The Pacific Palisades’ luxury market is already getting lucky in 2016.
There were 24 luxury homes valued at more than $3 million sold in the Palisades from November 2015 to January 2016, a 71 percent increase from the same period a year earlier, according to a report by Sotheby’s International Realty. It was the biggest mover out of the L.A. County markets that made the top five.
Unsurprisingly, the report placed Beverly Hills on top in terms of sales volume with 26 luxury homes sold, an 18 percent increase over the 22 homes sold during the same period a year earlier. The Palisades saw the second highest volume, followed by the Sunset Strip and Hollywood Hills areas, which were calculated together at 21 sales.
Brentwood came in fourth place with 19 luxury sales, while Santa Monica came in fifth with 18 sales, a 64 percent increase from the same period a year earlier.
Meanwhile, Bel Air/Holmby Hills topped the ranking for average sales price at $11.2 million. Malibu Beach was the next priciest area with average sales of $10.2 million. Beverly Hills was third on the list with an average sale price of $8.2 million, proving it doesn’t win every contest.