Q2-2017 Market Climate Map: Median Sale Price for Condos & Co-Ops

In all four categories of this past quarter’s market climate maps, a majority of the Los Angeles landscape has seen growth in the volume and value of home sales. The Q2-2017 Median Sale Price for Condos & Co-Ops market climate map is no different. We are seeing 32 areas of growth (5 of which were significant) and only 8 areas of decline (none of were significant). The two areas of worst decline (Malibu and Malibu Beach, both at -14%) sold only 3 fewer homes than they did in Q2-2016. With little to no slowing of sales for increasingly expensive homes, buyers are proving how eager they are to own a property in Los Angeles right now. Here are the top 5 highest areas of growth:

Top 5 – Median Sale Price Growth

1. Topanga ($369.5K Higher MSP, 174% Increase, Not Statistically Significant) – Topanga punched in what (at first glance) looks like massive growth this past quarter. However, upon further inspection, we can see that our sample size is far too small to get overly excited, as Topanga grew from only one listing sold in Q2-2016 to two listings sold in Q2-2017. With such a small set of data to work with, it’s impossible to draw any statistically significant conclusions about the value of homes in the area. However, growth is growth, and it would be great to see this trend continue.

2. East Los Angeles ($255K Higher MSP, 98% Increase, Not Statistically Significant) – East Los Angeles followed a similar trend, growing from one listing sold in Q2-2016 to three listings sold in Q2-2017. It’s always a good idea to look out for booming inventory in areas with consistently low sales volume, so keep your eyes peeled for more housing developments in this area.

3. Mid Los Angeles ($397.45K Higher MSP, 92% Increase) – The numbers on Mid Los Angeles give us a slightly better idea of how the market is trending. With an equal number of homes sold (4) in Q2-2016 and Q2-2017, we can clearly see some sizable growth in this area. As with the other areas, Mid Los Angeles will need to somehow produce a bigger inventory if it hopes to sustain this growth into the future.

4. Metropolitan Southwest ($220K Higher MSP, 88% Increase) – With the new home of the Los Angeles Chargers and Rams nearby, the Metropolitan Southwest area is sure to grow in the years to come, and this market climate map is one of several indicators. The current inventory may not compare to areas like Westwood or Santa Monica, but you can bet on that changing in the near future, as two new NFL teams in one place is a game-changer for this region’s housing market.

5. Bel-Air / Holmby Hills ($335K Higher MSP, 41% Increase, Outlier) – The Bel-Air / Holmby Hills area managed to sell one $1.15M condo in Q2-2017 following a Q2-2016 that saw four condos selling below $700K. With an 87.5% decrease in quantity sold and a 41% increase in median sale price, this area is the outlier of this market climate map. With that being said, it’s anyone’s guess how condo & co-op sale prices will fare in this area for the remainder of the year. At the time of publication, Bel-Air / Holmby Hills has sold 2 listings thus far in Q3-2017 with a median sale price of $843,999 and the area currently has no active listings for condos & co-ops on The MLS™.

Top 5 Highest Growth in Median Sale Price by Greatest Quantity Sold

Top 5 Highest Growth in Median Sale Price by Largest Quantity Differential

Here are the full stats:

For a look at the rest of the Q2-2017 market climate maps, click here.