Our final market climate map of Q3-2017 is here, and today we’re looking at the sale prices of condos & co-ops. We are seeing 30 areas of growth (counting East LA, Cypress Park, and Eagle Rock), 16 areas of decline and 5 areas with no activity. As usual, with lower inventory, the numbers are more volatile. While areas like Metropolitan Southwest earned high percentage growth, the small quantity sold yields little statistical significance.
Thus, we’re changing up our top five criteria this time around to survey the areas with the greatest sample sizes. Here are your top five areas of growth in median sale price, sorted by greatest quantity sold:
1. Westwood – Century City (134 Homes Sold, MSP +$110,000, 14% Increase)
Leading up to the grand re-opening of the Westfield Century City shopping mall, the Westwood – Century City area came out swinging this quarter, growing from a median sale price of $782,500 in Q3-2016 to $892,500 in Q3-2017. Granted, fewer homes were sold than in Q3-2016 (152), but as these numbers show, sometimes less is more.
2. Santa Monica (124 Homes Sold, MSP +$130,500, 14% Increase)
Dogtown did not disappoint this past quarter, growing from a median sale price of $954,500 in Q3-2016 to 1,085,000 in Q3-2017. The appeal of Santa Monica is likely to last for years to come, as the city is now providing greater freedom for architects to design buildings that “aren’t boring”.
3. Downtown Los Angeles (123 Homes Sold, MSP +$67,500, 13% Increase)
DTLA grew from a median sale price of $512,500 in Q3-2016 to $580,000 in Q3-2017. This iconic area should never to be taken lightly, and for good reason; it seems that a commercial phenomenon is born at least once every decade in the area. At the moment, DTLA has countless new attractions operating and at least 27 new projects underway.
4. West Hollywood (98 Homes Sold, MSP +$27,000, 4% Increase)
The party-centric West Hollywood did well this past quarter, growing from a median sale price of $691,000 in Q3-2016 to $718,000 in Q3-2017. If you’re looking for some buying or selling action in this area, check out this article from the LA Times on the current lifestyle and trends in West Hollywood.
5. Marina Del Rey (90 Homes Sold, MSP +$22,000, 3% Increase)
Marina Del Rey is quite possibly the most well-rounded success of Q3-2017, as the area earned high-ranking stats in all categories and home types. We’ve mentioned the reasons why in several articles past, but in case you missed it, click here for a more in-depth analysis from the LA Times (featuring our market climate map data and the words of our CEO Annie Ives).
Here is the full breakdown: