Our final market climate map of Q4-2017 is here, and we’re looking at the median sale price of condos & co-ops within The MLS™ Primary Areas. In this map, we see 39 areas of growth (including the four areas that had no sales in Q4-2016), 7 areas of decline, and 5 areas with no activity.
Here are the top 5 hottest areas from Q4-2017 with the highest growth in median sale price that also had an increase in quantity sold:
1. Malibu (MSP +$421.5K, 61% Increase)
Malibu exploded onto the multi-family residential market this past quarter, growing from a median sale price of $695K in Q4-2016 to $1.1M in Q4-2017. As low inventory persists, single-family territories like Malibu have become an attractive spot for multi-family development. Take a drive along PCH and you’ll see what we mean.
2. Hollywood (MSP +$120K, 20% Increase)
Hollywood found a comfortable stride at the end of the year, growing from a median sale price of $605K in Q4-2016 to $725K in Q4-2017. As a historically population-dense area, Hollywood has built a decent inventory of multi-family units to choose from. However, as the area has become even more densely populated, conflicting perspectives are clashing on how to resolve the traffic crisis in the area.
3. Playa Vista (MSP +$177.5K, 18% Increase)
Playa Vista saw healthy growth this past quarter, growing from a median sale price of $972K in Q4-2016 to $1.15M in Q4-2017. The city’s apparent “identity issues” don’t seem to be affecting Playa Vista’s red-hot appeal for buyers and tech companies alike.
4. Highland Park (MSP +$58K, 16% Increase)
Although its inventory is still relatively small, Highland Park is on the rise, as proven by its performance in Q4-2017. This area grew from a median sale price of $352K in Q4-2016 to $410K in Q4-2017.
5. Brentwood (MSP +$119.5K, 16% Increase)
The luxurious suburb Brentwood grew from a median sale price of $763K in Q4-2016 to $883K in Q4-2017. With only 1 sold listing and 1 active listing in 2018 so far, Brentwood is off to a surprisingly slow start this year. However, this may not be a bad thing for sellers and agents in the area, as low inventory will almost certainly drive up the property values in the area.
Here is the full breakdown: