Best selling neighborhoods are a double-edged sword. Great for sellers, not so great for buyers in a market with very low inventory. However, it is always good to be where everyone wants to me. Sounds like a song from “Friends”. So let’s look take a look at the 10 top selling neighborhoods in Los Angeles for 2012.
Since some areas are single family-centric and others condo-centric I will split the lists into the two categories and the areas covered can be found on the Los Angeles Communities page (Studio City not included).
Top Selling Los Angeles Neighborhoods for Single Family Homes
10. Los Feliz is a much sought-after hip neighborbood, home to many of the entertainment crowd. 240 homes sold at a median price of $889,500. The average sold price vs list was 98.11%.
9. Malibu needs little introduction . Home to many in the entertainment industry, and boasting high-priced homes with spectacular views ocean views. 247 homes sold at a median price of $2,000,000 and an average sales vs list price of 89.8%.
8. Brentwood, another trendy neighborhood with its high-end restaurants and shopping. 264 homes sold at a median price of $1,722,500 and an average sales vs list of 94.33%.
7. Santa Monica. Not surprisingly, Santa Monica makes the top ten list. Inventory is exceptionally low and Santa Monica continues to be a much desired neighborhood, with great schools and proximity to the ocean. 275 homes sold at a median of $1,650,000 and an average sales vs list of 98.30%
6. Hancock Park – Wilshire. This is a confusing neighborhood as defined by the multiple listing service (MLS) because it combines two demographically different areas. 279 homes sold at a median of $925,000. The lowest price was $125,000 and the highest $8,865,000. Average sales vs list was 96.70%
5. Pacific Palisades, an affluent neighborhood reaching from Brentwood to the ocean. 281 homes sold at a median price of $1,925,000 and average list vs sales of 96.89%.
4. Westchester, a affordable bedroom community close to Los Angeles airport. 299 homes sold at a median of $636,000 and average list vs sales of 99.18%.
3. Silver Lake – Echo Park. This is another place where two areas are combined, but these desirable areas are not greatly different. Hip and eclectic they are among the most sought-after Los Angeles neighborhoods. 314 homes sold with a median of $561,000 and average list vs sales of 99.40%.
2. Palms-Mar Vista. Like Silver Lake and Echo Park these areas are combined but not greatly different. This is a very residential neighborhood where many UCLA staff and students like to call home. 340 homes sold at a median of $740,000 and an average list vs sales of 100.06%.
1. Hollywood Hills West – Sunset Strip. This was by far the top selling Los Angeles neighborhood. It combines the rustic hilly areas with the proximity to Sunset Strip and Hollywood nightlife. 434 homes sold at a median of $1,244,250 and list vs sales of 94.79%.
Top Selling Los Angeles Neighborhoods for Condos.
10. Palms – Mar Vista, sold 128 units with a median of $375,000 and average sales vs list of 98.65%.
9. Playa Vista, is one of Los Angeles’ newer communities. A self -contained, still developing neighborhood close to LAX. 130 condos sold with a median of $511,000 and average sales vs list of 98.61%
8. Brentwood, not surprisingly with its high concentration of condo buildings sold 165 units with a median of $585,500 and average sales vs list of 97.87%.
7. West Los Angeles is a mix of neighborhoods surrounded by Santa Monica, Palms-Mar Vista, Rancho Park, Brentwood, and Westwood – Century City. 174 units sold with a median of $525,000 and an average sales vs list of 97.75%.
6. Hancock Park – Wilshire, sold 191 units with a median of $365,000 and average sales vs list of 98.43%.
5. Culver City, is fast becoming a trendy destination area for foodies and art lovers. 198 units were sold with a median of $275,000 and average sales vs list of 98.65%.
4. Marina del Rey, has a high concentration of condominium and apartment building, the perfect place for those who love to live near the water. 302 units sold with a median of $583.750 and average sales vs list of 96.92%
3. West Hollywood, is another area with a high concentration of condo and apartment buildings made desirable because of its high Walk Score and still affordable housing. 375 units sold with a median of $415,000 and average sales vs list of 96.89%.
2. Santa Monica, sold 474 units with a median of $675,000 and average sales vs list 97.14%.
1. Westwood and Century City. This is also a mix of demographically different neighborhoods. Century City is primarily condos, and zip code 90024 which is Westwood combines with parts of 90025, not strictly Westwood. 555 units sold with an approximate median of $575,000 and average sales vs list of 93.86%. (The MLS does not calculate numbers over 500).
To sum up. The top selling Los Angeles neighborhood for single family homes is Hollywood Hills West and for condos, Westwood – Century City.
In terms of sold price versus list price, for single family homes, Palms – Mar Vista came out ahead at 100.06% and for condos it was Culver City at 98.65%.
The highest median price for single family homes was Malibu at $2,000,000 (although Beverly Hills which didn’t top sales did top the median at $3,977,000), and for condos it was Santa Monica at $675,000 (again Beverly Hills which didn’t make the sales did top the median price at $850,000).
Homes for Sale in Los Angeles
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