A MESSAGE FROM WEA
WHAT’S GOING ON IN LOS ANGELES?
Welcome to summer. After an extended (and much-needed) rainy season and a colderthan-usual spring, we are now enjoying warm sunny days followed by cool nights.
There are some great sales taking place, but we are still way down from last year and the year prior. Once the interest rates solidify under 6%, we believe the market will pick up. The future of real estate is always bright if you give it some time. Buy what you like, hold on for a few years and, historically, it will be worth more.
Now for the bizarre… The City of Los Angeles is at it again. First, we encountered the illconceived ULA “mansion tax” which puts an onerous tax on the gross sale price of homes over $5M as opposed to a tax based on profit or loss. To date, the results are far below what the City anticipated. Now, we have another proposed initiative called the Wildlife Ordinance, which will cover the hillside areas beginning above Sunset Blvd and down to Ventura Blvd in the Valley. This ordinance will impose many restrictions on building, such as limiting the amount of square footage, the elimination of underground space, and restrictions on landscaping, fencing, and lighting. It’s important to note that the Wildlife Ordinance is not a voting issue like ULA, as it only requires approval by the majority of City Council and is almost assured to pass. Both “laws” will result in further minimizing development in a city that is notoriously short of housing. The permit processing is already near impossible, and this new Wildlife Ordinance will further complicate the process. When will this end?
Stephen Shapiro Co-Founder, Westside Estate Agency
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 3
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 4 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 579 $ MILLION Q2 2022 7.62 $ MILLION Q2 2022 363 $ MILLION Q2 2023 -37% 7.91 $ MILLION Q2 2023 4% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 46 -39.5% $7,912,054 / $5,860,750 4% / 15% Q2 2022 76 -38.2% $7,620,355 / $5,087,500 -8% / -5% Q2 2021 123 232.4% $8,318,171 / $5,350,000 -41% / -24% Q2 2020 37 baseline $14,157,703 / $7,050,000 baseline YTD 2023 93 -47.2% $11,096,497 / $6,737,500 15% / 3% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 90210 IN MILLIONS 0 2020 2021 2022 3 6 9 12 15 2023 0 2020 2021 2022 2023 30 60 90 120 150
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 5 90211 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 37.3 $ MILLION Q2 2022 3.11 $ MILLION Q2 2022 27.1 $ MILLION Q2 2023 -27% 2.71 $ MILLION Q2 2023 -13% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 10 -16.7% $2,710,750 / $2,680,000 -13% / -9% Q2 2022 12 -45.5% $3,111,708 / $2,946,500 2% / 11% Q2 2021 22 450% $3,059,318 / $2,661,500 24% / 12% Q2 2020 4 baseline $2,463,375 / $2,376,250 baseline YTD 2023 15 -34.8% $2,938,239 / $2,800,000 -8% / -7% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 5 10 15 20 25 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 3.5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 6 90212 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 32.3 $ MILLION Q2 2022 4.61 $ MILLION Q2 2022 14.6 $ MILLION Q2 2023 -55% 3.65 $ MILLION Q2 2023 -21% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 4 -42.9% $3,655,250 / $3,572,500 -21% / -17% Q2 2022 7 -36.4% $4,615,214 / $4,306,500 40% / 37% Q2 2021 11 175% $3,306,955 / $3,144,500 11% / 6% Q2 2020 4 baseline $2,974,750 / $2,956,500 baseline YTD 2023 9 -25% $4,087,444 / $4,026,000 -5% / -2% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 2 4 6 8 10 12 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 7 90069 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 159.1 $ MILLION Q2 2022 4.18 $ MILLION Q2 2022 176 $ MILLION Q2 2023 11% 5.33 $ MILLION Q2 2023 27% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 33 -13.2% $5,334,909 / $3,455,000 27% / -3% Q2 2022 38 -28.3% $4,187,706 / $3,575,000 -6% / 18% Q2 2021 53 253% $4,445,245 / $3,039,500 -25% / -32% Q2 2020 15 baseline $5,928,900 / $4,500,000 baseline YTD 2023 79 -10.2% $5,067,057 / $3,455,000 20% / -3% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 6 2023 0 2020 2021 2022 2023 10 20 30 40 50 60
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 8 90077 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 185 $ MILLION Q2 2022 7.13 $ MILLION Q2 2022 124 $ MILLION Q2 2023 -33% 5.94 $ MILLION Q2 2023 -17% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 21 -19.2% $5,949,193 / $2,570,000 -17% / -49% Q2 2022 26 -50.9% $7,130,846 / $4,997,500 18% / 65% Q2 2021 53 103.8% $6,037,274 / $3,025,000 -22% / 30% Q2 2020 26 baseline $7,697,827 / $2,331,500 baseline YTD 2023 48 -26.2% $6,278,043 / $3,725,000 -16% / -12% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 10 20 30 40 50 60 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 9 90046 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 208 $ MILLION Q2 2022 2.71 $ MILLION Q2 2022 128 $ MILLION Q2 2023 -38% 2.18 $ MILLION Q2 2023 -19% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 59 -23.4% $2,186,034 / $2,000,000 -19% / -17% Q2 2022 77 -27.4% $2,710,545 / $2,400,000 20% / 16% Q2 2021 106 140.9% $2,267,071 / $2,068,500 2% / 23% Q2 2020 44 baseline $2,227,659 / $1,675,000 baseline YTD 2023 115 -28.6% $2,415,761 / $2,020,000 -7% / -13% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023 100 120
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 10 90265 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 477 $ MILLION Q2 2022 6.11 $ MILLION Q2 2022 535 $ MILLION Q2 2023 12% 9.4 $ MILLION Q2 2023 54% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 57 -26.9% $9,402,358 / $3,695,000 54% / -18% Q2 2022 78 -24.3% $6,116,060 / $4,512,500 -9% / -7% Q2 2021 103 157.5% $6,740,806 / $4,850,000 27% / 87% Q2 2020 40 baseline $5,307,563 / $2,592,000 baseline YTD 2023 85 -45.9% $8,471,375 / $3,650,000 27% / -18% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 2 4 6 8 10 2023 100 120
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 11 90272 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 495 $ MILLION Q2 2022 6.69 $ MILLION Q2 2022 211 $ MILLION Q2 2023 -57% 4.15 $ MILLION Q2 2023 -38% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 51 -31.1% $4,151,255 / $3,965,000 -38% / -24% Q2 2022 74 -38.3% $6,697,611 / $5,217,750 46% / 32% Q2 2021 120 155.3% $4,591,329 / $3,955,750 14% / 20% Q2 2020 47 baseline $4,044,330 / $3,300,000 baseline YTD 2023 109 -28.3% $6,376,941 / $4,875,000 7% / 8% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 100 120 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 12 90024 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 106 $ MILLION Q2 2022 3.79 $ MILLION Q2 2022 48.2 $ MILLION Q2 2023 -55% 3.44 $ MILLION Q2 2023 -9% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 14 -50% $3,443,327 / $3,275,250 -9% / -6% Q2 2022 28 -12.5% $3,797,875 / $3,477,500 -23% / 5% Q2 2021 32 220% $4,938,906 / $3,319,000 62% / 24% Q2 2020 10 baseline $3,055,650 / $2,683,250 baseline YTD 2023 28 -48.1% $5,501,039 / $4,530,000 44% / 25% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 5 10 15 20 25 30 35 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 13 90049 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 633 $ MILLION Q2 2022 6.15 $ MILLION Q2 2022 229 $ MILLION Q2 2023 -64% 5.22 $ MILLION Q2 2023 -15% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 44 -57.3% $5,225,624 / $3,683,000 -15% / -7% Q2 2022 103 -16.9% $6,154,749 / $3,976,500 8% / -13% Q2 2021 124 148% $5,702,101 / $4,545,250 8% / 35% Q2 2020 50 baseline $5,268,700 / $3,375,000 baseline YTD 2023 114 -36% $6,246,184 / $4,400,000 4% / 14% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 25 50 75 100 IN MILLIONS 0 2020 2021 2022 1 2 3 4 5 6 2023 125 7
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 14 90025 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 66.3 $ MILLION Q2 2022 2.55 $ MILLION Q2 2022 38.1 $ MILLION Q2 2023 -42% 2.24 $ MILLION Q2 2023 -12% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 17 -34.6% $2,246,864 / $2,230,000 -12% / 16% Q2 2022 26 -3.7% $2,551,885 / $1,925,000 14% / -4% Q2 2021 27 350% $2,242,981 / $2,000,000 33% / 33% Q2 2020 6 baseline $1,680,667 / $1,507,000 baseline YTD 2023 26 -27.8% $2,407,016 / $2,090,000 -3% / 7% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 5 10 15 20 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023 25 30
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 15 90402 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 215 $ MILLION Q2 2022 6.15 $ MILLION Q2 2022 121 $ MILLION Q2 2023 -44% 6.06 $ MILLION Q2 2023 -1% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 20 -42.9% $6,061,950 / $5,487,500 -1% / 0% Q2 2022 35 -37.5% $6,152,929 / $5,500,000 3% / 28% Q2 2021 56 194.7% $5,964,063 / $4,287,000 18% / 2% Q2 2020 19 baseline $5,065,447 / $4,206,500 baseline YTD 2023 50 -30.6% $6,144,220 / $5,770,000 1% / -3% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 10 20 30 40 50 60 IN MILLIONS 0 2020 2021 2022 2 4 6 8 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 16 90027 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 122 $ MILLION Q2 2022 3.14 $ MILLION Q2 2022 68.8 $ MILLION Q2 2023 -44% 2.29 $ MILLION Q2 2023 -27% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 30 -23.1% $2,296,650 / $2,187,500 -27% / -31% Q2 2022 39 -33.9% $3,141,808 / $3,190,000 22% / 37% Q2 2021 59 118.5% $2,582,271/ $2,325,000 13% / 31% Q2 2020 27 baseline $2,287,870 / $1,775,000 baseline YTD 2023 66 -7% $2,822,581 / $2,300,000 -7% / -16% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 15 30 45 60 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 3.5 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 17 90064 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 132 $ MILLION Q2 2022 2.5 $ MILLION Q2 2022 102 $ MILLION Q2 2023 -23% 2.49 $ MILLION Q2 2023 0% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 41 -22.6% $2,494,645 / $2,265,000 0% / -4% Q2 2022 53 -32.9% $2,505,142 / $2,355,000 17% / 26% Q2 2021 79 139.4% $2,147,892 / $1,865,000 -9% / -7% Q2 2020 33 baseline $2,364,106 / $2,005,500 baseline YTD 2023 79 -27.5% $2,770,802 / $2,085,000 8% / -5% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 15 30 45 60 80 IN MILLIONS 0 2020 2021 2022 1 1.5 2 2.5 3 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 18 90291 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 217 $ MILLION Q2 2022 2.71 $ MILLION Q2 2022 126 $ MILLION Q2 2023 -42% 2.95 $ MILLION Q2 2023 9% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 43 -46.3% $2,950,907 / $2,660,000 9% / 4% Q2 2022 80 11.1% $2,713,032 / $2,550,000 5% / 16% Q2 2021 72 132.3% $2,592,167 / $2,200,000 13% / 13% Q2 2020 31 baseline $2,298,565 / $1,950,000 baseline YTD 2023 76 -42.9% $2,751,593 / $2,492,500 -8% / -4% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 20 40 60 80 IN MILLIONS 0 2020 2021 2022 .5 1 1.5 2 2.5 3 2023
WESTSIDE ESTATE AGENCY | MICRO MARKET REPORT LOS ANGELES Q2 2023 19 90292 NUMBER OF SALES • Q2 AVG. PRICE PER TRANSACTION SALES VOLUME 47.2 $ MILLION Q2 2022 2.95 $ MILLION Q2 2022 16.9 $ MILLION Q2 2023 -64% 2.12 $ MILLION Q2 2023 -28% DATE SALES Δ VS PREVIOUS YEAR AVG. PRICE / MEDIAN PRICE Δ VS PREVIOUS YEAR Q2 2023 8 -50% $2,120,313 / $2,035,000 -28% / -34% Q2 2022 16 -27.3% $2,952,250 / $3,078,250 10% / 21% Q2 2021 22 340% $2,681,659 / $2,548,000 26% / 3% Q2 2020 5 baseline $2,133,400 / $2,475,000 baseline YTD 2023 14 -44% $2,345,786 / $2,131,250 -21% / -29% AVG/MEDIAN PRICES • 12 MONTH ROLLING AVG PRICE MEDIAN PRICE 0 2020 2021 2022 2023 5 10 15 20 IN MILLIONS 0 2020 2021 2022 1 2 3 4 2023 25
PROPERTIES OF $1M OR MORE
21 2023 2022 Sales Δ vs ‘22 Average Price Δ vs ‘22 93 -47.2% $11,096,497 15% 15 -34.8% $2,938,239 -8% 9 -25% $4,087,444 -5% 79 -10.2% $5,067,057 20% 48 -26.2% $6,278,043 -16% 115 -28.6% $2,415,761 -7% 85 -45.9% $8,471,375 27% 109 -28.3% $6,376,941 7% 28 -48.1% $5,501,039 44% 114 -36% $6,246,184 4% 26 -27.8% $2,407,016 -3% 50 -30.6% $6,144,220 1% 66 -7% $2,822,581 -7% 79 -27.5% $2,770,802 8% 76 -42.9% $2,751,593 -8% 14 -44% $2,345,786 -21% Sales Δ vs ‘21 Average Price Δ vs ‘21 176 -19.3% $9,667,847 29% 23 -25.8% $3,199,087 5% 12 -25% $4,306,417 41% 88 -14.6% $4,215,532 -11% 65 -29.3% $7,473,762 36% 161 -23.3% $2,587,016 16% 157 -16.5% $6,649,505 -3% 152 -33.3% $5,951,750 27% 54 0% $3,818,009 -13% 178 -20.5% $6,016,054 17% 36 -12.2% $2,476,861 7% 72 -19.1% $6,071,750 9% 71 -37.2% $3,027,390 24% 109 -17.4% $2,560,725 18% 133 0% $3,005,370 26% 25 -32.4% $2,981,687 19%
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 Q2 2023 22
Success built on superior market knowledge. And understanding our clients.
