The Real Deal Los Angeles

Submarket Snapshot: Ultra-luxury homes in Beverly Hills

The volume of homes sold for upwards of $3M fell 41 percent

June 20, 2016 05:00PM
By Hannah Miet

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Home Prices 1187 North Hillcrest Road $135 million Beverly Hills

An estate at 1187 North Hillcrest Road in Beverly Hills

In Beverly Hills, 20 homes sold for upwards of $3 million from March to May 2016, according to a report by Sotheby’s International Realty.

Luxury sales volume decreased by 41 percent from the same period last year.

The average price of all homes sold for more than $3 million was a whopping $8.5 million.

“It should also be noted that while the Pacific Palisades and Beverly Hills saw [sales volume] decreases, they remain one of the most sought-after luxury home destinations in the area,” Frank Symons, executive vice president for the western region of Sotheby’s, said in a statement.