Signed Contracts Dip for LA Luxury Homes Market

Los Angeles County’s luxury homes market stumbled last week with buyers hitting pause on signed contracts.

That’s the recap from Eklund-Gomes’ signed contracts report for June 10 to June 16. The weekly roundup culls data from the MLS, counting signed contracts for single-family homes and condos listed at $4 million or more.

Eighteen single-family contracts were signed last week in L.A. County, which was off 33 percent from the previous week.

Total contract volume for the same reporting period was $152 million, which is down from the prior week’s $185.5 million.

A Bel-Air mansion at 657 Perugia Way, with an asking price of just under $28 million, was last week’s top contract. The 1930s home was originally listed in January before re-appearing on the market for rent by Carolwood Estates’ David Parnes.

The home totals 8,434 square feet with seven bedrooms and 10 baths, boasting views of the Bel-Air Country Club.

South of Bel-Air, a home in Manhattan Beach had last week’s next largest signed contract.

The 7,454-square-foot home at 3216 The Strand has a list price of $22.5 million and is currently under active contract. The home originally hit the market in February with an asking price of $25 million.

Pacifica Properties Group’s Christa Lyons and Matt Morris have the listing.

Deals in the South Bay city have been on a tear, as home prices jumped 21 percent last month compared to a year ago with median prices at $3.4 million, according to Redfin. More Manhattan Beach homes sold last month than the year-ago comparison, although median days on the market ticked up 17 to 51.

Eklund-Gomes rolled out its inaugural weekly luxury residential report for L.A. County last week, based on a Manhattan report produced by Olshan Realty.