Our first market climate map of Q1-2018 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 a multi-family real estate.
Although Boyle Heights saw the highest growth at 771%, it only sold six 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 18%. Here are the hottest areas from this past quarter:
1. Downtown Los Angeles (99 homes sold, 34% increase)
This area grew from $52.6 million in sales volume in Q1-2017 to $70.4 million in Q1-2018. The numbers in Downtown Los Angeles give us a slightly better idea of how the market is trending. The great news is that the activity doesn’t halt here, as there are still a few major ventures within the works for 2018.
2. Metropolitan (20 homes sold, 67% increase)
Metropolitan has grown from 10 million in sales in Q1-2018 to $17 million in Q1-2018. With plenty of urban development projects on the horizon, we don’t expect this trend to falter any time soon.
3. Pacific Palisades (19 homes sold, 119% increase)
Pacific Palisades grew from $12.7 million in sales volume in Q1-2017 to $27.9 million in Q1-2018. This suggests a drastic growth in the value of condos & co-ops in the area.
4. Highland Park (13 homes sold, 335% increase)
Highland Park real estate market is rapidly growing. Definitely earned its place on this list, growing from $1.5 million in sales volume in Q1-2017 to $6.1 million in Q1-2018. What was once considered by many as a run-down area with little to offer has evolved into a “hip” area with attractive restaurants, bars, and art galleries.
5. Westwood – Century City (128 homes sold, 18% increase)
Westwood – Century City put up some impressive numbers, growing from $140 million in Q1-2017 to $165 million in Q1-2018. We should expect this growth to continue in years to come.
Here is the full breakdown: