Hilton & Hyland represented more than a dozen $10 million-plus home sales through 2016 so far in its latest market report for Los Angeles neighborhoods. From Malibu to Brentwood, Hilton & Hyland reported higher median sales prices, more sales, and increasing price per square foot across almost all of the L.A. metro area.
Brentwood
Median sale price: $2,787,500
Listings: 130
Sold: 48
Price per square foot: $887
Brentwood’s continuous growth over a three-year period is unrivaled by any other neighborhood in Los Angeles. Since 2013, the median price of homes climbed from $2.4 million to $2.95 million, which is an increase of 22.9 percent. The average price per square foot has also increased, almost perfectly with median price, growing 22.5 percent from $844 to $1,034.
Beverly Hills
Median sale price: $5.995 million
New listings: 91
Sold: 34
Price per square foot: $1,336
Median sales price in Beverly Hills increased more than $1 million from the first to the second quarter this year, but that’s only the second increase out of the previous six quarters.
Malibu
Median sale price: $2,787,500
New listings: 130
Sold: 48 homes
Price per square foot: $1,034
Malibu’s median home price increase to $2,787,500 is a 10.4 percent rise from the previous highest quarter in the last three years. Of the 306 properties available in Malibu, 48 sold during the second quarter, and 130 new listings came to market.
West Hollywood
Median sale price: $1.612 million
New listings: 70
Sold: 30 homes
Price per square foot: $898
Since before 2015, median sale price in West Hollywood has not surpassed $1,253,260. However, the second quarter of 2016 set a new record, hitting $1.612 million. With 30 properties sold out of 106 available (the highest amount in the past three years), the demand is growing. Average price per square foot was also the highest it’s been in three years, at $898.
Bel-Air
Median sale price: $2,085,000
New listings: 118
Sold: 44 homes
Price per square foot: $830
Despite a Bel-Air estate selling for $39.995 million in 2016, the median sale price in area dropped 13.8 percent from the second quarter of 2015. However, average price per square foot is nearing a three-year high of $1,089.
