The LA County residential market saw a sharp drop of new listings and closed sales, continuing a trend that started in mid-March, according to an analysis of Redfin data by The Real Deal.
New listings volume decreased in 122 neighborhoods since last week and county-wide volume decreased 28 percent to $1.15 billion from $1.59 billion.
Los Angeles Listing Volume
(SOURCE: TRD analysis of Redfin data)
| NAME | 60 East 86th Street | PRICE RANGE | From $8,750,000 to $9,750,000 |
| ADDRESS | 60 East 86th Street | SIZE RANGE | 3,209 Sq Ft |
| TYPE | Conversion | AVG PPSF | $2,844 |
| TOTAL UNITS | 15 | TAX ABATEMENT | No |
| DEVELOPER | Glenwood Managment | AVG COMMON CHARGE | $1.48/sf |
| BROKER | Corcoran Sunshine | FINISHED BY | 2015 |
Similarly, total sales volume decreased in 96 neighborhoods last week. County-wide, volume dropped nearly 5 percent. Year-over-year sales volume declines were more stark, declining 12 % to $705 million from $802.7 million.
Los Angeles Sales Volume
(SOURCE: TRD analysis of Redfin data)
| NAME | 515 East 72 | PRICE RANGE | From $835,000 to $7,800,000 |
| ADDRESS | 515 East 72nd Street | SIZE RANGE | From 826 Sq Ft to 3,537 Sq Ft |
| TYPE | Conversion | AVG PPSF | $1.632 |
| TOTAL UNITS | 329 | TAX ABATEMENT | No |
| DEVELOPER | River Terrace Apartments | AVG COMMON CHARGE | $1.07/sf |
| BROKER | Corcoran Sunshine | FINISHED BY | Complete |
Neighborhoods with the highest listings volume last week were Bel-Air, Malibu, Beverly Crest, Hollywood Hills West and Brentwood. New listings volume decreased week-over-week in all of these top neighborhoods except for Malibu, where volume increased by 42 percent.
New listings volume declined most sharply in middle-market neighborhoods, such as Agoura Hills and Rowland Heights. Beverly Hills, where volume declined nearly 90 percent to $4.7 million, is the only exception to the rule. There were only two new listings in the tony city.
The top neighborhoods by sales volume were Long Beach, Bel-Air, Arcadia, Santa Monica and Santa Clarita. Sales increased week over week in three of these five neighborhoods, but declined in the rest.
Listings and sales volume began trending downward in mid-March after California Governor Gavin Newsom issued a statewide stay-at-home order to help flatten the curve and resist the spread of the coronavirus pandemic. The residential industry, despite embracing virtual tours, has been hit hard, and companies have laid off large chunks of their staff.