Our second market climate map of Q4-2017 is here, and today we’re looking at the sales volume generated by condominiums & co-operatives in The MLS™ Primary Areas. With numerous multi-family developments recently completed and many more on the way, 2018 is shaping up to be an exciting year for multi-family real estate.
Although Los Angeles Southwest saw the highest growth at 620%, it only sold four homes – a figure that does not hold much statistical significance. Thus, we are ranking the top five areas by greatest quantity sold with a sales volume growth rate of at least 20%. Here are the hottest areas from this past quarter:
1. Downtown Los Angeles (12 more homes sold, 27% increase)
With the completion of the Wilshire Grand Center and a dozen more housing developments last year, the condo market in DTLA is smoking hot. This area grew from $51.3 million in sales volume in Q4-2016 to $65.1 million in Q4-2017. You’ll be excited to know that the action doesn’t stop here, as there are still several major projects in the works for 2018.
2. Mid-Wilshire (35 more homes sold, 110% increase)
Mid-Wilshire more that doubled its sales volume in this category, growing from $23 million in sales in Q4-2016 to $48.5 million in Q4-2017. If all goes according to plan for developer “1180 La Brea, LLC”, then a 67-unit housing development should begin construction at La Brea and Edgewood in the near future.
3. Brentwood (9 more homes sold, 25% increase)
Brentwood grew from $40.8 million in sales volume in Q4-2016 to $50.9 million in Q4-2017. Normally favored for its array of luxurious single-family homes, Brentwood saw a decline in single-family home sales volume this past quarter, as seen in our previous market climate map. As multi-family residential business grows in this area, it may begin to lose its reputation for its low population density.
4. Hancock Park – Wilshire (11 more homes sold, 55% increase)
The Hancock Park – Wilshire area put up some impressive numbers, growing from $20.4 million in sales volume in Q4-2016 to $31.6 million in Q4-2017. Buyers in this friendly, beautiful neighborhood will find themselves in good company, as it has attracted the likes of Drew Scott, Margot Robbie, and Mindy Kaling.
5. Hollywood (6 more homes sold, 40% increase)
The ever-popular destination for bachelors and actors, it’s no surprise that Hollywood made the top 5. Although this area only sold a few more homes in Q4-2017, it still managed to outsell Q4-2016 by $7.8 million in sales volume.
Here is the full breakdown: