L.A. Home Sales Retreat As Scarcity Continues to Challenge Buyers

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Home prices in the city of Los Angeles rose 8.5 percent in March from a year earlier, to a median $575,000. L.A. continues to have some of the strongest annual price growth in the country, coming in at nearly double the national median of 4.7 percent.

LA Median Sale Price (4)

Year over year, L.A. home sales fell 3 percent, retreating from a two-year peak hit in March 2015. Compared to February, however, March sales spiked 38 percent, the biggest month-over-month increase in five years.

“February was the calm before the storm,” Redfin real estate agent Sylva Khayalian said. “I saw overwhelming activity from sellers and buyers in March. While fresh inventory is coming on line from confident sellers, it’s simply not enough to satisfy buyer demand. Intense bidding wars are once again the norm.”

L.A. Home sales

The stockpile of homes for sale grew for the third-straight month, up 7.7 percent from a year ago, buoyed by an 11 percent bump in new listings compared to last year. That wasn’t enough to meet buyer demand, however, as the supply of properties fell from 3.5 months in February to 2.6 in March, less than the six months of inventory that signals a balanced market.  

LA Inventory (2)

Area Trends and Hot Neighborhoods

Up 17 percent from a year earlier, home prices on the Westside hit $1.2 million in March, making the Westside as expensive as San Francisco. The Westside’s price jump was driven by rapid gains in nearby Beverly Hills, Santa Monica and Venice, where sale prices were up by about 30 percent.  

The most competitive neighborhoods were once again concentrated on the Eastside. Nearly 70 percent of sellers in Mount Washington fetched more than their asking price and the typical home sold in 23 days, almost twice as fast as a year ago.

In Eagle Rock and Silver Lake, more than half of homes sold for more than sellers were asking, sending median sale prices up by double digits.

The Valley had strong inventory gains, with affordable neighborhoods such as Pacoima, Northridge and North Hollywood adding significant numbers of homes for sale. That’s good news for first-time buyers who have been priced out of the East- and Westsides.

Closer to the urban core, the typical home in West Adams sold for just above $500,000, but competition was fierce. Homes sold in 17 days, with 65 percent going for more than the asking price.   

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 $1,475,000 34.1% 11 -21.4% 20 -16.7% 28 60 97.1%
Beverly Hills Post Office $1,942,500 34.2% 32 -27.3% 82 -1.2% 88 40 97.4%
Brentwood $1,325,000 12.3% 100 19.1% 115 0.9% 162 37 99.8%
Central LA $893,800 9.7% 742 -6.3% 896 8.9% 1,314 41 98.6%
Century City $989,500 15.7% 72 16.1% 66 -17.5% 125 32.5 99.8%
Chatsworth $510,000 6.7% 85 -19.8% 87 11.5% 148 38 98.8%
Cheviot Hills $1,690,000 16.2% 19 -9.5% 18 50.0% 27 28 97.1%
Crenshaw $642,000 38.8% 34 -10.5% 19 -5.0% 41 26 99.1%
Downtown $635,000 11.4% 58 -43.1% 127 44.3% 146 55 98.1%
Eagle Rock $745,250 15.5% 60 46.3% 38 0.0% 82 18 102.4%
East LA $639,900 16.4% 495 5.1% 438 3.5% 791 27 101.5%
Encino $796,250 19.7% 162 3.2% 181 4.6% 252 36 99.1%
Fox Hills $432,000 0.7% 20 -35.5% 8 -20.0% 22 21 99.6%
Glassell Park $680,000 23.8% 33 -8.3% 27 -6.9% 50 28 100.7%
Greater Echo Park Elysian $870,000 15.2% 55 41.0% 54 3.8% 80 37.5 101.5%
Hancock Park $2,790,000 74.3% 13 8.3% 30 87.5% 39 30 99.4%
Highland Park $585,000 -1.5% 57 -18.6% 52 -26.8% 103 26 100.8%
Hollywood $724,500 -5.9% 62 10.7% 80 14.3% 106 45 97.9%
Hollywood Hills West $1,187,500 1.6% 104 18.2% 127 -12.4% 169 46 98.0%
Holmby Hills $892,812 -54.2% 4 -50.0% 19 58.3% 20 35.5 96.3%
Koreatown / Wilshire Center $602,500 14.3% 80 -22.3% 129 14.2% 185 36 99.6%
Lake Balboa $485,000 10.3% 77 1.3% 55 14.6% 110 28 100.3%
Malibu $1,777,000 -15.9% 29 11.5% 200 -8.3% 59 112 95.3%
Marina del Rey $793,000 -4.8% 62 -6.1% 55 -24.7% 99 45.5 98.6%
Mid-City $850,000 18.1% 111 -14.0% 121 7.1% 215 29.5 99.7%
Mid-Wilshire $850,000 7.4% 319 -8.9% 406 16.3% 627 35 99.3%
Mount Washington $795,000 16.4% 19 -32.1% 16 -5.9% 35 23 108.1%
North Hollywood $485,000 12.0% 126 8.6% 111 27.6% 199 33.5 99.7%
North Valley $455,000 8.3% 979 -1.5% 842 21.3% 1,611 31 99.4%
Northridge $580,000 17.2% 111 15.6% 91 33.8% 158 27 98.0%
Northwest San Pedro $499,000 13.0% 69 4.5% 60 -21.1% 92 54 98.5%
Pacific Palisades $2,600,000 2.1% 83 6.4% 106 15.2% 147 27 98.7%
Pacoima $343,000 5.7% 63 1.6% 49 75.0% 113 14 100.5%
Panorama City $368,000 9.8% 55 -15.4% 55 25.0% 97 35.5 100.6%
Pasadena $730,000 8.3% 138 -6.8% 298 -7.2% 198 29 99.7%
Santa Monica $1,602,485 31.4% 54 -22.9% 145 2.8% 85 22 100.3%
Sherman Oaks $824,437 26.8% 186 -8.4% 218 32.9% 323 44 98.5%
Silver Lake $1,005,000 12.3% 59 5.4% 43 65.4% 79 25 102.3%
South Central LA $359,450 10.6% 190 24.2% 200 -18.4% 315 40 100.0%
South LA $386,000 10.6% 801 9.0% 848 -4.5% 1,301 37 99.7%
South Valley $545,025 8.6% 1,361 -4.8% 1,371 20.4% 2,218 37 99.2%
Studio City $900,000 22.2% 123 -1.6% 145 31.8% 193 55.5 98.1%
Sun Valley $440,000 14.3% 59 -14.5% 48 14.3% 99 34 98.2%
Sylmar $400,000 8.1% 128 12.3% 107 23.0% 195 28 99.1%
Tarzana $580,000 1.8% 121 -3.2% 124 14.8% 184 35 99.3%
Valley Village $643,000 -11.3% 45 -4.3% 50 100.0% 87 34 99.1%
Van Nuys $478,900 12.7% 85 -20.6% 91 7.1% 146 43 99.0%
Venice $1,825,000 25.9% 81 -16.5% 109 -3.5% 138 40 98.1%
Watts $287,500 15.0% 58 13.7% 77 2.7% 113 47.5 98.6%
West Adams $530,000 17.9% 37 2.8% 22 -33.3% 47 17 103.5%
West Long Beach $355,100 5.2% 35 9.4% 27 -18.2% 47 43 98.9%
West Los Angeles $1,200,000 16.8% 1,220 -6.6% 1,349 1.4% 2,052 29 99.3%
Westwood $915,000 5.5% 87 -1.1% 121 3.4% 179 22 98.6%
Woodland Hills $660,000 2.3% 181 -5.7% 193 27.0% 320 37 98.7%
Los Angeles, CA $575,000 8.5% 2,379 -3.0% 6,165 7.6% 3,789 31 100.0%

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

For more information, contact Redfin journalist services

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

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Published on April 14th, 2016
Updated on July 15th, 2019

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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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