LA Resi Slowdown Leads to 48% Drop in Contract Volume

Market watchers may be hoping Los Angeles got the last of its summer hangover out of its system as families return from overseas vacations and kids trek back to the classroom.

The total value of homes that went into contract last week in L.A. County’s high end slid 48.2 percent from a year earlier, with asking volume coming out to $126.2 million, according to a report compiled by Marcy Roth of Douglas Elliman’s Eklund Gomes team.

That’s spread across 19 signed contracts last week, which is nine less properties than the comparable period a year ago.

When it comes to new inventory, 47 properties were added to the market last week to bring total active listings to 1,369 homes, according to the Eklund Weekly Luxury Report Los Angeles.

The weekly roundup counts active contracts in the county that are listed in the Multiple Listing Service with an asking price of $4 million or more.

The Pacific Palisades is making news again with 1057 Corsica Drive last week’s top home to go into contract, based on asking price. The property is listed for nearly $14 million, or $2,332 per square foot.

That contract follows last week’s priciest 2025 residential sale in the Palisades, with the trade of the historic Parry Residence for $22.1 million or $2,635 per square foot. The Monterey Revival-style estate at 14924 Camarosa Drive was commissioned for Agnes S. Parry in 1929 and was featured in Architectural Digest a year after it was built.

A local buyer purchased the Parry Residence in conjunction with the property behind it, at 14929 La Cumbre Drive for $5.3 million, or $1,813 per square foot.

The Corsica Drive mansion now in contract is located in the Palisades’ Riviera neighborhood and was built in 2023.

It sits on about a third of an acre and has five beds and six baths across 6,000 square feet. The home’s interiors include custom wallpapers, a steam shower and heated floors in the primary suite, outdoor entertaining areas and smart home security and lighting controls.

The residence was listed in late May for $14.5 million and saw a price reduction to its current ask about a month later.

The property last sold in 2017 for $5.4 million to husband-and-wife Tyler Mitchell and Brooke Mitchell, according to the deed.

Berkshire Hathaway HomeServices California Properties’ Christopher Feil and Justin Feil hold the listing.

Last week’s second-largest home to go into contract based on listing price was 533 15th Street in Manhattan Beach. The home is asking just under $10 million, or $1,886 per square foot.

The home entered the market with a nearly $13 million price tag in mid-February. It was reduced to its current ask on Aug. 12.

A family trust tied to Timothy P. Meyer and Sandra Meyer is the seller, according to property records.

Jennifer Caskey of Compass’ Jen Caskey Group holds the listing.

The six-bed, seven-bath home stretches across 5,300 square feet. Standouts of the property include ocean views, a hand-carved spiral staircase, pool, barbeque area and elevator stopping at all three levels of the home.