Over the past several months, the most luxurious neighborhoods in Los Angeles have been experiencing an increase in median housing prices. While this has been a general trend throughout the area’s high-end communities, Pacific Palisades has seen a far more significant uptick in value over the last few months. Furthermore, when comparing year-over-year data, Pacific Palisades has experienced a percent change of more than 100 percent, representing more than twice as much growth as other luxury household markets.
Comparing Sales Communities
When comparing the number of homes selling at over $3 million throughout LA’s most exclusive markets, Pacific Palisades had on 12 sales during the time period that spanned from October through December of 2014. During this same time period in 2015, however, the market saw 28 homes sold at this price. This represents a 133% increase. Beverly Hills Post Office had the second greatest increase of 15 homes sold in 2014 compared to 19 in 2015, representing a 27 percent increase. The only other market with an increase in year-over-year data was Beverly Hills, which saw just a 5 percent increase with 20 home sold in 2014 compared to 21 in 2015.
During the same time period that Pacific Palisades experienced a 133 percent increase in the sell of homes at $3 million or more, other markets actually experienced a decline. Brentwood, for example, dropped by 8 percent with 26 home sold in 2014 compared to 28 in 2015. Sunset Strip experienced a 13 percent drop with 24 homes sold in 2014 compared to 21 in 2015.
While there is no clear single reason why Pacific Palisades has enjoyed such a significant surge in popularity, it may have something to do with the ongoing plans to remake the neighborhood’s quaint retail district. Known as Palisades Village, the area is continually being improved upon by Rick Caruso, who is also the developer of The Grove. The area has also been seeing an increase in attention from investors.
While Pacific Palisades saw the greatest surge in sales when comparing year-to-year data, Malibu Beach took first place in terms of selling the priciest houses. In this market, the pricy estates sold at an average of $9,842,857 in the final quarter of 2015. This was followed by Bel Air-Holby Hills, which saw its homes sell at an average of $8,649,818 during the same period of time. Homes in Beverly Hills sold at an average price of $8,331,336, while Brentwood homes sold at an average price of $7,569,989. Malibu rounded out the top five with an average sale price of $6,875,286.
Of course, all of these communities have a great deal to offer to the most discerning buyer who wants to live in one of the most luxurious communities in Southern California. If you would like to learn more about Los Angeles luxury real estate, contact our team of professional real estate experts. We specialize in luxury real estate sales in the most exclusive communities that Southern California has to offer.
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(all data current as of 5/25/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.