Home prices in the city of Los Angeles rose 8.1 percent in July from a year earlier to $575,000 as inventory fell for the fifth-straight month. Sales were up 6.2 percent. Across the broader Los Angeles metro region, the median sale price rose 5.4 percent to $490,000.
New listings rose slightly from July 2014, but not nearly enough to keep up with the pace of demand. As a result, the inventory of homes for sale fell more than 16 percent year over year, the largest decline so far in 2015. That left L.A. with a paltry 2.3-month supply of homes for sale, well below the six months of inventory that signals a healthy market.
Bidding wars cooled slightly since last month. Less than 63 percent of properties that Redfin customers placed offers on had multiple offers in July, down from 69 percent in June. About 38 percent of homes sold in July went for above asking price.
Area Trends
The Westside and Eastside housing markets of L.A. were in the highest demand this July. On the Westside, the most expensive area of L.A., the median sale price was $1.1 million, up 10 percent from last year. While the Eastside’s median sale price of $582,500 seems modest by comparison, both areas were embroiled in tough buyer competition.
“I’ve had several customers who were intent on buying in Venice or Culver City,” Redfin agent Nikki Kilmer said. “In order to ensure their success, I have been encouraging them to broaden their search so they have more homes to choose from. These buyers often find what they are looking for in Playa Vista or Mid-city, and usually at a more reasonable price.”
The typical home on both the Eastside and Westside sold within 15 days, five days quicker than homes in South L.A. and about three days faster than the Valley. Among homes sold on the Eastside in the past 90 days, more than 53 percent went for above asking; 46 percent sold above list on the Westside.
Hot Neighborhoods
The Westside’s Fox Hills, where you can still buy a condo for less than $500,000, was one of the city’s fastest markets, with the typical home selling within 12 days. The Valley also was bustling in July: home sales were up 36 percent in Valley Village, 30 percent in Lake Balboa and 25 percent in Pacoima compared to the prior year. Venice is now as expensive as the tony Beverly Hills Post Office neighborhood with a median sale price of $1.72 million, up 19 percent from last year.
Here’s what’s happening in your neighborhood:
Neighborhood | Median Sale Price | Year-Over-Year | Homes sold | Year-Over-Year | Inventory | Year-Over-Year |
---|---|---|---|---|---|---|
Beverly Glen | $1,499,000 | 29.8% | 21 | 110.0% | 45 | 25.0% |
Beverly Hills Post Office | $1,775,000 | 4.1% | 61 | 24.5% | 160 | 8.8% |
Brentwood | $1,444,500 | -9.2% | 150 | 8.7% | 218 | -5.2% |
Central LA | $789,000 | 8.8% | 891 | -1.5% | 1,374 | -7.2% |
Century City | $875,000 | -11.6% | 95 | 6.7% | 161 | 3.9% |
Chatsworth | $588,000 | 23.9% | 144 | 14.3% | 189 | -23.8% |
Cheviot Hills | $1,703,000 | 7.7% | 25 | 4.2% | 25 | 4.2% |
Crenshaw | $460,000 | 0.4% | 55 | 27.9% | 47 | -20.3% |
Downtown (Los Angeles, CA) | $619,500 | 9.6% | 106 | -15.2% | 173 | -4.4% |
Eagle Rock | $675,000 | 0.9% | 73 | -1.4% | 97 | 3.2% |
The Eastside | $582,500 | 8.9% | 516 | -5.5% | 620 | -9.8% |
Echo Park / Edendale | $630,000 | -4.5% | 30 | -11.8% | 60 | 0.0% |
Encino | $790,000 | 10.0% | 229 | 15.7% | 357 | 9.5% |
Fox Hills | $427,500 | 7.1% | 36 | 24.1% | 22 | -47.6% |
Glassell Park | $645,500 | 21.8% | 48 | 11.6% | 56 | -11.1% |
Hancock Park | $2,110,000 | 0.5% | 15 | -21.1% | 30 | -16.7% |
Highland Park | $578,500 | 8.7% | 116 | 9.4% | 109 | -11.4% |
Hollywood | $650,000 | 10.5% | 89 | -2.2% | 102 | -17.1% |
Hollywood Hills | $1,200,000 | 11.6% | 209 | 8.3% | 387 | 5.2% |
Holmby Hills | $975,000 | -5.9% | 10 | -28.6% | 16 | -57.9% |
Koreatown / Wilshire Center | $522,500 | 8.6% | 100 | 0.0% | 168 | -15.2% |
Lake Balboa | $481,500 | 12.6% | 121 | 30.1% | 111 | -19.6% |
Marina Del Rey | $850,500 | 11.9% | 77 | -17.2% | 100 | -23.7% |
Mid-City | $831,000 | 23.1% | 103 | -2.8% | 133 | -22.7% |
Mid-Wilshire | $798,000 | 13.9% | 342 | 3.6% | 496 | -12.8% |
Mount Washington | $682,500 | 11.9% | 66 | 10.0% | 64 | -23.8% |
North Hills | $440,000 | 7.3% | 126 | 3.3% | 128 | -32.3% |
North Hollywood | $450,000 | 6.3% | 154 | 0.0% | 167 | -15.2% |
North Valley | $457,500 | 9.1% | 1,408 | 9.2% | 1,727 | -16.7% |
Northridge | $560,000 | 6.1% | 145 | 15.1% | 214 | -2.7% |
Northwest San Pedro | $470,000 | 10.1% | 105 | 50.0% | 114 | 40.7% |
Pacific Palisades | $2,465,176 | -1.1% | 121 | -7.6% | 190 | 8.0% |
Pacoima | $347,500 | 5.3% | 80 | 25.0% | 104 | -20.0% |
Panorama City | $406,500 | 11.5% | 52 | -7.1% | 54 | -28.9% |
Sherman Oaks | $751,250 | 6.9% | 282 | 14.2% | 369 | -11.5% |
Silver Lake | $867,000 | 2.0% | 66 | -16.5% | 72 | 9.1% |
South Central LA | $315,000 | 10.5% | 164 | -0.6% | 257 | -7.9% |
South LA | $342,000 | 18.0% | 685 | 4.3% | 965 | -4.2% |
South Valley | $535,000 | 9.2% | 1,878 | 10.9% | 2,465 | -7.7% |
Studio City | $960,000 | -2.0% | 178 | 0.6% | 276 | 2.6% |
Sun Valley | $417,500 | 9.2% | 81 | -14.7% | 105 | -13.2% |
Sylmar | $400,750 | 7.6% | 171 | 14.8% | 197 | -25.7% |
Tarzana | $505,000 | -8.2% | 139 | 0.0% | 253 | -5.9% |
Valley Village | $677,500 | -7.8% | 53 | 35.9% | 60 | -36.2% |
Van Nuys | $456,000 | 11.2% | 126 | -0.8% | 177 | -8.3% |
Venice | $1,722,000 | 18.8% | 80 | -33.9% | 129 | -0.8% |
Watts | $253,000 | 15.0% | 83 | 13.7% | 136 | 4.6% |
West Adams | $470,990 | 34.4% | 33 | 26.9% | 33 | -25.0% |
West Long Beach | $347,500 | 8.6% | 40 | 14.3% | 62 | 31.9% |
The Westside | $1,100,000 | 10.0% | 1,777 | 4.5% | 2,319 | -13.2% |
Westwood | $832,000 | -10.6% | 126 | 9.6% | 199 | -23.5% |
Woodland Hills | $655,000 | 4.0% | 269 | 9.3% | 367 | -5.4% |
Los Angeles, CA | $576,000 | 8.3% | 2,551 | 6.2% | 5,799 | -16.0% |
Neighborhood | New Listings | Median Days on Market | Avg Sale-to-List |
---|---|---|---|
Beverly Glen | 31 | 22 | 95.5% |
Beverly Hills Post Office | 122 | 26 | 95.9% |
Brentwood | 199 | 18 | 99.4% |
Central LA | 1,309 | 18 | 99.0% |
Century City | 153 | 12 | 101.5% |
Chatsworth | 180 | 18 | 99.0% |
Cheviot Hills | 33 | 23 | 98.3% |
Crenshaw | 61 | 14 | 99.7% |
Downtown (Los Angeles, CA) | 161 | 20 | 98.3% |
Eagle Rock | 115 | 17 | 103.3% |
The Eastside | 720 | 15 | 101.9% |
Echo Park / Edendale | 65 | 12 | 101.4% |
Encino | 360 | 22 | 97.2% |
Fox Hills | 37 | 12 | 101.6% |
Glassell Park | 65 | 26 | 100.4% |
Hancock Park | 25 | 34 | 96.0% |
Highland Park | 129 | 15 | 103.1% |
Hollywood | 98 | 26 | 97.9% |
Hollywood Hills | 331 | 22 | 98.8% |
Holmby Hills | 14 | 34 | 95.7% |
Koreatown / Wilshire Center | 158 | 22 | 99.1% |
Lake Balboa | 139 | 18 | 98.8% |
Marina Del Rey | 104 | 19 | 99.5% |
Mid-City | 144 | 16 | 99.7% |
Mid-Wilshire | 490 | 18 | 99.3% |
Mount Washington | 81 | 16 | 101.8% |
North Hills | 155 | 15 | 100.1% |
North Hollywood | 202 | 15 | 99.8% |
North Valley | 1,925 | 17 | 99.6% |
Northridge | 214 | 19 | 98.6% |
Northwest San Pedro | 116 | 20 | 98.6% |
Pacific Palisades | 171 | 18 | 99.8% |
Pacoima | 108 | 22 | 101.4% |
Panorama City | 75 | 14 | 101.1% |
Sherman Oaks | 388 | 15 | 99.5% |
Silver Lake | 87 | 13 | 102.7% |
South Central LA | 243 | 20 | 99.7% |
South LA | 985 | 20 | 100.0% |
South Valley | 2,596 | 18 | 98.7% |
Studio City | 276 | 16 | 98.4% |
Sun Valley | 104 | 20 | 98.6% |
Sylmar | 233 | 16 | 99.8% |
Tarzana | 243 | 21 | 97.6% |
Valley Village | 69 | 12 | 101.3% |
Van Nuys | 180 | 19 | 99.0% |
Venice | 119 | 19 | 99.4% |
Watts | 125 | 27 | 100.3% |
West Adams | 39 | 24 | 101.3% |
West Long Beach | 61 | 14 | 101.7% |
The Westside | 2,390 | 15 | 100.1% |
Westwood | 195 | 26 | 97.4% |
Woodland Hills | 381 | 19 | 98.0% |
Los Angeles, CA | 3,662 | 18 | 99.3% |
NOTE: Not all neighborhoods are listed, but totals for L.A. encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over the three months ended July 31. Inventory measures listings active as of July 31.
For more information, contact Redfin journalist services:
Phone: 206-588-6863
Email: press@redfin.com