L.A. Home Sales Take a Dive While Prices Hit a Six-Year High

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L.A. Home Sales Take a Dive While Prices Hit a Six-Year High

Sales declined significantly on pricier Westside

Home prices in the city of Los Angeles rose 8.1 percent in April from a year earlier to $600,000,  the highest median sale price recorded in at least six years. Sales fell 8 percent, the biggest year-over-year decline since November 2014.

The stockpile of homes for sale increased almost 7 percent from a year earlier, the fourth month of growing supply.

Median Sale Price LA

More than 3,700 new listings hit the market last month, a 6.7 percent increase over April 2015. The inventory boost, while welcome, wasn’t enough to improve the balance of power between buyers and sellers. The city had less than a three-month supply of houses for sale, about half of what’s considered balanced, meaning buyers still faced fierce competition, especially for properties that are in demand.

L.A. home sales

“As prices continue to rise across L.A., more homeowners are deciding now is the right time to sell,” according to Redfin real estate agent Lindsay Katz.

“In general, this is good news for fatigued buyers who feel they’ve run out of options,” Katz said. “Still, while buyers have more to choose from this spring, inventory that does come on the market usually gets multiple offers and is snapped up quickly.”

Forty-one percent of homes sold in April fetched higher prices than sellers were asking.

Inventory LA

Area Trends and Hot Neighborhoods

The Westside was a key contributor to the city’s sales slump. Sales fell 8.3 percent in the region compared to April 2015, most dramatically in the higher-end areas of Santa Monica (-26.6%), Malibu (-20.6%) and Venice (-19.6%).

Of the four major L.A. markets (The Eastside, The Westside, South L.A. and the Valley), the Westside had the largest annual price increasea 15 percent jump to $1.22 millionand the most significant decline in home sales.

Glassell Park posted a median sale price of $720,000 in April, up 22 percent over last year. Sales in the thriving Eastside neighborhood rose nearly 11 percent. Glassell Park was also one of the city’s fastest markets, with a typical home selling in 16 days. Nearly half of all homes there sold for more than the asking price.

