LA Housing Market Picking Up Steam- Santa Monica Real Estate
Sales in the first three months of 2015 paint an ncouraging picture of the single-family and condo market. The numbers seem to indicate that LA’s market, including neighborhoods like Brentwood, Santa Monica, and Pacific Palisades could be picking up steam, as sales increase to a new record for this time of year.
Median housing prices have been rising on a year-over-year basis since the summer of 2012 and trend’s continued in the first quarter of 2015. The greater LA median sales price increased to $880,000—up 7.7 percent from $817,000 in the first quarter of 2014. In Downtown, the median sales price for condos ($560,000) was up 8.9 percent from the first quarter of the previous year. Houses in some ritzy neighborhoods saw a decline in the median price (Beverly Hills, BHPO),while neighborhoods like Brentwood, showed a 10.7 percent rise in single-family home prices, up to $2.8 million.
Sales in LA increased 9.5 percent from the same period in the previous year to 2,173, which is a nine-year high for the first quarter and a big change from former conditions. The number of sales for the overall market were up year-over-year for the first time since the third quarter of 2013, which suggests that there’s “broader improvement” in housing sales, not just isolated gains in the luxury sector. Since housing prices have been going up for a long time, the number of sales is probably a better indicator of how the overall market is doing, and the uptick in sales is heartening.