THE AGENCY REPORT | Los Angeles – Q3 2014
Los Angeles prime markets continued to deliver very strong results in the third quarter. Single family homes recorded average sale pricing over $2.6 million, a 9.9% Year-over-Year increase, and 1.8% ahead of Q2-14. Prime market condos advanced at an even greater clip. Average PPSF climbed 10.6% YoY to $614/SF, and 1.8% ahead of Q2-14. On a Year-to-Date basis, both SFR and Condo markets are currently outperforming 2013 by upwards of 10% in both average sale price and PPSF. As the bull market for luxury housing in LA paces towards double digit growth in all of the key benchmarks in 2014, we’re taking pause and starting to ask ourselves some important questions: what is changing among the key drivers, and how long is this run-up in the market going to last?