($158K Higher MSP, 34% Increase) – With relatively low prices, the Metropolitan area saw the lowest dollar increase. However, the area grew from a median sale price of $467K in Q2-2016 to $625K in Q2-2017, which is a nice chunk of change for anyone that may have sold their home in the area this past quarter.
4. Pacific Palisades ($678K Higher MSP, 27% Increase) – Pacific Palisades sold the exact same amount of homes in Q2-2016 and Q2-2017, but still managed to grow from a median sale price of $2.5 million in Q2-2016 to $3.18 million in Q2-2017. Among the sellers that enjoyed the fruits of this area’s market are Hollywood power couple Tom Hanks and Rita Wilson, who sold their side-by-side homes in May for a combined $17.5 million.
5. Beverlywood Vicinity ($295.5K Higher MSP, 25% Increase) – Beverlywood is one of several areas throughout LA struggling with backlash against “mansionization”, or the development of taller and/or bigger homes on smaller lots. According to an article from CBS Los Angeles, LA city council recently voted unanimously to amend a city ordinance to limit the size of new developments to 45% of the lot size (down from 50% on the previous ordinance). Despite this controversy, the median sale price for single-family homes in Beverlywood grew from $1.17 million in Q2-2016 to $1.465 million in Q2-2017.
Top 5 – Highest Median Sale Price
|1. Malibu Beach||$7,300,000|
|2. Beverly Hills||$5,600,000|
|3. Beverly Hills Post Office||$3,352,500|
|4. Pacific Palisades||$3,179,152|
Top 5 – Highest Average Price Per Square Feet
|1. Malibu Beach||$2,529.43 / SqFt|
|2. Beverly Hills||$1,392.92 / SqFt|
|3. Venice||$1,294.94 / SqFt|
|4. Pacific Palisades||$1,185.36 / SqFt|
|5. Santa Monica||$1,179.95 / SqFt|
Here are the full stats (click on the link at the bottom to download):
For a look at our previous market climate maps from Q2-2017, click here.