Southern California is home to many of the country’s most beautiful and exclusive neighborhoods. With the many amenities that Southern California has to offer, it should come as no surprise to learn that demand for luxury real estate in the region has been on the rise. As a result, the prices of single-family houses have been steadily increasing as well, particularly in some of the highest-priced areas of the region. In fact, sales of homes over the $3 million mark have grown significantly in many of the area’s most highly-prized regions. Here is some of the data recently released regarding Los Angeles housing.
Santa Monica Gets a Boost
While many areas around Los Angeles have experienced a significant increase in sales, Santa Monica experienced a particularly impressive summer. In fact, when looking at sales figures posted from May through July, Santa Monica saw sales of homes costing $3 million or more increase by 107 percent when compared to 2014 figures from the same period. During the three month period, 31 homes costing more than $3 million were sold in Santa Monica. This is up significantly when compared to the same period in 2014, at which time Santa Monica saw just 15 homes of $3 million or more sold. Furthermore, Santa Monica saw the biggest increase in sales of over $3 million when compared to all of the top 33 markets in the region.
Other High-End Regions
While Santa Monica clearly experienced the greatest increase in sales during the summer of 2015, other high-end regions also experienced a great deal of growth. Beverly Hills Post Office, for example, saw 12 homes sold at $3 million or more during the summer of 2014. This year, these figures increased by 75 percent to 21. Beverly Hills also increased by 73 percent from 22 to 38. Other regions did not fare quite so well, however, as Brentwood saw sales of $3 million homes drop by slightly as 29 homes were sold in the summer of 2014 compared to 28 homes this year. Pacific Palisades experienced a 6 percent drop as it fell from 48 high-end homes sold in the summer of 2014 to 45 homes in 2015.
Despite the fact that Pacific Palisades saw a fall when comparing year-to-year data, the sector remained a top market for single-family luxury home sales in 2015. Nonetheless, Bel Air remained the most expensive neighborhood in the region, with the average price of a home over the $3 million mark was sold at $8,563,649. Beverly Hills came in second with an average sales price of $7,774,805, while Sunset Strip was not far behind at $7,750,258. The average price of high-end homes in Malibu Beach was $7,704,500, while the average price of Beverly Hills Post Office was $6,381,983.
Of course, these are only a few examples of the most exclusive neighborhoods and regions of Southern California. If you would like to learn more about these neighborhoods or if you are interested in exploring the most exclusive neighborhoods of Southern California, contact our team of professional real estate agents. We’re a luxury real estate company who specializes in exquisite properties throughout Southern California.
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(all data current as of 11/24/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.