Brentwood, Los Angeles/Flickr user Slices of Light
The luxury housing market in Southern California continues to venture forward in the second quarter of the year with modest annual gains. According to Sotheby’s International Realty’s Greater Los Angeles Market Report, overall luxury home sales increased 5 percent annually in the first half of 2016.
Between January and June, 432 homes sold, which is 20 more than the first half of 2015. Luxury homes are considered to be homes sold for more than $3 million.
During the same period, Brentwood saw a 16 percent increase in the number of homes sold in that period compared with the same quarter last year. There were 37 home sales, compared to 32 the previous year.
“Brentwood continues to dominate the local luxury market as more inventory becomes available to meet growing demand for luxury homes,” Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s western region, said in a statement. “The overall luxury market in Los Angeles has held steady, despite economic fluctuations, due to each location’s popularity, inventory and amenities that draw more and more luxury homebuyers.”
Beverly Hills and Pacific Palisades both saw an annual dip of 40 percent and 44 percent in home sales, respectively, but of the top five L.A. neighborhoods for home sales, the two ranked in the no. 2 and no. 3 spots. There were 26 homes sold in Beverly Hills and 25 in Pacific Palisades in Q2.
Rounding out the top five neighborhoods, Santa Monica and Sunset Strip Hollywood Hills West both saw a year-over-year increase of 14 percent and 10 percent, respectively. Santa Monica just had two more sales than the Sunset Strip from April to June 2016 for a total of 24, which was three more than the same quarter the previous year.
And while Beverly Hills saw a dip in home sales, it came in the no. 3 spot for the highest average sold price ($8,500,115). Bel Air-Holmby Hills had the highest average sold price between April 2016 and June 2016 of $9,752,638.
