Malibu, Santa Monica post big home price gains in Q2: report

With market tightening, average days on the market declined across Greater LA

TRD LOS ANGELES /
Jul.July 30, 2018 10:30 AM
El Matador State Beach in Malibu (Credit: Prayitno via Flickr)

New second quarter numbers show the single-family home market in Los Angeles is tightening, but that sales momentum across the broader Southern California region may be slowing.

Across Greater Los Angeles, average days on the market declined to 79 days from 84 days and the average sales price increased by 13 percent in the second quarter of 2018 compared to the same time last year, according to a report released by Sotheby’s International Realty over the weekend.

Homes moved the fastest in West Hollywood and the combined Silver Lake and Echo Park areas, spending 54 days on the market on average in both markets. That’s 25 and 28 percent faster than last year, respectively.

Of the high-end areas of L.A., Malibu had the strongest quarter. The median sales price jumped 32.6 percent to $3.4 million from the second quarter of 2017. Homes spent an average of 105 days on the market, a 32 percent decrease from 2017. Santa Monica saw a similar percentage rise in median sales price up to $3.1 million.

Beverly Hills Post Office saw the most significant drop in median sales price, down 20.5 percent to $2.7 million from $3.4 million last year. It also saw a 22 percent rise in days on the market, up to 114 on average.

While homes seemed to move faster in the Greater L.A. region in the second quarter, momentum may be slowing in the Southern California region, as sales retreated last month to their slowest June in four years.

For the region, pricing went up 7.3 percent to $536,000, a new record. But the only counties in the region to see a rise in the number of sales in May were L.A. County, by 3.4 percent, and San Bernardino, with a 1 percent rise.


Related Articles

arrow_forward_ios
Pierce Brosnan (Credit: Andreas Rentz/Getty Images)

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price
Eli Broad and the house (Credit:: Mathew Imaging/WireImage via Getty Images, and Google Maps)

Eli Broad’s $75M Malibu beach house listing got another price chop

Eli Broad’s $75M Malibu beach house listing got another price chop
James Cameron and the property (Credit: Mike Pont/FilmMagic via Getty Images, and The Altman Brothers)

James Cameron lists longtime Malibu haunt for $25M

James Cameron lists longtime Malibu haunt for $25M
Taraji P. Henson, Cardi B, and Matthew Perry (Credit: Rich Fury/Getty Images, Frazer Harrison/Getty Images, and Frederick M. Brown/Getty Images)

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad
Chris Cortazzo and 28848 Cliffside Drive (Credit: Google Maps)

Chris Cortazzo reps himself in $39M Malibu deal

Chris Cortazzo reps himself in $39M Malibu deal
Matthew Perry and the home (Credit: Jason Kempin/Getty Images, and Redfin via Variety)

Matthew Perry lists Malibu pad as DTLA penthouse still sits on market

Matthew Perry lists Malibu pad as DTLA penthouse still sits on market
James Perse and Ted Waitt (Credit: George Napolitano/FilmMagic via Getty Images)

Gateway computer co-founder picks up Malibu pad for $34M

Gateway computer co-founder picks up Malibu pad for $34M
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
arrow_forward_ios

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

Loading...