Los Angeles Home Sales Increase for Third-Straight Month as Inventory Crunch Continues

Real Estate News & Analysis

Los Angeles Home Sales Increase for Third-Straight Month as Inventory Crunch Continues

The Eastside was L.A.’s most competitive housing market; Median price in once-affordable Highland Park nears $600,000

Home prices in the city of Los Angeles rose 6.1 percent in August from a year earlier to $580,000 as inventory fell for the sixth-straight month. Home sales were up nearly 9 percent, continuing a three-month trend of rising activity to cap the hot home-selling season. Across the broader Los Angeles metro region, the median sale price increased 1 percent over last year to $495,000.

 

LA 2015 Price

With a 10 percent increase in new listings, August posted the biggest year-over-year gain since March 2014. Despite the burst of new inventory, the number of homes for sale fell 16.2 percent from last year. That left L.A. with a scant 2.5-month supply of homes for sale, still far below the six months of inventory required for a balanced market.

 

2015 LA Homes Sold

Area Trends

The Eastside was the city’s most competitive market, with the typical home selling in two weeks and a median sale price of $585,000, an 11.3 percent increase over last year.

A vast majority of homes in the most sought after neighborhoods on the Eastside sold for well over asking price. Competition was hottest in Highland Park and Eagle Rock, where more than 60 percent of homes sold above list. The median sale price in Highland Park was $592,000, staggeringly high for what once was a small, low-income community known for its affordable housing.

“By now it’s well known that homes in the Northeast area of L.A. are in high demand,” Redfin agent Earnest Watts said. “What buyers need to realize is that the Eastside is showing no signs of the slowing we are seeing in other markets. Competition can be brutal and prices just keep going up. Homes are selling so quickly it’s imperative to act fast and bid aggressively.”

On the Westside, $1.1 million remains the median price. Meanwhile, buyers still can get into a home for less than $400,000 in South L.A., which remains the most affordable housing market in Los Angeles.

Hot Neighborhoods

The fastest-selling neighborhoods were Echo Park on the Eastside, Century City in the west and Valley Village in the Valley, where the typical home sold within 12 days.

A few neighborhoods in the Valley were hit hard by an inventory crunch. Valley Village inventory dropped 36 percent, Pacoima fell by 33 percent and Sylmar had 30 percent fewer homes for sale than last year.

Sylmar was hot all around. Home sales rose nearly 22 percent over this time last year and the median sale price was up 11 percent. You can still buy a single-family home in Sylmar for $400,000 — truly a rarity in L.A.

