L.A. luxury home sales volume slowed in Q1: report

Volume of sales dropped 12.2 percent, prices dipped

TRD LOS ANGELES /
Apr.April 15, 2016 03:00 PM

The first quarter of 2016 certainly hit high marks on the luxury listings front. It commenced with the Playboy Mansion hitting the market for a whopping $200 millionand that’s with the not-so-minor stipulation that Hef stay on the property until death. But new numbers published by top real estate brokerage the Agency suggest that the pace of luxury sales is starting to slow.

The volume of high-end single-family homes sold in L.A. dropped by 12.2 percent in the first quarter when compared with the previous quarter, according to the report, which notes that “the first quarter always lags the remainder of the year in terms of number of sales.”

The average price of a luxury home was $2.66 million, a 0.9 percent price drop from the previous quarter. The average price per square foot was $931, a 0.6 percent decrease from the previous quarter. The median price per square foot, however, increased by 1.7 percent to $781.

Fluctuations in average sale price reflect the decrease of “mega-deals,” or houses valued at more than $20 million, the report said. The median price for a single-family home priced between $1 million and $3 million – the largest and most active segment of the market — increased by 1.6 percent when compared with the previous quarter, to $1.6 million. The median price for a home priced between $3 million and $5 million increased  by 2.8 percent, to $3.6 million. At the highest end of the market,  homes priced at more than $5 million sold for a median price of $7.2 million, a 4 percent decrease from the previous quarter and an 11.1 percent drop from the same period a year earlier.

Houses sold after being on the market for an average of 93 days, which was 11.4 percent faster than last year and consistent with the previous quarter.

They sold at a 2.9 percent above listing price, compared to 3.7 percent above asking in the previous quarter.

There were 1,799 luxury homes listed in the first quarter.


Related Articles

arrow_forward_ios
Diana Jenkins and Paradise Cove (Credit: Michael Kovac/Getty Images, and iStock)

Malibu cliffside home with its own ticket to ride lists for $125M

Malibu cliffside home with its own ticket to ride lists for $125M
Lauren Sanchez and Jeff Bezos with the property at 1441 Angelo Drive (Credit: Getty Images and Redfin)

A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal this week

A $90 million patch of dirt: A look at Jeff Bezos’ other record LA deal this week
Hiten Samtani, Sally Forster Jones, Santiago Arana, and Aaron Kirman

For top LA resi agents, it’s strictly posi vibes

For top LA resi agents, it’s strictly posi vibes
Travis Kalanick (Credit: Justin Sullivan/Getty Images)

Travis Kalanick behind $43M Bel Air purchase

Travis Kalanick behind $43M Bel Air purchase
Hiten Samtani, Sally Forster Jones, Santiago Arana, and Aaron Kirman

Don’t miss LA’s top dealmakers on Monday’s TRD Talk

Don’t miss LA’s top dealmakers on Monday’s TRD Talk
Kofi Nartey (Credit: Rachel Murray/Getty Images)

Side Deal: Kofi Nartey bolts Compass for VC-backed rival

Side Deal: Kofi Nartey bolts Compass for VC-backed rival
The Malibu home actress Mindy Kaling purchased in February (Credit: Mike Helfrich)

Sweet memories: Report reveals frothy pre-coronavirus LA resi market

Sweet memories: Report reveals frothy pre-coronavirus LA resi market
Cindy Ambuehl (Credit: Tommaso Boddi/Getty Images, and Hilton & Hyland)

Compass’ Cindy Ambuehl claims ex-assistant stole trade secrets to fuel rise in LA luxury real estate

Compass’ Cindy Ambuehl claims ex-assistant stole trade secrets to fuel rise in LA luxury real estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...