Greater Los Angeles Market Update | Q2 2018

Q2 | 2018

Greater Los Angeles

Market Update

BEL-AIR

sothebyshomes.com/0027976 Offered at $18,999,000

STUDIO CITY

sothebyshomes.com/0028022 Offered at $9,349,000

Greater Los Angles 06 08

Bel-Air | Holmby Hills

10 12

22

28 30 32 34

Hancock Park | Wilshire Los Feliz Malibu

24 26

Brentwood Downtown Los Angeles

18 20

Beverly Hills Beverly Hills Post Office

14 16

Market Snapshot

Pacific Palisades Santa Monica

Silver Lake | Echo Park Sunset Strip | Hollywood Hills

Venice West Hollywood

LOS FELIZ

sothebyshomes.com/0027969 Offered at $15,000,000

a message from

Frank Symons

EVP/COO, Western Region I take great pleasure in presenting the Greater Los Angeles Market Update for the second quarter of 2018.

After a strong 2017, the Greater Los Angeles real estate market remains stable in the first and second quarters, and looks to continue that path for the balance of 2018.

According to the CLAW MLS, when comparing the second quarter of 2018 to the same time last year, average days on market for Greater LA declined to 79 days compared to 84 days the year prior. Neighborhoods such as Malibu, Santa Monica, and Los Feliz showed a median sales price increase of 33%, 32%, and 16%, respectively. Overall, the average sales price in Greater Los Angeles rose from $2.334M to $2.635M, a 13% increase from the second quarter of 2017.

Since our flagship brokerage opened in Beverly Hills in 1995, Sotheby’s International Realty has had a white-gloved finger on the pulse of the real estate market. In the pages that follow, we have prepared a thorough review of the Greater Los Angeles market, with an in-depth analysis of each of the neighborhoods we serve.

I hope that you enjoy exploring our quarterly market update, and I invite you to discover more information online at sothebyshomes.com. If Sotheby’s International Realty can be of service to you in the sale or purchase of property in California or anywhere else, please call me at (310) 786-1801 so that I may personally introduce you to a local expert.

GREATER LOS ANGELES BROKERAGES

Beverly Hills | Brentwood | Los Feliz | Malibu | Pacific Palisades | Santa Monica | Sunset Strip

sothebyshomes.com/socal All data within this document is pulled from the Los Angeles MLS. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

Market Snapshot

Q2 | Greater Los Angeles

Sold Volume - all areas by price

Below $1M UnitsvsvsMSP MSPvsvsASP ASP Units

13 130

$3,000,000 $3,000,000

$5M and Above

12 125

$2,500,000 $2,500,000

12 120

$2,000,000 $2,000,000

11 115

$1M - $5M

$1,500,000 $1,500,000

11 110 $1,000,000 $1,000,000

105 10

$500,000 $500,000

100 10

$-$-

950 95

2015 2015

2016 2016 units units

Below $1M

$1M - $5M

ASP ASP

2018 2018

Median Median

$5M and Above

Sales Volume by Price Category 23 % 66% 10 %

2017 2017

Median Selling Price vs. Average Selling Price vs. Total Units Sold

Under $1 Million

Average Selling Price

$1 Million to $5 Million

Median Sale Price

Over $5 Million

Total Units Sold

Los Angeles Q2 Market Update / Q2 Highlights / 6

Comparison

by Neighborhood Q2 | Greater Los Angeles

Median - current quarter only

Median Median- -current currentquarter quarteronly only

$7,000,000

$7,000,000 $7,000,000 $6,000,000

$6,000,000 $6,000,000 $5,000,000

$5,000,000 $5,000,000

$4,000,000

$4,000,000 $4,000,000

$3,000,000

$3,000,000 $3,000,000

$2,000,000

$2,000,000 $2,000,000

$1,000,000 $1,000,000 $1,000,000

2.2m $ 5.8m $ 2.7m $ 3.1m $ 0.4m $

Bel-Air | Holmby Hills Beverly Hills Beverly Hills Post Office Brentwood Downtown Los Angeles

1.7m $ 1.9m $ 3.4m $ 3.4m $ 3.1m $

Hancock Park / Wilshire Los Feliz Malibu Pacific Palisades Santa Monica

1.0m $ 1.8m $ 2.3m $ 1.7m

$

West Hollywood Vicinity West Hollywood Vicinity

Venice Venice

Sunset Strip - Hollywood Hills West Sunset Strip - Hollywood Hills West

Median Selling Price

Silver Lake - Echo Park Silver Lake - Echo Park

Venice West Santa Silver Lake Sunset Venice Echo Park Strip Hollywood Monica - Echo Hollywood Vicinity Hills West West

Santa Monica Santa Monica

Pacific Palisades

Pacific Palisades Pacific Palisades

Malibu

Malibu Malibu

Los Los Feliz Feliz

Hancock HancockPark Park --Wilshire Wilshire

Downtown Downtown L.A. L.A.

Brentwood Brentwood

Brentwood Downtown Hancock Los Feliz Beverly Brentwood Hills L.A. Park Hills Post Post Office Wilshire

Beverly BeverlyHills HillsPost Post Office Office

Beverly Hills

Beverly Beverly Hills Hills

Bel Air Holmby Hills

Bel BelAir Air--Holmby Holmby Hills Hills

$-$-$-

Silver Lake | Echo Park Sunset Strip | Hollywood Hills Venice West Hollywood

at a glance {Q2 | 2018}

bel-air | holmby hills

5.0

%

Change in Median Selling Price {2018 v 2017}

115 Average Days on Market

40 Units Sold

2.2m

$

Median Selling Price

ASP ASPvs vsClosed ClosedUnits Units

Average Selling Price | Total Units Sold $7,000,000 $7,000,000 $7,000,000

60 60 60

$6,000,000 $6,000,000 $6,000,000

50 50 50

$5,000,000 $5,000,000 $5,000,000

40 40 40

$4,000,000 $4,000,000 $4,000,000 30 30 30 $3,000,000 $3,000,000 $3,000,000 20 20 20

$2,000,000 $2,000,000 $2,000,000

10 10

$1,000,000 $1,000,000 $1,000,000 $$$-

00

2015 2015

2016 2016

2017 2017

2018 2018 2018 Total Units Sold

Average Selling Price

About

Bel-Air & Holmby Hills Bel-Air’s stately gates off Sunset Boulevard lead down winding streets lined with lavish homes with lush vegetation. Popular with celebrities and entertainment industry elite, the neighborhood is home to the landmark Hotel Bel-Air, and offers a rare kind of seclusion in a non-stop city. sothebyshomes.com/belair

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

5.0%

-

-18.4%

-1.0%

14.3%

2018

$2,162,500

-0.6%

40

100

115

2017

$2,060,000

3.3%

49

101

101

2016

$2,050,000

2.8%

43

89

129

2015

$2,487,500

0.6%

46

89

124

/

9 Bel Air | Holmby Hills

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $7,200,000

70

$7,000,000

60

$6,800,000

50

$6,600,000 40 $6,400,000 30 $6,200,000 20

$6,000,000 $5,800,000

10

$5,600,000

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Beverly Hills Whether you are an art aficionado or feel the lure of the unparalleled shopping of Rodeo Drive, Beverly Hills is known worldwide as a premier destination for luxury. sothebyshomes.com/beverlyhills

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

-10.1%

-

-48.9%

9.5%

-8.7%

2018

$5,842,500

-0.9%

24

69

96

2017

$6,500,000

0.1%

47

63

106

2016

$5,175,000

-5.8%

37

82

97

2015

$4,437,500

1.8%

60

56

94

Los Angeles Q2 Market Update / Beverly Hills / 10

at a glance {Q2 | 2018}

beverly hills

-10.1

%

Change in Median Selling Price {2018 v 2017}

96 Average Days on Market

24 Units Sold

5.8m

$

Median Selling Price

at a glance {Q2 | 2018}

beverly hills post office

-20.5

%

Change in Median Selling Price {2018 v 2017}

114 Average Days on Market

43 Units Sold

2.7m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $6,000,000

60

$5,000,000

50

$4,000,000

40

$3,000,000

30

$2,000,000

20

$1,000,000

10

$-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Beverly Hills Post Office Beverly Hills Post Office is home to grand estates, mansions, as well as some of the most celebrated gated communities. The hillside location offers incredible views of the Los Angeles basin, Pacific Ocean, and Catalina Island. sothebyshomes.com/bhpo

