L.A. Home Prices and Inventory Jump in February

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Los Angeles home prices continued their upward climb, gaining 14.6 percent in February from a year earlier, to a median sale price of $590,000. This marks the fourth-straight month of annual gains and is the strongest growth L.A. has seen since May of 2014. Home sales dipped slightly, declining 2.5 percent.

LA Chart Median Sale Price

The number of homes for sale increased 10.3 percent from the same time last year, thanks to a healthy batch of new listings added to the market in February, a 9 percent boost from a year earlier.

LA Chart Home Sales

“We are definitely feeling the bump in new listings on the Westside,” Redfin real estate agent Isabel Velez said. “I’m working with several sellers who have built up equity on their starter homes and are in a position to upgrade. Many of them want to make the move now because they are finally satisfied with how much they can sell their current home for.”

All else equal, this recent increase in supply would ease competition for homebuyers. Although they had more choices last month, even a double-digit increase in homes for sale wasn’t enough to cool competition for desirable houses in hot neighborhoods.

LA Chart Inventory

Area Trends and Hot Neighborhoods

Seller confidence on the Westside was evident in the spike in asking prices last month — up 25 percent from a year earlier to a median of nearly $1.5 million.

The Eastside remained the most competitive market in L.A. The median sale price for Eastside homes jumped 20 percent, surpassing $625,000. Nearly 50 percent of homes sold on the Eastside went for more than the asking price.

Mount Washington was still the neighborhood to watch. The median sale price there grew 19.2 percent to $790,000 and the average home sold for 6.5 percent above asking price, the highest sale-to-list ratio of all the neighborhoods we track. It was also one of the fastest markets in L.A., with the typical home selling in less than two weeks.

A robust investor market of flips — quick, for-profit sales — was one reason for the ballooning prices in Mount Washington. In 2015, the average flip in Mount Washington had a gain of $312,000, according to a recent Redfin report.

Here’s what’s happening in your neighborhood:

Neighborhood 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 $2,300,000 83.3% 13 0.0% 23 -8.0% 29 44 97.5%
Beverly Hills Post Office $2,191,250 34.4% 32 -20.0% 76 -2.6% 86 40 97.8%
Brentwood $1,300,000 -19.4% 104 10.6% 114 42.5% 144 35 98.4%
Central LA $870,000 10.3% 715 -3.8% 823 8.4% 1,176 34 98.4%
Century City $1,050,500 23.6% 75 2.7% 74 12.1% 113 39 99.2%
Chatsworth $487,500 -1.5% 78 -29.7% 80 31.1% 134 17 98.5%
Cheviot Hills $1,541,416 -4.9% 18 -14.3% 15 114.3% 29 15 97.8%
Crenshaw $628,125 66.8% 46 64.3% 13 -18.8% 40 20 100.8%
Eagle Rock $705,000 15.1% 54 63.6% 34 -10.5% 61 16 102.9%
East LA $625,500 20.3% 500 3.3% 410 8.8% 716 21 101.7%
Encino $739,000 5.6% 157 1.3% 141 -2.1% 212 20 99.1%
Fox Hills $415,000 -0.4% 21 -25.0% 4 -66.7% 12 21 99.8%
Glassell Park $622,500 17.2% 31 0.0% 22 -37.1% 38 25 99.7%
Greater Echo Park Elysian $870,000 15.2% 59 47.5% 52 23.8% 86 34 101.5%
Hancock Park $500,000 -68.8% 11 -31.3% 23 76.9% 36 16 98.3%
Highland Park $595,000 2.1% 64 -30.4% 57 11.8% 101 18 101.4%
Hollywood $771,250 6.4% 66 22.2% 75 21.0% 112 34 98.0%
Hollywood Hills West $1,157,500 0.7% 90 12.5% 114 -9.5% 154 44 98.0%
Holmby Hills $1,024,812 -63.4% 6 -14.3% 15 66.7% 16 37 93.3%
Lake Balboa $487,500 11.2% 67 -18.3% 44 -6.4% 89 14 100.1%
Marina del Rey $814,000 2.7% 81 6.6% 51 -3.8% 80 28 98.9%
Mid-City $815,000 7.2% 111 -9.8% 112 -0.9% 174 28 99.2%
Mount Washington $790,000 19.2% 22 -15.4% 21 110.0% 33 13 106.5%
North Hollywood $472,000 7.5% 120 -1.6% 112 16.7% 191 24 98.9%
Northwest San Pedro $489,000 15.1% 67 17.5% 58 13.7% 78 27 98.6%
North Valley $458,300 7.8% 473 7.0% 339 11.1% 647 18 100.0%
Pacoima $343,500 4.1% 66 10.0% 40 21.2% 101 8 100.3%
Panorama City $385,375 7.0% 70 -22.2% 61 17.3% 121 18 101.8%
Sherman Oaks $810,000 25.6% 181 -10.8% 188 28.8% 270 25 98.7%
Silver Lake $960,000 6.4% 55 22.2% 39 18.2% 63 19 101.8%
South LA $385,000 13.2% 815 13.7% 770 -5.5% 1,264 25 99.7%
South Valley $540,000 8.2% 1,300 -6.0% 1,194 16.9% 1,895 23 98.9%
Studio City $888,250 26.9% 134 22.9% 140 34.6% 183 28 98.7%
Sun Valley $440,000 11.4% 70 4.5% 46 7.0% 84 15 98.9%
Sylmar $400,000 9.6% 119 4.4% 93 25.7% 186 20 99.2%
Tarzana $590,000 3.7% 116 22.1% 105 9.4% 162 22 98.2%
Valley Village $687,500 6.2% 44 -15.4% 36 56.5% 56 27 99.1%
Van Nuys $479,450 12.8% 83 -25.2% 91 7.1% 142 24 98.7%
Venice $1,628,500 13.3% 75 -16.7% 109 19.8% 132 30 98.8%
Watts $280,000 17.6% 67 9.8% 68 23.6% 106 32 98.5%
West Adams $510,000 17.2% 38 2.7% 18 -35.7% 44 14 102.3%
West Long Beach $374,000 12.0% 31 -6.1% 26 -10.3% 42 44 99.6%
West Los Angeles $1,135,000 13.6% 1,257 -1.3% 1,209 9.0% 1,790 27 98.8%
Westwood $885,000 -1.1% 75 2.7% 109 13.5% 154 42 96.4%
Woodland Hills $683,000 6.3% 173 0.6% 181 27.5% 275 24 98.5%
Los Angeles, CA $590,000 14.6% 1,717 -2.5% 5,579 10.3% 3,616 28 99.5%

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 Feb 29. Inventory measures listings active as of Feb 29.

For more information, contact Redfin journalist services

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

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jeffery-marinoredfin-com

Jeffery writes about the L.A. real estate market for Redfin Real Time and works with journalists covering real estate throughout Southern California. He previously worked as an editor and researcher for a leading real estate publishing firm. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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