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The Real Deal Los Angeles

Submarket Snapshot: Homes in Westwood and Century City in Q1 2016

Luxury values were 3.3 percent higher than the same period a year ago

May 13, 2016 05:46PM
By Hannah Miet

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A home at 2135 Overland Avenue in Westwood (credit: ModernhomesLA)

A home at 2135 Overland Avenue in Westwood (credit: ModernhomesLA)

Single-family residence values continued to climb in the Century City and Westwood area in the first quarter, according to a report by the Agency, which looked at homes sold for more than $1 million. 

Average valuations topped out at $844 a square foot, 3.3 percent higher than they were in the first quarter of 2015.

The valuation also represented a five-year increase of 39 percent, according to the report. In the first quarter of 2011, the average valuation was $607 a square foot.

Sales volume surged 81.8 percent to 40 closed deals.

In the condo market, pricing increased significantly. Condos sold for an average of $1.17 million, 11 percent higher than in the same period a year earlier.

 

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