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

-20.5%

-

-10.4%

-24.2%

22.1%

2018

$2,740,000

-8.6%

43

94

114

2017

$3,445,000

-6.8%

48

124

93

2016

$2,425,000

3.2%

37

87

151

2015

$2,795,000

-3.6%

45

87

125

/

13 Beverly Hills Post Office

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $5,000,000

90

$4,500,000

80

$4,000,000

70

$3,500,000

60

$3,000,000

50

$2,500,000 40

$2,000,000

30

$1,500,000

20

$1,000,000

10

$500,000 $-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Brentwood Brentwood is known for its palatial estates and laid-back California elegance. It’s the perfect enclave for dining at Katsu-ya or biking down San Vicente to the ocean. Perched on a hill above this chic neighborhood, take in the architecture and art on display at the Getty Center. sothebyshomes.com/brentwood

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

-3.3%

-

-24.0%

7.0%

-8.3%

2018

$3,075,000

-0.8%

57

92

76

2017

$3,180,000

-8.5%

75

86

83

2016

$3,196,410

-1.6%

73

87

92

2015

$2,768,450

2.7%

79

85

73

Los Angeles Q2 Market Update / Brentwood / 14

at a glance {Q2 | 2018}

brentwood

-3.3

%

Change in Median Selling Price {2018 v 2017}

76 Average Days on Market

57 Units Sold

3.1m

$

Median Selling Price

at a glance {Q2 | 2018}

downtown los angeles

4.5

%

Change in Median Selling Price {2018 v 2017}

78 Average Days on Market

24 Units Sold

0.4m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $600,000

35 30

$500,000

25 $400,000 20 $300,000 15 $200,000 10 $100,000

5

$-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Downtown Los Angeles Downtown L.A. offers urban living at its finest, and is the heart of L.A.’s art boom which has put the city on the world stage of contemporary art. Gleaming new landmark lofts, a central business district, and popular revolving art attract thousands of new residents to every year. sothebyshomes.com/dtla

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

4.5%

-

-11.1%

-24.2%

-13.2%

2018

$410,000

-2.4%

24

25

78

2017

$392,500

-1.6%

27

33

90

2016

$285,750

-5.4%

32

29

118

2015

$305,000

1.7%

25

28

79

/

17 Downtown Los Angeles

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $2,500,000

100 90

$2,000,000

80 70

$1,500,000

60 50

$1,000,000

40 30

$500,000

20 10

$-

0

2015

2016

2017

2018

Total Units Sold

Average Selling Price

About

Hancock Park/Wilshire Centrally located and surrounded by the Wilshire Country Club, Hancock Park boasts some of the best classical Los Angeles architecture, making it one of the most desirable areas in all of Southern California. sothebyshomes.com/hancockpark

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

17.4%

-

-7.1%

5.6%

-15.9%

2018

$1,735,000

1.5%

78

57

78

2017

$1,477,500

0.2%

84

54

93

2016

$1,540,000

3.0%

75

64

85

2015

$1,285,000

2.8%

93

69

85

Los Angeles Q2 Market Update / Hancock Park | Wilshire/ 18

at a glance {Q2 | 2018}

hancock park/wilshire

17.4

%

Change in Median Selling Price {2018 v 2017}

78 Average Days on Market

78 Units Sold

1.7m

$

Median Selling Price

at a glance {Q2 | 2018}

los feliz

16.4

%

Change in Median Selling Price {2018 v 2017}

77 Average Days on Market

60 Units Sold

1.9m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $2,500,000

80 70

$2,000,000 60 50

$1,500,000

40 $1,000,000

30 20

$500,000 10 $-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Los Feliz Los Feliz is a creative neighborhood with an independent vibe all its own. This historic neighborhood is steeped in architectural history, boasting homes designed by Richard Neutra, John Lautner, and Frank Lloyd Wright. sothebyshomes.com/losfeliz

