The Real Deal Los Angeles

Submarket Snapshot: Single-family homes in the Sunset Strip area

Prices are falling in the ultra-luxury market

March 03, 2016 05:00PM
By Hannah Miet

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1102 Collingwood Place

The property listed at 1102 Collingwood Place by the Agency

Single-family residence prices decreased in the fourth quarter in the ultra-luxury Sunset Strip area, according to a report by the Agency.

Homes sold for an average $2.4 million, a 19.4 percent decrease from almost $3 million in the same period a year earlier.

The median price decreased 16.3 percent to $1.9 million.

The average price per square foot decreased 6.3 percent to $840.

However, with prices lower, the area saw more sales. A whopping 93 residences traded hands in the fourth quarter, a 19.2 percent increase from the 78 that sold in the same period in 2014.

The homes also sat on the market for a shorter period of time. In the fourth quarter, they spent an average of 85 days on the market, down from the average of 101 days in the same period a year earlier.