With its central location, increasing hip factor and affordability, North Hollywood also was hot last month. The median sale price jumped 14 percent from last April to $490,000. With so many homes priced below half a million dollars, buyer competition grew, pushing sales up 22 percent. Forty percent of all homes sold for more than sellers were asking, but the good news for NoHo homebuyers is that inventory is on the rise, up 43 percent over last year.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Beverly Glen $1,425,000 29.5% 16 33.3% 30 15.4% 33 42 96.0%
Beverly Hills Post Office $1,600,000 -5.5% 42 -6.7% 98 11.4% 92 42 96.2%
Brentwood $1,430,000 -2.0% 111 7.8% 120 -2.4% 166 36 100.3%
Central LA $899,500 9.0% 844 -6.6% 917 1.0% 1,348 34 98.9%
Century City $1,060,000 24.1% 83 15.3% 73 -19.8% 126 20 99.9%
Chatsworth $515,000 1.2% 93 -21.9% 98 24.1% 163 40 99.1%
Cheviot Hills $1,725,000 16.8% 20 11.1% 19 5.6% 28 31 97.5%
Crenshaw $642,000 29.0% 40 0.0% 22 4.8% 45 17 102.7%
Downtown $630,000 4.1% 63 -49.6% 118 32.6% 147 53 98.3%
Eagle Rock $750,000 13.6% 71 20.3% 35 -14.6% 87 15 102.1%
East LA $640,000 11.3% 557 4.1% 434 3.1% 789 22 101.5%
Encino $780,000 6.0% 163 -15.5% 177 2.3% 283 34 99.4%
Fox Hills $445,000 3.5% 17 -45.2% 9 -47.1% 30 21 100.7%
Glassell Park $720,000 22.0% 41 10.8% 26 8.3% 59 16 102.1%
Greater Echo Park Elysian $873,000 10.7% 61 27.1% 52 8.3% 71 34 101.0%
Hancock Park $3,100,000 115.6% 19 137.5% 26 52.9% 28 30 98.0%
Highland Park $625,000 7.4% 74 10.4% 52 -23.5% 110 25 100.8%
Hollywood $711,000 4.6% 75 8.7% 84 -1.2% 111 44 98.3%
Hollywood Hills West $1,157,500 3.8% 122 17.3% 128 -21.5% 183 44 98.4%
Holmby Hills $893,000 1.2% 2 -80.0% 14 55.6% 20 17 97.0%
Koreatown / Wilshire Center $590,000 3.7% 108 -6.1% 128 7.6% 179 31 99.1%
Lake Balboa $500,000 17.6% 80 -4.8% 56 1.8% 116 27 100.1%
Malibu $2,070,000 4.8% 27 -20.6% 219 -2.7% 62 53 96.1%
Marina del Rey $832,000 -1.7% 81 19.1% 70 18.6% 123 31 99.1%
Mid-City $880,000 14.3% 125 -13.8% 131 8.3% 208 24 99.8%
Mid-Wilshire $885,000 4.1% 378 -3.3% 410 9.3% 615 30 99.2%
Mount Washington $725,000 3.7% 27 -6.9% 18 0.0% 36 19 105.5%
North Hollywood $490,000 14.0% 160 22.1% 114 42.5% 212 31 100.2%
North Valley $468,000 8.8% 1,123 -3.5% 858 21.4% 1,738 33 99.5%
Northridge $600,000 21.2% 118 -4.1% 89 -2.2% 178 32 98.0%
Northwest San Pedro $499,000 11.5% 69 1.5% 57 -31.3% 98 55 99.1%
Pacific Palisades $2,345,000 -5.2% 93 -4.1% 111 7.8% 146 29 98.7%
Pacoima $375,000 14.2% 79 6.8% 44 22.2% 115 18 99.3%
Panorama City $355,000 3.6% 71 -1.4% 59 110.7% 95 49 99.5%
Pasadena $750,000 11.5% 136 -16.1% 327 -4.7% 228 25 100.4%
Santa Monica $1,620,000 14.5% 47 -26.6% 143 -5.9% 82 18 100.2%
Sherman Oaks $867,250 26.2% 224 -9.3% 240 22.4% 354 37 99.6%
Silver Lake $1,005,000 12.3% 61 -15.3% 44 22.2% 84 22 104.0%
South Central LA $361,000 8.2% 207 14.4% 198 -19.5% 345 38 99.0%
South LA $400,000 11.7% 859 7.5% 833 -6.0% 1,353 35 99.9%
South Valley $550,369 7.9% 1,572 -6.1% 1,416 17.6% 2,382 35 99.5%
Studio City $930,000 5.3% 134 -15.2% 156 23.8% 202 55 99.2%
Sun Valley $435,000 10.8% 73 -1.4% 43 -4.4% 111 35 99.4%
Sylmar $410,000 12.3% 156 20.0% 98 42.0% 208 30 99.6%
Tarzana $540,000 10.2% 127 -15.3% 120 8.1% 191 28 99.6%
Valley Village $646,500 -14.1% 58 16.0% 50 72.4% 97 21 100.1%
Van Nuys $497,000 19.8% 104 -14.1% 85 -2.3% 155 43 99.0%
Venice $1,688,000 11.2% 90 -19.6% 104 -5.4% 146 39 98.7%
Watts $289,000 29.3% 64 33.3% 64 -4.5% 113 47 99.5%
West Adams $563,000 32.2% 40 11.1% 30 -9.1% 60 29 101.8%
West Long Beach $380,000 10.5% 37 -15.9% 24 -20.0% 43 39 99.0%
West Los Angeles $1,220,000 15.1% 1,359 -8.3% 1,429 3.1% 2,239 25 99.9%
Westwood $950,500 9.9% 102 -4.7% 123 -1.6% 184 19 99.3%
Woodland Hills $697,500 6.2% 210 -7.5% 215 37.8% 336 39 99.1%
Los Angeles, CA $600,000 8.1% 2,446 -8.0% 6,306 7.0% 3,717 29 100.0%

See Redfin’s data center to find out what’s happening in other cities.

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 April 30. Inventory measures listings active as of April 30.

For more information, contact Redfin journalist services

Phone: 206-588-6863
Email: press@redfin.com

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