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

16.4%

-

-14.3%

-41.0%

6.4%

2018

$1,902,500

5.9%

60

36

77

2017

$1,635,000

2.8%

70

61

72

2016

$1,447,000

0.8%

57

35

92

2015

$1,313,000

6.0%

64

57

66

/

21 Los Feliz

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold 60

$4,500,000 $4,000,000

50 $3,500,000 $3,000,000

40

$2,500,000 30 $2,000,000 $1,500,000

20

$1,000,000 10 $500,000 $-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price About

Malibu With nearly 27 miles of gorgeous coastline covered in pristine beaches, Malibu is one of the most storied oceanfront communities on the West Coast. The area offers long strands of private beaches, world-class surfing at Zuma and El Matador, and front-row seats to unforgettable sunsets. Malibu is both classic California and understated/rustic elegance. sothebyshomes.com/malibu

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

32.6%

-

25.0%

-35.9%

-31.8%

2018

$3,365,000

0.4%

45

100

105

2017

$2,537,500

-5.9%

36

156

154

2016

$2,725,000

-2.6%

47

147

139

2015

$2,325,000

-5.8%

53

164

181

Los Angeles Q2 Market Update / Malibu / 22

at a glance {Q2 | 2018}

malibu

32.6

%

Change in Median Selling Price {2018 v 2017}

105 Average Days on Market

45 Units Sold

3.4m

$

Median Selling Price

at a glance {Q2 | 2018}

pacific palisades

9.8

%

Change in Median Selling Price {2018 v 2017}

96 Average Days on Market

67 Units Sold

3.4m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $6,000,000

12 0

$5,000,000

100

$4,000,000

80

$3,000,000

60

$2,000,000

40

$1,000,000

20

$-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Pacific Palisades More a retreat than an urban neighborhood, the Palisades sits against a stunning backdrop with views of the Santa Monica mountains, the Pacific Coast, and several canyons that run between them. The Palisades are a green oasis within Los Angeles. sothebyshomes.com/pacificpalisades

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

9.8%

-

-1.5%

-26.3%

5.9%

2018

$3,350,000

-4.1%

67

56

96

2017

$3,050,000

3.0%

68

76

91

2016

$2,651,800

-1.6%

66

86

89

2015

$2,602,500

-0.3%

102

80

74

/

25 Pacific Palisades

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $4,000,000

76

$3,500,000

74 72

$3,000,000

70

$2,500,000

68 $2,000,000 66 $1,500,000

64

$1,000,000

62

$500,000

60

$-

58

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Santa Monica L.A.’s premier beach destination, Santa Monica blends urban energy, beach town atmosphere, and world-class oceanfront hotels like Shutters and Casa Del Mar, whose back yard is the glorious Pacific Ocean. sothebyshomes.com/santamonica

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

32.3%

-

-9.9%

9.8%

-23.2%

2018

$3,062,500

2.1%

64

45

65

2017

$2,315,000

7.7%

71

41

84

2016

$2,185,000

-0.5%

65

52

62

2015

$2,075,000

4.0%

75

38

62

Los Angeles Q2 Market Update / Santa Monica / 26

at a glance {Q2 | 2018}

santa monica

32.3

%

Change in Median Selling Price {2018 v 2017}

65 Average Days on Market

64 Units Sold

3.1m

$

Median Selling Price

at a glance {Q2 | 2018}

silver lake / echo park

10.5

%

Change in Median Selling Price {2018 v 2017}

54 Average Days on Market

82 Units Sold

1.0m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $1,400,000

12 0

$1,200,000

100

$1,000,000 80 $800,000 60 $600,000 40 $400,000 20

$200,000 $-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Silver Lake/Echo Park Rock ‘n’ roll attitudes contrast the refined and modern homes of Silver Lake. This hilly neighborhood is one of L.A.’s most walkable areas and is home of its namesake reservoir and cutting-edge music scene. sothebyshomes.com/silverlake

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

10.5%

-

-26.1%

-28.8%

-28.3%

2018

$1,048,500

6.0%

82

42

54

2017

$949,000

5.6%

111

59

76

2016

$932,500

3.7%

80

43

76

2015

$786,143

2.5%

86

55

77

/

29 Silver Lake | Echo Park

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $3,000,000

160 140

$2,500,000

12 0 $2,000,000

100

$1,500,000

80 60

$1,000,000

40 $500,000

20

$-

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

Sunset Strip/Hollywood Hills Hollywood’s fame is rooted in its cultural identity, peerless entertainment industry, and historical significance as the origin of American cinema. Get a perfect martini at Musso & Frank’s, which has been serving drinks since 1919 to the likes of Charlie Chaplin and William Faulkner, and then stroll down to the Roosevelt Hotel for a nightcap. sothebyshomes.com/sunsetstrip

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

-6.5%

-

3.3%

-49.2%

-10.0%

2018

$1,810,000

-3.6%

126

100

92

2017

$1,935,000

-2.9%

122

197

103

2016

$1,826,000

1.5%

97

182

92

2015

$1,650,000

-0.5%

142

206

84

Los Angeles Q2 Market Update / Sunset Strip | Hollywood Hills / 30

at a glance {Q2 | 2018}

sunset strip / hollywood hills

-6.5

%

Change in Median Selling Price {2018 v 2017}

92 Average Days on Market

126 Units Sold

1.8m

$

Median Selling Price

at a glance {Q2 | 2018}

venice

8.2

%

Change in Median Selling Price {2018 v 2017}

81 Average Days on Market

55 Units Sold

2.3m

$

Median Selling Price

ASP vs Closed Units

Average Selling Price | Total Units Sold $3,000,000

62 60

$2,500,000

58 $2,000,000 56 $1,500,000 54 $1,000,000 52 $500,000

50

$-

48

2015

2016

2017

2018 Total Units Sold

Average Selling Price About

Venice Welcome to the heart of Silicon Beach. Admire the street art and commissioned murals in old Venice, alongside a new community of creative entrepreneurs, startups, and venture capitalists.

Stroll through Abbot Kinney, the “coolest block in America.� Explore the historic Venice Canals, a tranquil and hidden gem, and finish the evening with dinner at Gjelina. sothebyshomes.com/venice

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

8.2%

-

0.0%

27.1%

2.9%

2018

$2,325,500

-1.0%

55

61

81

2017

$2,150,000

-1.7%

55

48

79

2016

$1,851,935

0.2%

53

49

83

2015

$1,820,000

-0.2%

60

46

68

/

33 Venice

/ Los Angeles Q2 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold $2,050,000

45

$2,000,000

40

$1,950,000

35

$1,900,000

30

$1,850,000

25

$1,800,000 20

$1,750,000

15

$1,700,000

10

$1,650,000 $1,600,000

5

$1,550,000

0

2015

2016

2017

2018 Total Units Sold

Average Selling Price

About

West Hollywood West Hollywood is a thriving, diverse community on the leading edge of culture, entertainment, and design. “WeHo” is home to the Pacific Design Center and ground zero for Los Angeles’s thriving Interior Design and Architectural community. sothebyshomes.com/westhollywood

Q2

Median Sale Price Closed Active Average Days Selling Price vs. List Price Units Inventory on Market

{2018 vs. 2017}

Change

5.6%

-

-12.5%

32.0%

-25.3%

2018

$1,660,000

-2.1%

35

33

54

2017

$1,572,100

1.9%

40

25

73

2016

$1,612,000

0.2%

28

26

58

2015

$1,560,000

0.8%

36

25

68

Los Angeles Q2 Market Update / West Hollywood / 34

at a glance {Q2 | 2018}

west hollywood

5.6

%

Change in Median Selling Price {2018 v 2017}

54 Average Days on Market

35 Units Sold

1.7m

$

Median Selling Price

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