Sotheby’s International Realty’s Greater Los Angeles January 2016 Market Report reveals that the Beverly Hills and Pacific Palisades luxury housing markets are off to a strong start this year.
The report, which is a three-month analysis of the market for homes valued at more than $3 million, has Beverly Hills on top in terms of sales volume with 26 luxury homes sold from November-January – an 18 percent increase over the 22 homes sold during the same period last year.
The biggest mover, however, was Pacific Palisades where 24 luxury homes sold compared to just 14 a year ago – a 71 percent increase.
Santa Monica, which cracked the top five with 18 sales, saw the next largest jump with a 64 percent increase over last year’s total of 11 sales.
The entire Los Angeles market is getting stronger and we are seeing buyers gravitate toward communities like the Palisades and Santa Monica, which both offer a smaller-neighborhood feel adjacent to a bustling world-class city and incredible amenities,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s Western Region. “Santa Monica Place and the forthcoming Palisades Village development have only increased buyer demand.
In the 3-month period ending January 2016, prices for single-family homes in these noted luxury communities were on the rise compared to the same period the last year.
- Average sale price in Malibu Beach: $10,963,500 – a 56% gain (or approx. $4,606,500).
- Average sale price in Malibu: $3,871,238 – a 47% gain (or approx. $1,207,190).
- Average sale price in Bel Air – Holmby Hills: $6,184,713 – a 33% gain (or approx. $1,877,062).
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