Greater Los Angeles Market Update | Q1 2018

Q1 | 2018

Greater Los Angeles

Market Update

HOLLYWOOD HILLS

sothebyshomes.com/ 0027922 Offered at $28,000,000

BRENTWOOD

sothebyshomes.com/0344198 Offered at $29,950,000

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

sothebyshomes.co Offered at

a message from

Frank Symons

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

The Greater Los Angeles real estate market started the year with reduced sales, inventory on the rise and prices remaining stable. According to the CLAW MLS, when comparing the first quarter of 2018 to the same time last year, average days on market for Greater LA declined to 87 days compared to 102 days the year prior while both Beverly Hills and Los Feliz showed increased sales volume by 15.5% and 23%, respectively.

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

ENCINO

om/0309248 t $9,995,000

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

Q1 | Greater Los Angeles

Sold Volume - all areas by price Units vs MSP vs ASP $3,000,000

860

Below $1M

840 $2,500,000 820

$5M and Above

$2,000,000

800 780

$1,500,000 760

$1M - $5M

$1,000,000

740 720

$500,000 700 $Below $1M

$1M - $5M

$5M and Above

680

2015 units

Sales Volume by Price Category 11 % 60% 29 %

ASP

2018

Median

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 Q1 Market Update / Q1 Highlights / 6

2016 2017

Comparison

by Neighborhood Q1 | Greater Los Angeles

Median current quarter only Median current quarter only Median - current quarter 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

West Hollywood Vicinity West Hollywood Vicinity

Venice Venice

Sunset Venice West Strip Hollywood Hollywood Vicinity Hills West

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

Silver Lake - Echo Park Silver Lake - Echo Park

Santa Silver Lake Monica - Echo Park

Santa Monica Santa Monica

Pacific Palisades

Pacific Palisades Pacific Palisades

Malibu

Malibu Malibu

Los Feliz Los Feliz

Hancock Park - Wilshire Hancock Park - Wilshire

Brentwood Brentwood

Downtown L.A. Downtown L.A.

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

Beverly Hills Post Office Beverly Hills Post Office

Beverly Hills

Beverly Hills Beverly Hills

Bel Air Holmby Hills

Bel Air - Holmby Hills Bel Air - Holmby Hills

$-$-$-

Median Selling Price 2.4m $ 6.4m $ 1.4m $ 1.6m $ 0.4m $

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

1.7m $ 1.7m $ 2.5m $ 3.3m $ 2.6m $

Hancock Park / Wilshire Los Feliz Malibu Pacific Palisades Santa Monica

0.8m $ 1.9m $ 2.0m $ 1.9m

$

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

at a glance {Q1 | 2018}

bel-air | holmby hills

15.1

%

Change in Median Selling Price {2018 v 2017}

141 Average Days on Market

30 Units Sold

2.4m

$

Median Selling Price

Average Selling Price | Total ASP vs Closed Units Units Sold 50

$6,000,000

45 $5,000,000

40 35

$4,000,000

30 25

$3,000,000

20 $2,000,000

15 10

$1,000,000

5 0

$-

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

15.1%

-

-9.1%

39.1%

36.5%

2018

$2,427,500

-10.8%

30

141

141

2017

$2,109,000

0.4%

33

102

104

2016

$2,240,000

2.3%

25

132

135

2015

$2,272,750

-3.2%

44

138

138

/

9 Bel Air | Holmby Hills

/ Los Angeles Q1 Market Update

Average Selling Price | Total ASP vs Closed Units Units Sold $8,000,000

45

$7,000,000

40 35

$6,000,000

30

$5,000,000

25

$4,000,000

20

$3,000,000

15

$2,000,000

10

$1,000,000

5

$-

0

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

33.2%

-

-8.8%

-27.5%

-28.7%

2018

$6,409,000

-3.6%

31

103

103

2017

$4,812,500

-6.1%

34

141

144

2016

$4,270,000

-8.0%

40

112

112

2015

$4,450,000

-1.1%

33

143

142

Los Angeles Q1 Market Update / Beverly Hills / 10

at a glance {Q1 | 2018}

beverly hills

33.2

%

Change in Median Selling Price {2018 v 2017}

103 Average Days on Market

31 Units Sold

6.4m

$

Median Selling Price

at a glance {Q1 | 2018}

beverly hills post office

-45.7

%

Change in Median Selling Price {2017 v 2016}

104 Average Days on Market

6 Units Sold

1.4m

$

Median Selling Price

Average Selling Price | Total ASP vs Closed Units Units Sold 30

$4,000,000 $3,500,000

25

$3,000,000 20

$2,500,000

15

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

10

$1,000,000 5

$500,000

0

$-

2014

2015

2016

2017

Total Units Sold

Average Selling Price

About

BeverlyHills 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

Q1

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

{2018 vs. 2017}

Change

-45.7%

-

-70.0%

-29.9%

13.5%

2018

$1,442,500

-2.2%

6

94

104

2017

$2,655,000

-5.0%

20

134

92

2016

$2,397,500

-10.0%

26

110

115

2015

$1,775,000

-4.1%

27

100

123

/

13 Beverly Hills Post Office

/ Los Angeles Q1 Market Update

Average Selling Price | Total Units Sold ASP vs Closed Units

50

$6,000,000

45 $5,000,000

40 35

$4,000,000

30 25

$3,000,000

20 $2,000,000

15 10

$1,000,000

5 0

$-

2014

2015

2016

2017

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

Q1

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

{2017 vs. 2016}

Change

-61.5%

-

-81.8%

3.6%

6.0%

2018

$1,575,000

1.8%

57

109

109

2017

$4,096,000

-1.2%

44

106

103

2016

$2,650,000

2.9%

41

105

107

2015

$2,800,000

-6.4%

33

98

98

Los Angeles Q1 Market Update / Brentwood / 14

at a glance {Q1 | 2018}

brentwood

-61.5

%

Change in Median Selling Price {2018 v 2017}

109 Average Days on Market

57 Units Sold

1.6m

$

Median Selling Price

at a glance {Q1 | 2018}

downtown los angeles

-1.6

%

Change in Median Selling Price {2018 v 2017}

77 Average Days on Market

24 Units Sold

0.4m

$

Median Selling Price

Average Selling Price |Units Total Units Sold ASP vs Closed 35

$500,000 $450,000

30

$400,000 25

$350,000 $300,000

20

$250,000 15

$200,000 $150,000

10

$100,000 5

$50,000 $-

0

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

-1.6%

-

-14.3%

-32.8%

-2.5%

2018

$366,430

-1.7%

24

77

77

2017

$372,500

-0.7%

28

114

79

2016

$287,500

0.0%

22

136

136

2015

$305,000

1.7%

27

130

130

/

17 Downtown Los Angeles

/ Los Angeles Q1 Market Update

ASP vs Closed Units

Average Selling Price | Total Units Sold 70

$3,000,000

60

$2,500,000

50

$2,000,000

40 $1,500,000 30 $1,000,000

20

$500,000

10

$-

0

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

-0.5%

-5.0%

-

-25.9%

-20.8%

2018

$1,790,000

$1,650,000

-7.8%

43

85

2017

$1,799,000

$1,737,500

-3.4%

58

107

2016

$1,482,000

$1,468,169

-0.9%

52

103

2015

$1,197,000

$1,267,500

5.9%

62

99

Los Angeles Q1 Market Update / Hancock Park | Wilshire/ 18

at a glance {Q1 | 2018}

hancock park/wilshire

-5.0

%

Change in Median Selling Price {2018 v 2017}

85 Average Days on Market

43 Units Sold

1.7m

$

Median Selling Price

at a glance {Q1 | 2018}

los feliz

36.1

%

Change in Median Selling Price {2018 v 2017}

91 Average Days on Market

45 Units Sold

1.7m

$

Median Selling Price

Average Selling Price | Total ASP vs Closed Units Units Sold 60

$2,500,000

50

$2,000,000

40 $1,500,000 30 $1,000,000 20 $500,000

10 0

$-

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

36.1%

-

21.6%

-23.2%

-18.2%

2018

$1,725,000

-1.4%

45

91

91

2017

$1,267,000

-2.5%

37

118

111

2016

$1,500,000

-4.7%

54

100

100

2015

$1,350,000

-3.2%

47

90

90

/

21 Los Feliz

/ Los Angeles Q1 Market Update

Average Selling Price | Total ASP vs Closed Units Units Sold $3,500,000

42 41

$3,000,000

40 $2,500,000

39

$2,000,000

38

$1,500,000

37 36

$1,000,000

35 $500,000

34

$-

33

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

-9.3%

-

-12.2%

-9.6%

-9.6%

2018

$2,537,500

-10.1%

36

156

156

2017

$2,799,000

0.0%

41

172

172

2016

$2,300,000

-7.8%

39

120

120

2015

$2,084,625

-5.2%

39

176

176

Los Angeles Q1 Market Update / Malibu / 22

at a glance {Q1 | 2018}

malibu

-9.3

%

Change in Median Selling Price {2018 v 2017}

156 Average Days on Market

36 Units Sold

2.5m

$

Median Selling Price

at a glance {Q1 | 2018}

pacific palisades

16.8

%

Change in Median Selling Price {2017 v 2016}

88 Average Days on Market

44 Units Sold

3.3m

$

Median Selling Price

Average Selling Price | Total ASP vs Closed Units Units Sold $4,500,000

60

$4,000,000

50

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

40

$2,500,000

30

$2,000,000

20

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

10

$500,000

0

$-

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

16.8%

-

-25.4%

-23.1%

-24.3%

2018

$3,285,344

2.7%

44

88

88

2017

$2,812,000

-2.9%

59

114

116

2016

$2,724,000

-2.7%

57

85

85

2015

$3,100,000

-3.0%

57

92

92

/

25 Pacific Palisades

/ Los Angeles Q1 Market Update

ASP vs Closed Units Units Sold Average Selling Price | Total

$3,500,000

70

$3,000,000

60

$2,500,000

50

$2,000,000

40

$1,500,000

30

$1,000,000

20

$500,000

10

$-

0

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

26.3%

-

-42.2%

-15.1%

-16.5%

2018

$2,590,000

-3.4%

37

72

72

2017

$2,050,000

2.6%

64

85

87

2016

$2,995,000

0.0%

49

76

75

2015

$2,300,000

2.9%

42

73

73

Los Angeles Q1 Market Update / Santa Monica / 26

at a glance {Q1 | 2018}

santa monica

26.3

%

Change in Median Selling Price {2018 v 2017}

72 Average Days on Market

37 Units Sold

2.6m

$

Median Selling Price

at a glance {Q1 | 2018}

silver lake / echo park

-19.0

%

Change in Median Selling Price {2018 v 2017}

77 Average Days on Market

58 Units Sold

0.8m

$

Median Selling Price

Average Selling Price | Total ASP vs Closed Units Units Sold 90

$1,200,000

80

$1,000,000

70 60

$800,000

50

$600,000

40

$400,000

30 20

$200,000

10

$-

0

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

-19.0%

-

-9.4%

-15.1%

-16.3%

2018

$799,500

0.3%

58

77

77

2017

$987,000

2.6%

64

91

92

2016

$967,625

5.2%

82

91

91

2015

$760,000

-0.7%

73

94

94

/

29 Silver Lake | Echo Park

/ Los Angeles Q1 Market Update

Average Selling Price | Total ASP vs Closed Units Units Sold $2,900,000

115

$2,800,000

110

$2,700,000

105

$2,600,000

100

$2,500,000 95

$2,400,000

90

$2,300,000 $2,200,000

85

$2,100,000

80

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

8.8%

-

-17.1%

-14.4%

-14.9%

2018

$1,860,000

-2.1%

92

88

88

2017

$1,710,000

0.6%

111

103

103

2016

$1,782,500

-4.9%

106

102

102

2015

$1,700,000

-3.4%

93

104

104

Los Angeles Q1 Market Update / Sunset Strip | Hollywood Hills / 30

at a glance {Q1 | 2018}

sunset strip / hollywood hills

8.8

%

Change in Median Selling Price {2018 v 2017}

88 Average Days on Market

92 Units Sold

1.9m

$

Median Selling Price

at a glance {Q1 | 2018}

venice

19.4

%

Change in Median Selling Price {2018 v 2017}

100 Average Days on Market

39 Units Sold

2.0m

$

Median Selling Price

ASP vs Closed Units Units Sold Average Selling Price | Total

$2,200,000

46

$2,100,000

44

$2,000,000

42

$1,900,000

40

$1,800,000

38

$1,700,000

36

$1,600,000

34

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

19.4%

-

-11.4%

-15.3%

25.2%

2018

$2,000,000

5.5%

39

61

100

2017

$1,675,000

1.5%

44

72

79

2016

$1,882,378

-2.7%

45

52

82

2015

$1,516,500

1.1%

38

36

90

/

33 Venice

/ Los Angeles Q1 Market Update

Average Selling Price | Total ASP vs Closed Units Units Sold 40

$2,500,000

35 $2,000,000

30 25

$1,500,000

20 $1,000,000

15 10

$500,000

5 0

$-

2014

2015

2016

2017

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

Q1

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

{2018 vs. 2017}

Change

25.4%

-

20.8%

-31.3%

-15.9%

2018

$1,900,000

0.3%

29

33

76

2017

$1,515,000

-1.6%

24

48

90

2016

$1,585,000

-0.9%

31

32

83

2015

$1,600,000

0.0%

35

28

77

Los Angeles Q1 Market Update / West Hollywood / 34

at a glance {Q1 | 2018}

west hollywood

25.4

%

Change in Median Selling Price {2018 v 2017}

76 Average Days on Market

29 Units Sold

1.9m

$

Median Selling Price

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