Our newest market climate map looks at the value of single-family homes throughout The MLS Primary Areas™. This is shaping up to be a memorable year for the Los Angeles real estate industry, and the record-breaking activity sales activity isn’t over yet. Out of 51 areas, this market climate map shows a whopping 42 areas of growth, two areas with no change, and only seven areas of decline. In other words, nearly all regions in Los Angeles are enjoying higher sale prices.
It’s worth noting that these numbers are not always indicative of the overall success or failure of a given area; for example, while Malibu Beach broke into the top five areas of growth this quarter, it only sold half as many homes as it did in Q3-2016. Similarly, while Hollywood Hills East sale prices declined by 3%, the area also sold an impressive 18 more homes in Q3-2017 than it did in Q3-2016. For this reason, it’s wise to take a closer look at the numbers before drawing any sweeping conclusions.
Here are the highest areas of growth this time around:
1. West Hollywood (MSP +$442,500, 30% Increase)
The ever-lively West Hollywood rounds out the top of our list, growing from a median sale price of $1.483M in Q3-2016 to $1.925M in Q3-2017. According to Variety, one of the buyers included in this data is none other than pop superstar Rihanna.
2. Playa Del Rey (MSP +$382,500, 27% Increase)
Part of the coveted “Silicon Beach”, Playa Del Rey put up similarly impressive numbers this past quarter, growing from a median sale price of $1.417M in Q3-2016 to $1.8M in Q3-2017. In case you missed it, the LA Times just released a story this past weekend about the booming sales activity in Silicon Beach, which features data from yours truly and insights from our CEO, Annie Ives!
3. Hancock Park – Wilshire (MSP +349,000, 26% Increase)
Hancock Park has seen steady growth this past year, and this quarter is its biggest highlight. The area grew from a median sale price of $1.35M in Q3-2016 to $1.699M in Q3-2017. If you’re not already sold on the appeal of Hancock Park, take it from Billy Rose of The Agency RE, who recently provided some insight as to why his clientele is gravitating towards homes in this area.
4. Malibu Beach (MSP +$500,000, 25% Increase)
Malibu Beach grew from a median sale price of $6M in Q3-2016 to $7M in Q3-2017. However, with sales volume down 41%, it seems that the market is demanding a better bargain for these beachfront homes. That’s good news for any Judy Garland fans looking to purchase, because her Malibu Beach home is now active (pictured below).
5. Westwood – Century City (MSP +$391,633, 24% Increase)
This area grew from a median sale price of $1.658M in Q3-2016 to $1.788M in Q3-2017 despite the fact that 9 fewer homes were sold. With a top-ranked university in UCLA and a $1 Billion dollar renovation to the Westfield Century City shopping mall, there is no shortage of excitement in the Westwood – Century City area right now.
Here is the full breakdown: