WEA Micro Market Report - Q3 2020

MICRO MARKET REPORT LOS ANGELES & MIAMI ISSUE #37 10/25/20 FOR Q3 2020 STATISTICS

1

TABLE OF CONTENTS WEA MESSAGE

3

ZIP CODE 90210 - BEVERLY HILLS

4

ZIP CODE 90211 - BEVERLY HILLS

5

ZIP CODE 90212 - BEVERLY HILLS

6

ZIP CODE 90069 - SUNSET STRIP

7

ZIP CODE 90077 - BEL AIR

8

ZIP CODE 90046 - WEST HOLLYWOOD

9

ZIP CODE 90265 - MALIBU

10

ZIP CODE 90272 - PACIFIC PALISADES

11

ZIP CODE 90024 - WESTWOOD

12

ZIP CODE 90049 - BRENTWOOD

13

ZIP CODE 90025 - WEST LA

14

ZIP CODE 90402 - SANTA MONICA

15

ZIP CODE 90005 - HANCOCK PARK

16

ZIP CODE 90027 - LOS FELIZ

17

ZIP CODE 90064 - CHEVIOT HILLS

18

ZIP CODE 90291 - VENICE

19

ZIP CODE 90292 - MARINA DEL REY

20

MIAMI MARKET OVERVIEW

21

ALL ZIP CODES YEAR TO DATE SALES

22

ABOUT WEA

24

Data provided by First American Title Co. of Los Angeles County records and by SEF MLS of Miami-Dade County records for sales exceeding $1 million.

2

Compare Los Angeles Real Estate Brokerages

A MESSAGE FROM WEA WHO WOULD HAVE THOUGHT? When the COVID-19 lockdown started in early/mid-March, the majority of people thought that the real estate market would be severely affected, if not stalled or crashed. We believed that this health crisis was going to stop our business and, for a while, we weren’t even allowed to show houses. Then we were given limited permissions that restricted the number of people who could view a home, including no open houses or broker open houses, and to this day we still have substantial restrictions. These rules severely limit our abilities, but then an interesting thing happened. The real estate business remained strong due to the optics that it is safer to live in Los Angeles and in single-family homes. Most people were (and still are) working out of their homes instead of offices, which became a seductive reason to move here or upgrade. This trend has continued through the 3rd quarter of the year as the included statistics reflect. The vast percentage of Los Angeles’ zip codes show increases in price and volume, with the exceptions being in more congested areas. Review the statistics that apply to your zip code for more details, and let’s hope we conquer this virus and continue our upward trend in sales and values.

DON’T FORGET TO VOTE! Stephen Shapiro Co-Founder, Westside Estate Agency

3

90210 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

515

$

MILLION

811

+58%

9.21

6.6

$

MILLION

MILLION

Q3 2020

Q3 2019

$

MILLION Q3 2020

Q3 2019

+40%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

100

10

80

8

60

6

40

4

20

2

0

0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

88

13%

$9,216,458

40%

Q3 2019

78

-5%

$6,597,346

15%

Q3 2018

82

8%

$5,735,689

5%

Q3 2017

76

baseline

$5,457,191

baseline

204

1%

$8,183,409

29%

Date

YTD 2020

© Westside Estate Agency

4

90211 90210 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

16

$

MILLION

20.8 +30%

NUMBER OF SALES • Q3

2.67

MILLION

MILLION

Q3 2020

Q3 2019

$

2.32

$

MILLION Q3 2020

Q3 2019

-13%

AVERAGE PRICE • 12 MONTH ROLLING

10

3.0

8

2.5 2.0

6

1.5

4

1.0

2

0.5

0

0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

9

50%

$2,315,389

-13%

Q3 2019

6

-33%

$2,667,500

6%

Q3 2018

9

0%

$2,515,333

6%

Q3 2017

9

baseline

$2,363,111

baseline

YTD 2020

28

27%

$2,500,411

-29%

Date

© Westside Estate Agency

5

90212 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

30.1

$

MILLION

20.8 -31%

NUMBER OF SALES • Q3

3.35

MILLION

MILLION

Q3 2020

Q3 2019

$

3.47

$

MILLION Q3 2020

Q3 2019

+4%

AVERAGE PRICE • 12 MONTH ROLLING 3.5

10

3.0

8

2.5

6

2.0 1.5

4

1.0

2

0.5 0.0

0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

6

-33%

$3,472,667

4%

Q3 2019

9

80%

$3,348,056

8%

Q3 2018

5

-50%

$3,107,900

-6%

Q3 2017

10

baseline

$3,313,400

baseline

YTD 2020

16

-11%

$3,322,156

13%

Date

© Westside Estate Agency

6

90069 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

148

$

MILLION

145

-2%

NUMBER OF SALES • Q3

MILLION +12%

AVERAGE PRICE • 12 MONTH ROLLING 5

40

4

30

3

20

2

10

1

0

0 2018

3.61

$

Q3 2020

Q3 2019

50

2017

3.22

MILLION

MILLION

Q3 2020

Q3 2019

$

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

40

-13%

$3,614,675

12%

Q3 2019

46

5%

$3,216,251

-31%

Q3 2018

44

-4%

$4,659,636

37%

Q3 2017

46

baseline

$3,406,543

baseline

YTD 2020

93

-18%

$5,218,919

55%

Date

© Westside Estate Agency

7

90077 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

185

$

MILLION

280

+51%

NUMBER OF SALES • Q3

5.44

MILLION

MILLION

Q3 2020

Q3 2019

$

4.99

$

MILLION Q3 2020

Q3 2019

-8%

AVERAGE PRICE • 12 MONTH ROLLING

60

8 7 6 5 4 3 2 1 0

50 40 30 20 10 0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

56

65%

$4,992,982

-8%

Q3 2019

34

13%

$5,437,794

2%

Q3 2018

30

-12%

$5,334,500

-23%

Q3 2017

34

baseline

$6,941,603

baseline

YTD 2020

101

0%

$6,179,218

50%

Date

© Westside Estate Agency

8

90046 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

157

$

MILLION

220

+40%

1.99

MILLION

MILLION

Q3 2020

Q3 2019

$

2.14

$

MILLION Q3 2020

Q3 2019

+8%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

120

2.5

100

2.0

80

1.5

60

1.0

40 20

0.5

0

0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

103

30%

$2,137,899

8%

Q3 2019

79

-6%

$1,985,829

2%

Q3 2018

84

8%

$1,956,458

1%

Q3 2017

78

baseline

$1,927,910

baseline

YTD 2020

211

-1%

$2,128,643

-13%

Date

© Westside Estate Agency

9

90265 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

283

$

MILLION

666

5.89

MILLION

MILLION

Q3 2020

Q3 2019

$

MILLION Q3 2020

Q3 2019

+135%

5.84

$

-1%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

120

6

100

5

80

4

60

3

40

2

20

1

0

0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

114

138%

$5,840,803

-1%

Q3 2019

48

-34%

$5,894,271

32%

Q3 2018

73

4%

$4,455,827

-6%

Q3 2017

70

baseline

$4,760,628

baseline

205

63%

$5,233,856

8%

Date

YTD 2020

© Westside Estate Agency

10

90272 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

361

$

MILLION

384

5

80

4

60

3

40

2

20

1

0

0 2018

MILLION

-11%

AVERAGE PRICE • 12 MONTH ROLLING

100

2017

4.09

Q3 2020

Q3 2019

+6%

NUMBER OF SALES • Q3

4.57

$

MILLION

MILLION

Q3 2020

Q3 2019

$

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

94

19%

$4,088,644

-11%

Q3 2019

79

30%

$4,572,937

20%

Q3 2018

61

-19%

$3,826,287

-6%

Q3 2017

75

baseline

$4,083,880

baseline

YTD 2020

191

10%

$4,275,136

6%

Date

© Westside Estate Agency

11

90024 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

62.4

$

MILLION

48.6 -22%

NUMBER OF SALES • Q3

MILLION

+8%

AVERAGE PRICE • 12 MONTH ROLLING 5

20

4

15

3

10

2

5

1

0

0 2018

3.74

$

Q3 2020

Q3 2019

25

2017

3.46

MILLION

MILLION

Q3 2020

Q3 2019

$

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

13

-28%

$3,736,863

8%

Q3 2019

18

-10%

$3,463,889

19%

Q3 2018

20

-13%

$2,906,550

-32%

Q3 2017

23

baseline

$4,267,304

baseline

YTD 2019

43

-19%

$3,488,738

10%

Date

© Westside Estate Agency

12

90049 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

390

$

MILLION

460

4.81

4.51

$

MILLION

MILLION

MILLION

Q3 2020

Q3 2019

$

Q3 2020

Q3 2019

+18%

-6%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

120

5

100

4

80

3

60

2

40 20

1

0

0 2017

2019

2018

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

102

26%

$4,512,941

-6%

Q3 2019

81

-5%

$4,814,501

12%

Q3 2018

85

2%

$4,304,184

15%

Q3 2017

83

baseline

$3,742,639

baseline

208

-9%

$4,750,316

-4%

Date

YTD 2020

© Westside Estate Agency

13

90025 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

39.4

$

MILLION

36.9 -6%

1.87

MILLION

MILLION

Q3 2020

Q3 2019

$

1.94

$

MILLION Q3 2020

Q3 2019

+4%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

25

2.0

20

1.5

15 1.0

10

0.5

5 0

0.0 2017

2019

2018

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

19

-10%

$1,946,737

4%

Q3 2019

21

91%

$1,874,381

-1%

Q3 2018

11

-21%

$1,900,273

10%

Q3 2017

14

baseline

$1,728,650

baseline

YTD 2020

30

-43%

$1,830,033

-8%

Date

© Westside Estate Agency

14

90402 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

142

$

MILLION

187

+32%

NUMBER OF SALES • Q3

5.24

5.5

$

MILLION

MILLION

MILLION

Q3 2020

Q3 2019

$

Q3 2020

Q3 2019

+5%

AVERAGE PRICE • 12 MONTH ROLLING

35

6

30

5

25

4

20

3

15

2

10 5

1

0

0 2017

2019

2018

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

34

26%

$5,503,515

5%

Q3 2019

27

0%

$5,244,924

10%

Q3 2018

27

-13%

$4,754,611

-11%

Q3 2017

31

baseline

$5,312,484

baseline

YTD 2020

69

10%

$5,157,710

-3%

Date

© Westside Estate Agency

15

90005 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

22.3

$

MILLION

9.62 -57%

NUMBER OF SALES • Q3

MILLION -21%

AVERAGE PRICE • 12 MONTH ROLLING

12

3.0 2.5

8

2.0

6

1.5

4

1.0

2

0.5

0

0.0 2019

2018

1.6

$

Q3 2020

Q3 2019

10

2017

2.02

MILLION

MILLION

Q3 2020

Q3 2019

$

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

6

-45%

$1,603,167

-21%

Q3 2019

11

22%

$2,026,727

-24%

Q3 2018

9

-18%

$2,660,833

-2%

Q3 2017

11

baseline

$2,704,091

baseline

YTD 2020

19

-30%

$1,410,632

-34%

Date

© Westside Estate Agency

16

90027 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

75.9

$

MILLION

117

+54%

NUMBER OF SALES • Q3

MILLION

+41%

AVERAGE PRICE • 12 MONTH ROLLING 2.5

40

2.0

30

1.5

20

1.0

10

0.5

0

0.0 2018

2.44

$

Q3 2020

Q3 2019

50

2017

1.73

MILLION

MILLION

Q3 2020

Q3 2019

$

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

48

9%

$2,439,503

41%

Q3 2019

44

0%

$1,726,648

-28%

Q3 2018

44

10%

$2,388,295

26%

Q3 2017

40

baseline

$1,893,688

baseline

YTD 2020

114

1%

$2,237,200

-3%

Date

© Westside Estate Agency

17

90064 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

87.2

$

MILLION

111

+27%

NUMBER OF SALES • Q3

2.17

1.9

$

MILLION

MILLION

Q3 2020

Q3 2019

$

MILLION Q3 2020

Q3 2019

+15%

AVERAGE PRICE • 12 MONTH ROLLING 2.5

80 70 60 50 40 30 20 10 0

2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

51

11%

$2,174,725

15%

Q3 2019

46

-37%

$1,896,533

-6%

Q3 2018

73

-1%

$2,020,973

26%

Q3 2017

74

baseline

$1,604,845

baseline

YTD 2020

134

-24%

$2,235,511

1%

Date

© Westside Estate Agency

18

90291 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

121

$

MILLION

147

+22%

2.15

MILLION

MILLION

Q3 2020

Q3 2019

$

2.2

$

MILLION Q3 2020

Q3 2019

+2%

NUMBER OF SALES • Q3

AVERAGE PRICE • 12 MONTH ROLLING

2.5

2.5

2.0

2.0

1.5

1.5

1.0

1.0

0.5

0.5

0.0