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 $1,497,000 2.5% 20 66.7% 40 14.3%
Beverly Hills Post Office $1,800,000 8.1% 61 22.0% 128 -2.3%
Brentwood $1,325,000 -5.4% 131 -9.7% 191 3.2%
Central LA $810,000 12.5% 892 1.0% 1,064 -8.2%
Century City $875,000 -11.3% 105 16.7% 133 3.1%
Chatsworth $580,000 19.6% 153 2.0% 153 -21.1%
Cheviot Hills $1,667,500 5.5% 28 27.3% 15 -31.8%
Crenshaw $469,000 12.7% 52 23.8% 40 -21.6%
Downtown (Los Angeles, CA) $618,625 7.6% 102 -12.1% 139 -5.4%
Eagle Rock $685,000 3.7% 79 16.2% 72 2.9%
East LA $585,000 11.3% 518 6.1% 490 -14.0%
Echo Park / Edendale $654,500 5.5% 34 0.0% 56 0.0%
Encino $785,000 9.5% 238 17.8% 286 7.9%
Fox Hills $420,000 5.0% 33 0.0% 15 -40.0%
Glassell Park $660,000 27.5% 49 -2.0% 48 -12.7%
Hancock Park $1,860,000 68.7% 18 -10.0% 20 -25.9%
Highland Park $592,000 11.7% 106 10.4% 76 -25.5%
Hollywood $690,000 13.1% 89 -1.1% 73 -9.9%
Hollywood Hills $1,222,500 18.3% 212 15.2% 292 3.5%
Holmby Hills $1,937,500 113.2% 10 -16.7% 17 -37.0%
Koreatown / Wilshire Center $510,250 3.1% 106 11.6% 142 -1.4%
Lake Balboa $488,000 12.2% 114 28.1% 94 -19.0%
Marina Del Rey $858,000 14.1% 72 -15.3% 80 -25.2%
Mid-City $851,000 28.3% 98 -5.8% 105 -19.2%
Mid-Wilshire $790,500 11.3% 337 0.3% 385 -14.1%
Mount Washington $685,000 15.2% 62 14.8% 63 -18.2%
North Hills $450,000 5.3% 113 -5.8% 120 -21.1%
North Hollywood $455,000 7.1% 153 2.0% 136 -20.9%
North Valley $462,500 8.8% 1,397 9.7% 1,431 -17.9%
Northridge $550,000 4.0% 149 17.3% 175 -7.4%
Northwest San Pedro $475,000 7.3% 101 46.4% 96 29.7%
Pacific Palisades $2,325,000 -1.1% 112 -17.0% 146 7.4%
Pacoima $359,900 9.1% 77 16.7% 76 -32.7%
Panorama City $410,000 10.8% 52 2.0% 48 -28.4%
Sherman Oaks $705,000 0.7% 308 30.0% 297 -15.1%
Silver Lake $790,000 3.3% 56 -11.1% 65 8.3%
South Central LA $315,000 10.5% 164 5.8% 216 -1.4%
South LA $346,500 17.5% 665 3.4% 765 -8.7%
South Valley $535,000 9.2% 1,888 13.2% 1,977 -12.4%
Studio City $995,000 -4.5% 166 7.8% 200 3.6%
Sun Valley $420,000 9.1% 82 -11.8% 81 -19.8%
Sylmar $405,000 11.3% 168 21.7% 169 -29.6%
Tarzana $492,000 -7.7% 144 -1.4% 212 -7.0%
Valley Village $742,250 -0.9% 56 9.8% 46 -36.1%
Van Nuys $470,000 10.6% 132 1.5% 134 -14.1%
Venice $1,654,125 6.4% 69 -34.9% 101 3.1%
Watts $260,000 18.2% 70 -13.6% 103 3.0%
West Adams $439,000 9.3% 27 0.0% 27 -32.5%
West Long Beach $317,000 -0.9% 36 20.0% 46 15.0%
West Los Angeles $1,100,000 11.6% 1,723 0.0% 1,863 -13.3%
Westwood $859,500 -10.0% 132 10.9% 155 -23.3%
Woodland Hills $655,000 7.4% 259 10.7% 274 -17.2%
Los Angeles $580,000 6.1% 2,341 8.7% 5,778 -16.2%
Neighborhood New Listings Median Days on Market Avg Sale-to-List
Beverly Glen 34 28 95.4%
Beverly Hills Post Office 103 29 95.7%
Brentwood 195 18 99.1%
Central LA 1,257 20 98.7%
Century City 165 12 101.0%
Chatsworth 180 19 98.8%
Cheviot Hills 28 20 98.4%
Crenshaw 64 15 100.0%
Downtown (Los Angeles, CA) 158 20 98.3%
Eagle Rock 106 15 103.5%
East LA 723 15 102.0%
Echo Park / Edendale 73 12 103.4%
Encino 331 19 97.1%
Fox Hills 35 12 101.4%
Glassell Park 70 16 101.6%
Hancock Park 22 26 95.9%
Highland Park 112 15 103.4%
Hollywood 99 22 98.0%
Hollywood Hills 312 21 99.0%
Holmby Hills 13 40 97.1%
Koreatown / Wilshire Center 160 24 99.2%
Lake Balboa 141 17 99.1%
Marina Del Rey 83 16 100.0%
Mid-City 138 16 99.5%
Mid-Wilshire 467 20 99.0%
Mount Washington 87 14 102.9%
North Hills 150 14 100.0%
North Hollywood 215 14 99.6%
North Valley 1,910 17 99.3%
Northridge 204 22 98.3%
Northwest San Pedro 116 22 98.4%
Pacific Palisades 165 21 98.9%
Pacoima 101 23 101.1%
Panorama City 88 16 101.2%
Sherman Oaks 397 15 99.1%
Silver Lake 98 13 102.1%
South Central LA 244 21 100.0%
South LA 963 19 99.6%
South Valley 2,567 17 98.6%
Studio City 243 16 97.9%
Sun Valley 103 19 99.2%
Sylmar 245 14 99.8%
Tarzana 235 21 96.8%
Valley Village 70 12 101.2%
Van Nuys 181 15 99.7%
Venice 118 20 98.8%
Watts 131 26 99.5%
West Adams 41 16 100.7%
West Long Beach 60 22 101.6%
West Los Angeles 2,267 16 99.9%
Westwood 172 26 97.6%
Woodland Hills 363 20 97.6%
Los Angeles 3,427 18 99.0%

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 August 31. Inventory measures listings active as of August 31.

For more information, contact Redfin journalist services:

Phone: 206-588-6863

Email: press@redfin.com

Other popular posts:

1. How to Protect Your Home From Forest Fires

2. The Ultimate Guide to Keep Summer Pests Out of Your House

3. How to Create a Safe Space at Home When Your Kids Reach Sensory Overload

 

Show Comments

Real estate redefined