Following an active first quarter, we are pleased to report that the upscale, single-family residential market in L.A.’s top neighborhoods has only strengthened. Prices and total sales were up, and it took less time to sell a home, with the average price per square foot for a single-family home in the $1 million and up category rising to its highest point ever.
In addition to opening two new offices in Pacific Palisades and Calabasas, we were thrilled to expand our reach in the second quarter to represent clients in commercial real estate with our commercial platform, The Agency Commercial Advisory. Meanwhile, The Agency Development Group enjoyed its most dynamic quarter yet as the team successfully launched The Residences at the Sawyer in Downtown Sacramento, Mr. C Residences at the iconic Mr. C Beverly Hills, and AIRE Santa Monica.
As a company that prides itself on our commitment to innovation, technology, and a culture of collaboration, we were proud to make Inc. 5000’s list of the fastest-growing private companies in the country for the second consecutive year. Meanwhile, our founders, Billy Rose and Mauricio Umansky, were selected as finalists for the prestigious EY Entrepreneur of the Year awards and 13 of our agents were recognized among the top 1,000 real estate professionals in the country by sales volume in REAL Trends’ “The Thousand 2017”— more than any other brokerage in L.A. County.
Offering valuable insight into current market conditions and a look back over The Agency’s second quarter, The Agency Q2 report analyzes all single-family home sales over $1,000,000 and condominium sales over $500,000 in the prime neighborhoods of Los Angeles. To view the full report, click here.