0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

67

20%

$2,201,031

2%

Q3 2019

56

10%

$2,152,598

0%

Q3 2018

51

-14%

$2,152,627

-9%

Q3 2017

59

baseline

$2,375,305

baseline

YTD 2020

140

3%

$2,264,149

-6%

Date

© Westside Estate Agency

19

90292 AVG. PRICE PER TRANSACTION

SALES VOLUME

$

25.3

$

MILLION

38.9 +54%

NUMBER OF SALES • Q3

2.29

2.3

$

MILLION

MILLION

Q3 2020

Q3 2019

$

MILLION Q3 2020

Q3 2019

-1%

AVERAGE PRICE • 12 MONTH ROLLING

20

3.0 2.5

15

2.0

10

1.5 1.0

5

0.5

0

0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

17

55%

$2,285,706

-1%

Q3 2019

11

120%

$2,300,000

3%

Q3 2018

5

-64%

$2,227,000

-15%

Q3 2017

14

baseline

$2,612,786

baseline

YTD 2020

31

29%

$2,422,622

4%

Date

© Westside Estate Agency

20

METRO MIAMI OVERVIEW AVG. PRICE PER TRANSACTION

SALES VOLUME

$

1.25

$

BILLION

1.89

+51%

NUMBER OF SALES • Q3

2.53

MILLION

BILLION

Q3 2020

Q3 2019

$

2.8

$

MILLION Q3 2020

Q3 2019

+11%

AVERAGE PRICE • 12 MONTH ROLLING 3.0

800 700 600 500 400 300 200 100 0

2.5 2.0 1.5 1.0 0.5 0.0 2017

2018

2019

2020

2017

2018

2019

2020

Sales

Δ vs Previous Year

Avg. Price

Δ vs Previous Year

Q3 2020

674

36%

$2,800,768

11%

Q3 2019

494

8%

$2,526,647

7%

Q3 2018

459

28%

$2,350,747

8%

Q3 2017

359

baseline

$2,172,446

baseline

YTD 2020

1464

1%

$2,574,913

4%

Date

© Westside Estate Agency

21

YEAR TO DATE SALES 2018

2017 Zip Code

Sales

Average Price

Sales

Δ vs ‘17

Average Price

Δ vs ‘17

90210

220

$5,587,837

208

-5%

$5,806,642

4%

90211

30

$2,339,533

21

-30%

$2,604,048

11%

90212

21

$3,163,266

23

10%

$3,158,891

0%

90069

126

$3,174,683

117

-7%

$4,019,833

27%

90077

105

$4,881,238

85

-19%

$6,387,161

31%

90046

224

$2,495,599

222

-1%

$2,184,054

-12%

90265

186

$4,867,769

193

4%

$5,376,851

10%

90272

223

$3,728,130

186

-17%

$4,582,228

23%

90024

64

$4,028,375

59

-8%

$3,412,179

-15%

90049

242

$3,848,569

230

-5%

$4,507,125

17%

90025

55

$2,043,347

50

-9%

$2,785,240

36%

90402

92

$4,381,848

69

-25%

$4,133,200

-6%

90005

34

$2,547,235

27

-21%

$3,503,944

38%

90027

123

$3,154,310

134

9%

$2,261,526

-28%

90064

205

$2,366,539

175

-15%

$2,302,746

-3%

90291

160

$3,367,741

140

-13%

$2,456,114

-27%

90292

35

$2,690,343

25

-29%

$3,172,480

18%

Miami

1265

$2,309,734

1532

21%

$2,435,171

5%

PROPERTIES OF $1M OR MORE 2019

2020

Sales

Δ vs ‘18

Average Price

Δ vs ‘18

Sales

Δ vs ‘19

Average Price

Δ vs ‘19

202

-3%

$6,345,631

9%

204

1%

$8,183,409

29%

22

5%

$3,525,318

35%

28

27%

$2,500,411

-29%

18

-22%

$2,945,472

-7%

16

-11%

$3,322,156

13%

113

-3%

$3,359,474

-16%

93

-18%

$5,218,919

55%

101

19%

$4,123,431

-35%

101

0%

$6,179,218

50%

214

-4%

$2,439,495

12%

211

-1%

$2,128,643

-13%

126

-35%

$4,863,702

-10%

205

63%

$5,233,856

8%

174

-6%

$4,019,527

-12%

191

10%

$4,275,136

6%

53

-10%

$3,158,726

-7%

43

-19%

$3,488,738

10%

229

0%

$4,923,461

9%

208

-9%

$4,750,316

-4%

53

6%

$1,997,792

-28%

30

-43%

$1,830,033

-8%

63

-9%

$5,293,729

28%

69

10%

$5,157,710

-3%

27

0%

$2,136,481

-39%

19

-30%

$1,410,632

-34%

113

-16%

$2,309,916

2%

114

1%

$2,237,200

-3%

176

1%

$2,210,895

-4%

134

-24%

$2,235,511

1%

136

-3%

$2,420,471

-1%

140

3%

$2,264,149

-6%

24

-4%

$2,340,292

-26%

31

29%

$2,422,622

4%

1443

-6%

$2,467,284

1%

1464

1%

$2,574,913

4%

Success built on superior market knowledge. And understanding our clients.

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. The company added its Miami, Florida location in early 2017.

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 cuttingedge 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 inhouse 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.

24

Contact Us Beverly Hills Office

Malibu Office

Miami Office

Westside Estate Agency 210 North Canon Drive Beverly Hills, CA 90210

Westside Estate Agency 23410 Civic Center Way Malibu, CA 90265

Westside Estate Agency 2100 Ponce de Leon Blvd 7th Floor Coral Gables, FL 33134

Tel: (310) 247-7770 SalesBH@WEAhomes.com

Tel: (310) 456-1171 SalesMalibu@WEAhomes.com

Tel: (305) 447-1471 SalesMiami@WEAhomes.com

25