Partners Trust Q3 2014 Los Angeles Market Report
Learn the latest real estate news from Leverage Partner Partners Trust Real Estate Brokerage & Acquisitions, who recently released their market report of 2014’s third quarter, with statistics and analysis covering the Los Angeles real estate market.
Los Angeles & Westside
Despite the almost meteoric rise in prices in 2012 and 2013 in the Venice and Marina Del Rey markets, prices still continued to march upward in 2014. Inventory continues to shrink, demand is surging, and prices are going up as a result. This can mainly be attributed to an increase in industry in the area as more and more companies and individuals seek to join the Silicon Beach lifestyle.
Ocean Centric Communities
The Santa Monica market continues to be active. There is a very low inventory North of Montana and North of Wilshire and prices continue to rise at a slow rate. The hottest area of Santa Monica is Sunset Park, where prices are rising rapidly and multiples are the norm. New construction is rampant and the cost of a new house has gone from around $2 million to mid to upper 2’s on a good lot.
Condo Sales are outpacing the sales of Single Family Residences Downtown. While sales of Single Family Residences in Downtown LA are down 28.13% year over year from Q3 2013 to Q3 2014, the Average sales price has increased 11.62%, while taking an additional 6 days on market to achieve a sale. The condo market continues to flourish having increased in number of units sold 17.31% year over year, with an appreciation of 14.04%. Days on Market have also lengthened by an average of an extra 9 days on the market. The condo/loft inentory is having a hard time keeping pace with demand; with low inventory & high demand, many new projects are slated for the next few years to try to fill demand. With an incredible assortment of award-winning restaurants and a burgeoning nightlife – Downtown LA is a hot place to be.
Culver City is the ideal example of a successful rehabilitation with great schools and local government. As you can tell, everyone moved there and no one wants to leave. Inventory is down to the smallest trickle driving prices up and parking down. Culver City has become its dream for itself: a friendly neighborhood enveloped with world class art and dining.
Palms and Mar Vista have had a steady rise in price this year as home flipping has returned. Each new buyer improves the neighborhood giving it one of the highest year-over-year increases in sales price in the city with sales volume remaining steady.
San Fernando Valley
West of 405
The Calabasas property market is relatively busy, inventories have been hovering around 130 active listings but has now dropped down to 107, not unusual for this time of the year.
There are 147 solids in the last 6 months so we have about a 6-month inventory. There are 86 active listings in Calabasas that includes the gated communities and everything south of 101 FWY, but not Hidden Hills, also part of Calabasas. There are 26 active listings in Hidden Hills currently.
Prices have been increasing with the median sale price $1,529,000 in Calabasas and $2,663,000 in Hidden Hills.
San Gabriel Valley
La Cañada Flintridge
In La Cañada Flintridge, the low end of the market under $1.5M is exceeding the 2007 pricing and the higher end market is heading in that direction.
Pasadena / San Gabriel Valley
South Pasadena was recently voted one of the top-ten towns to raise a family in Southern California, and the inventory continues to be low due to the demand to live in such a quaint town. The schools and small town feel dictate the sales prices. For the most part, the sellers are receiving multiple offers and the purchase price is over the list price.