A MESSAGE FROM WEA
THE CONVERSATION REMAINS THE SAME
There’s no doubt that our market is down based on the number of transactions compared to the anomaly year of 2022. However, despite this, prices have not diminished. Contrary to 2008, our market is not loaded with foreclosures, where both sellers and banks that foreclosed sold for less just to get out.
Although interest rates have increased, the rates are still comparatively low. For decades, a 6% loan was considered an excellent deal. We will get passed the idea that 3% is a normal rate and, in fact, we may not see that rate again any time soon.
Having been through many recessionary periods, I can tell you that when the market is stalled the demand to buy increases, and the time will come when buyers and sellers return. This always happens.
Hang in there.
Stephen Shapiro Co-Founder, Westside Estate Agency
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 3
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 4 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 980 $ MILLION Q4 2021 9.33 $ MILLION Q4 2021 687 $ MILLION Q4 2022 -30% 10.2 $ MILLION Q4 2022 10% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 67 -36.2% $10,254,636 / $7,000,000 10% / 8% Q4 2021 105 28% $9,337,605 / $6,460,000 34% / 35% Q4 2020 82 30.2% $6,964,445 / $4,780,000 -1% / 21% Q4 2019 63 baseline $7,010,059 / $3,950,500 baseline YTD 2022 297 -8.3% $9,783,970 / $7,000,000 24% / 16% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 30 60 90 120 90210 IN MILLIONS 0 2019 2020 2021 2 4 6 8 10 12 2022
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 5 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 23.9 $ MILLION Q4 2021 2.98 $ MILLION Q4 2021 18.2 $ MILLION Q4 2022 -24% 2.28 $ MILLION Q4 2022 -24% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 8 0% $2,280,688 / $2,350,000 -24% / -20% Q4 2021 8 300% $2,989,313 / $2,938,750 15% / 13% Q4 2020 2 -75% $2,607,500 / $2,607,500 12% / 20% Q4 2019 8 baseline $2,329,625 / $2,165,000 baseline YTD 2022 39 -7.1% $2,868,267 / $2,700,000 -3% / -2% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 2 4 6 8 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90211
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 6 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 28.2 $ MILLION Q4 2021 4.03 $ MILLION Q4 2021 11.09 $ MILLION Q4 2022 -61% 3.69 $ MILLION Q4 2022 -8% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 3 -57.1% $3,698,333 / $3,095,000 -8% / -28% Q4 2021 7 0% $4,036,429 / $4,300,000 56% / 56% Q4 2020 7 16.7% $2,584,000 / $2,750,000 -17% / -10% Q4 2019 6 baseline $3,104,667 / $3,059,000 baseline YTD 2022 22 -24.1% $3,967,818 / $3,445,000 22% / 4% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 1 2 3 4 5 IN MILLIONS 2022 0 2019 2020 2021 2022 2 4 6 8 90212
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 7 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 298 $ MILLION Q4 2021 4.89 $ MILLION Q4 2021 131.2 $ MILLION Q4 2022 -56% 6.25 $ MILLION Q4 2022 28% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 21 -65.6% $6,250,405 / $4,000,000 28% / 10% Q4 2021 61 27.1% $4,895,041 / $3,650,000 37% / 22% Q4 2020 48 11.6% $3,579,831 / $3,000,000 -14% / 12% Q4 2019 43 baseline $4,171,570 / $2,672,000 baseline YTD 2022 128 -27.3% $4,449,768 / $3,577,500 -4% / 5% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 20 40 60 80 0 2019 2020 2021 2 4 6 8 IN MILLIONS 2022 90069
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 8 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 359 $ MILLION Q4 2021 7.8 $ MILLION Q4 2021 153 $ MILLION Q4 2022 -57% 6.12 $ MILLION Q4 2022 -22% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 25 -45.7% $6,125,500 / $4,050,000 -22% / 10% Q4 2021 46 -8% $7,809,402 / $3,677,750 18% / 6% Q4 2020 50 38.9% $6,637,950 / $3,476,500 -16% / 4% Q4 2019 36 baseline $7,881,083 / $3,330,000 baseline YTD 2022 116 -12.8% $7,622,612 / $4,175,000 34% / 30% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 10 20 30 40 50 0 2019 2020 2021 2 4 6 8 IN MILLIONS 2022 90077
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 9 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 258 $ MILLION Q4 2021 2.43 $ MILLION Q4 2021 144 $ MILLION Q4 2022 -44% 2.44 $ MILLION Q4 2022 0% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 59 -44.3% $2,445,542 / $2,000,000 0% / -9% Q4 2021 106 -0.9% $2,435,888 / $2,196,000 12% / 19% Q4 2020 107 32.1% $2,170,388 / $1,850,000 21% / 17% Q4 2019 81 baseline $1,793,827 / $1,586,000 baseline YTD 2022 292 -5.8% $2,520,058 / $2,220,500 7% / 8% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 20 40 60 80 100 120 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90046
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 10 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 863 $ MILLION Q4 2021 8.81 $ MILLION Q4 2021 521 $ MILLION Q4 2022 -40% 10.2 $ MILLION Q4 2022 16% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 51 -48% $10,232,892 / $4,500,000 16% / 22% Q4 2021 98 -9.3% $8,814,704 / $3,675,000 50% / 2% Q4 2020 108 86.2% $5,862,032 / $3,600,000 40% / 32% Q4 2019 58 baseline $4,181,078 / $2,735,000 baseline YTD 2022 247 -12.4% $7,537,056 / $4,376,000 10% / 9% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2 4 6 8 10 12 IN MILLIONS 2022 0 2019 2020 2021 2022 20 40 60 80 100 120 90265
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 11 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 486 $ MILLION Q4 2021 4.91 $ MILLION Q4 2021 365 $ MILLION Q4 2022 -25% 6.52 $ MILLION Q4 2022 33% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 56 43.4% $6,524,893 / $5,040,000 33% / 27% Q4 2021 99 -3.9% $4,910,455 / $3,980,000 14% / 15% Q4 2020 103 47.1% $4,307,549 / $3,450,000 9% / 5% Q4 2019 70 baseline $3,945,021 / $3,287,500 baseline YTD 2022 262 -20.6% $6,093,374 / $4,597,000 17% / 16% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2 4 6 8 IN MILLIONS 2022 0 2019 2020 2021 2022 20 40 60 80 100 120 90272
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 12 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 155 $ MILLION Q4 2021 4.56 $ MILLION Q4 2021 82.7 $ MILLION Q4 2022 -47% 5.51 $ MILLION Q4 2022 21% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 15 -55.9% $5,516,600 / $4,306,000 21% / 27% Q4 2021 34 30.8% $4,562,265 / $3,400,000 -8% / 20% Q4 2020 26 30% $4,956,538 / $2,822,500 36% / -9% Q4 2019 20 baseline $3,652,600 / $3,112,500 baseline YTD 2022 85 1.2% $4,764,182 / $3,628,000 -7% / 12% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 5 10 15 20 25 30 35 0 2019 2020 2021 1 2 3 4 5 6 IN MILLIONS 2022 90024
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 13 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 770 $ MILLION Q4 2021 6.52 $ MILLION Q4 2021 322 $ MILLION Q4 2022 -58% 6.2 $ MILLION Q4 2022 -5% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 52 -55.9% $6,206,870 / $4,375,000 -5% / 0% Q4 2021 118 16.8% $6,525,575 / $4,375,000 44% / 39% Q4 2020 101 42.3% $4,529,609 / $3,140,000 9% / 11% Q4 2019 71 baseline $4,151,223 / $2,818,500 baseline YTD 2022 299 -6.6% $5,921,634 / $3,850,000 15% / -1% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 20 40 60 80 100 120 0 2019 2020 2021 1 2 3 4 5 6 7 IN MILLIONS 2022 90049
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 14 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 46.4 $ MILLION Q4 2021 1.93 $ MILLION Q4 2021 12.8 $ MILLION Q4 2022 -72% 2.14 $ MILLION Q4 2022 11% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 6 -75% $2,149,583 / $1,829,000 11% / 0% Q4 2021 24 4.3% $1,934,042 / $1,831,750 13% / 15% Q4 2020 23 43.8% $1,709,739 / $1,590,000 4% / 5% Q4 2019 16 baseline $1,644,688 / $1,513,000 baseline YTD 2022 59 -3.3% $2,262,466 / $1,850,000 -3% / -2% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 5 10 15 20 25 0 2019 2020 2021 0.5 1 1.5 2 2.5 IN MILLIONS 2022 90025
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 15 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 265 $ MILLION Q4 2021 5.9 $ MILLION Q4 2021 95.7 $ MILLION Q4 2022 -64% 5.31 $ MILLION Q4 2022 10% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 18 -60% $5,317,639 / $4,737,250 -10% / -8% Q4 2021 45 80% $5,901,422 / $5,150,000 1% / 10% Q4 2020 25 -16.7% $5,855,320 / $4,675,000 24% / 17% Q4 2019 30 baseline $4,705,700 / $3,991,500 baseline YTD 2022 122 -15.3% $5,868,603 / $5,371,500 5% / 13% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 10 20 30 40 50 0 2019 2020 2021 1 2 3 4 5 6 IN MILLIONS 2022 90402
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 16 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 155 $ MILLION Q4 2021 2.47 $ MILLION Q4 2021 69.1 $ MILLION Q4 2022 -56% 2.16 $ MILLION Q4 2022 -13% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 32 -49.2% $2,161,202 / $1,742,500 -13% / 0% Q4 2021 63 -13.7% $2,474,019 / $1,745,000 -2% / -4% Q4 2020 73 87.2% $2,525,561 / $1,825,000 -4% / -2% Q4 2019 39 baseline $2,621,859 / $1,855,000 baseline YTD 2022 149 -13.9% $2,693,105 / $2,295,000 8% / 15% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 20 40 60 80 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90027
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 17 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 165 $ MILLION Q4 2021 2.55 $ MILLION Q4 2021 101 $ MILLION Q4 2022 -39% 2.53 $ MILLION Q4 2022 -1% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 40 -38.5% $2,537,513 / $2,330,000 -1% / 10% Q4 2021 65 -13.3% $2,553,590 / $2,124,818 11% / 12% Q4 2020 75 38.9% $2,296,880 / $1,905,000 -1% / -2% Q4 2019 54 baseline $2,318,639 / $1,948,750 baseline YTD 2022 198 -1.5% $2,536,427 / $2,200,000 19% / 16% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 15 30 45 60 75 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90064
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 18 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 223 $ MILLION Q4 2021 2.79 $ MILLION Q4 2021 96.6 $ MILLION Q4 2022 -57% 2.84 $ MILLION Q4 2022 2% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 34 -57.5% $2,841,214 / $2,041,250 2% / -21% Q4 2021 80 27% $2,794,834 / $2,585,000 22% / 32% Q4 2020 63 40% $2,291,937 / $1,960,000 -6% / -10% Q4 2019 45 baseline $2,431,433 / $2,175,000 baseline YTD 2022 228 14% $2,858,214 / $2,387,500 18% / 9% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 20 40 60 80 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90291
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 19 NUMBER OF SALES • Q4 AVG. PRICE PER TRANSACTION SALES VOLUME 54.8 $ MILLION Q4 2021 2.88 $ MILLION Q4 2021 29.5 $ MILLION Q4 2022 -46% 2.95 $ MILLION Q4 2022 2% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q4 2022 10 -47.4% $2,956,500 / $2,677,500 2% / -6% Q4 2021 19 26.7% $2,887,263 / $2,835,000 6% / -5% Q4 2020 15 66.7% $2,734,333 / $2,975,000 16% / 19% Q4 2019 9 baseline $2,367,111 / $2,500,000 baseline YTD 2022 38 -47.4% $2,926,505 / $2,870,000 7% / 10% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2019 2020 2021 2022 5 10 15 20 IN MILLIONS 0 2019 2020 2021 0.5 1 1.5 2 2.5 3 2022 90292
PROPERTIES OF $1M OR MORE
21 2022 2021 Sales Δ vs ‘21 Average Price Δ vs ‘21 297 -8.3% $9,783,970 24% 39 -7.1% $2,868,267 -3% 22 -24.1% $3,967,818 22% 128 -27.3% $4,449,768 -4% 116 -12.8% $7,622,612 34% 292 -5.8% $2,520,058 7% 247 -12.4% $7,537,056 10% 262 -20.6% $6,093,374 17% 85 1.2% $4,764,182 -7% 299 -6.6% $5,921,634 15% 59 -3.3% $2,262,466 -3% 122 -15.3% $5,868,603 5% 149 -13.9% $2,693,105 8% 198 -1.5% $2,536,427 19% 228 14% $2,858,214 18% 38 -19.1% $2,926,505 7% Sales Δ vs ‘20 Average Price Δ vs ‘20 324 13.3% $7,872,778 -6% 42 40% $2,968,405 18% 29 26.1% $3,250,948 5% 176 24.8% $4,622,815 -1% 133 -11.9% $5,667,707 -10% 310 -2.5% $2,348,516 10% 282 -9.9% $6,863,796 26% 330 12.2% $5,199,089 21% 84 21.7% $5,103,024 26% 320 3.6% $5,167,193 10% 61 15.1% $2,334,754 31% 144 53.2% $5,609,406 5% 173 -7.5% $2,497,610 6% 201 -3.8% $2,139,988 -5% 200 -1.5% $2,423,819 7% 47 2.2% $2,723,245 8%
Westside Estate Agency is defined by the values and the vision of its two founders, Stephen Shapiro and Kurt Rappaport. In 1998, Stephen Shapiro and Kurt Rappaport were two of the most well-known, highly compensated realtors in Los Angeles. Still, they felt there had to be a better way to meet the very high expectations and individual needs of their high-net worth clientele.
It wasn’t long before the two began making plans for a different kind of brokerage. A real estate agency committed to putting client service first, and completely satisfying the needs and desires of each client. In the words of Stephen Shapiro, “Negotiations conducted with intelligence and integrity result in what we call the ‘triple win.’ Great results for the buyer, the seller, and WEA.”
In 1999, Shapiro and Rappaport opened Westside Estate Agency with a focus on the most expensive and prestigious homes and estates in the prime Westside areas of Los Angeles. In 2015, WEA opened its Malibu office to service that world famous community. Today, WEA has a clientele without parallel, at the pinnacle of the business, financial, technology and entertainment industries generating billions in sales and the highest average price per sale in the industry.
Working hand-in-hand with their commitment to tailored service has been the agency’s industry leading application of technology. WEA has been at the forefront in the category for its technology use, from being the first to implement a fully integrated network computing system to the first to use scanning technology, cloud technology, e-signatures and paperless filing to provide better service to clients. WEA continues to stay on the cutting-edge of innovation, keeping a pulse on and implementing new technologies as soon as they’re available.
Stephen and Kurt have assembled a team of full-time real estate pros, known for expertise, experience, integrity and discretion. Each agent possesses an in-depth knowledge of the inventory and current market conditions; our clients turn to us for candid insights into current market value, the sales potential of properties and marketing strategies for our current and prospective clients.
Of course, WEA has retained its independence, in the face of widespread acquisition by a handful of impersonal agencies. Remaining independent means we answer to our clients, instead of a corporate headquarters thousands of miles away. It means we don’t need to worry about a conglomerate’s bottom-line or using an in-house escrow or title company; rather, we’re free to focus on getting the best and doing the best for each client.
In practical terms, this translates into efficiency and responsiveness. Making the most of every minute by showing just the homes, in just the neighborhoods, that meet our clients’ criteria. Quite frequently, we’re even able to offer new properties not yet on the market.
Finally, it means WEA’s agents have a direct conduit to the top. Unlike the non-owner operated, robo brokerages, our principals play a role in, and keep an eye on every WEA transaction. In sense, every WEA client is also a client of Stephen’s and Kurt’s. Which only make sense, as it’s with these two that the WEA story began.
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q4 2022 22
Success built on superior market knowledge. And understanding our clients.
