Luxury home sales in Greater Los Angeles reached a record high in the second quarter of 2017, with overall price trends rising and inventory declining, Douglas Elliman Real Estate reported Thursday.
“We are seeing a rise in prices in the Los Angeles luxury market, and it’s interesting to note that median sales prices have gotten higher year over year for twenty consecutive months,” said Stephen Kotler, president of Brokerage-Western Region, Douglas Elliman. “Sales in Venice jumped, and they did in Mar Vista and Malibu Beach, while Malibu showed mixed results with stable sales and a declining inventory.”
“With falling inventory and rising sales, the pace of the Los Angeles market was brisk,” added Jonathan Miller, author of the report. “Along the Pacific Coast, Venice and Mar Vista also performed well, with Mar Vista showing the strongest conditions of the four submarkets.”
Among the highlights:
– Number of sales reached record high as inventory declined
– Overall price trend indicators moved higher
– Median sales price increased year over year for the twentieth consecutive quarter
– With falling inventory and rising sales, the pace of the market was brisk
– Luxury market prices increased as inventory fell sharply
– Median sales price increased 2.2% to $1,400,000
– Average sales price rose 13.5% to $2,368,073
– Number of sales surged 25.1% to 1,806
– Days on market was 52, down from 62
– Listing discount was 3%, up from 3.1%
