The Agency Report Q1 2017 — Shrinking Inventory Brings Major Demand And Record-Breaking Selling Prices
Posted on 19 May
Starting the year off strong, the first quarter of 2017 saw major demand for both single-family residences and luxury condominiums across L.A.’s prime neighborhoods. Shrinking inventory in the upscale single-family residential market brought record-breaking selling prices, with the average price-per-square foot for single-family homes in the $1 million and up category rising to the highest point in history.
Q1 couldn’t have been more eventful at The Agency, as we kicked off the new year with the opening of our eighth office location worldwide in Punta de Mita, Mexico, followed by our ninth in Scottsdale, Arizona. Our arrival in Punta de Mita brings our total to three international offices following last year’s launches in Los Cabos and Turks and Caicos. We were also proud to close the quarter with eight of our agents selected among Variety’s 2017 “Showbiz Real Estate Elite.”
Offering vital insight into current market conditions and a look back over The Agency’s first few months of 2017, The Agency Q1 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.