The Agency’s Fourth Quarter Report for the Los Angeles prime residential markets was released today, and its finding conclude that the average price and price per square foot of luxury homes in Los Angeles continue to climb, primarily as a result of a lack of inventory. The shortage has also driven buyers, who would otherwise be single-family home buyers, into condominium markets as location has trumped size in recent years.
The report also reveals that, even with annual seasonality, home sales rose year-over-year, with single-family home sales up 1% and condominium sales up 9% from the previous year.
To read the full report, click here. The report analyzes all condominium sales over $500,000 and single-family home sales over $1,000,000 in the prime neighborhoods of Los Angeles – stretching from downtown to Santa Monica and Malibu and roughly from the I-10 Freeway to Mulholland Drive.
The Research & Planning Team is a part of the New Development Group at The Agency. Collectively, they are advising on the most important new developments on the West Coast. For information on market intelligence, or for individual property analysis, please contact us.