John Skinner**Please note this report doesn’t just cover the Westside…it also covers Malibu, Downtown LA, Pasadena, South Bay and the San Fernando Valley.
Overall sales volume is up around 12% compared to last year in most Westside locations despite tight inventory. Cheviot Hills/Rancho park was up over 40% and the Hills of the Westside (Beverly Hills Post Office, Holmby Hills, Bel-Air, was up over 25%. All Westside communities saw increases in the average sold price except for Westwood. However, all this means is that less higher-end homes traded hands in Westwood as the area is still appreciating in value. Days on market continue to decrease in most areas but that is not necessarily the case in the market above $5M.
The outlook for the rest of the year is strong. In terms of the buzz regarding off-market activity…only about 5-15% of the sales in most areas are happening off-market and the buyer better be willing to pay a premium in most cases.
Check out the latest Partners Trust Los Angeles Mid-Year report.
