Los Angeles Real Estate Weekly Update | Week Ending June 17th, 2012

If you can find a home in this market of low inventory, now is a great time to be buying Los Angeles real estate.  Mortgage interest rates are low, home prices are probably at or near bottom, and in many areas are rising.

Los Angeles real estate housing market report June 17, 2012

It will be interesting to watch the movement each week by area:

Los Angeles Single Family Homes

Community New Median Pending Sold Median High Low
Beverly Hills 7 $3,450,000 4 2 $10,007,500 $14,750,000 $5,265,000
Bel Air/Holmby Hills 10 $1,899,500 2  1 $1,470,000 N/A N/A
Beverly Center | MM 7 $899,000 8 2 $1,277,000 $1,129,000 $1,425,000
Beverly Hills P.O. 10  $2,795,000  10  2 $784,500 $990,000 $579,000
Beverlywood 3 $675,000 7  2 $575,000 $370,000 $780,000
Brentwood 9 $2,695,000 12 4 $2,125,000 $1,375,000 $2,705,000
Cheviot Hills/Rancho Pk   2 $1,824,000  2  3 $1,375,000 $1,075,000 $2,995,000
Culver City 7 $649,000  9  7 $355,000  $602,500 $800,000
Hollywood 1 $314,900 0 2 $395,000 $330,000 $460,000
Hollywood Hills E. 3 $1,119,800 5  2 $769,000 $438,000 $1,100,000
Hollywood Hills W/Sunset 16  $1,335,000 11  3 $1,795,000  $636,200 $3,400,000
Los Feliz/Atwater Village* 7 $575,000 6  1 $1,700,000  N/A N/A
Malibu  10 $5,374,400 7 6 $3,275,000  $765,000 $6,093,750
Marina Del Rey  0  N/A  1 0 N/A  N/A N/A
Pacific Palisades 7  $2,795,000 14  8 $1,905,000  $1,215,000 $5,600,000
Palms/Mar Vista  12 $697,500  5 4 $906,000 $800,000 $1,725,000
Playa Del Rey  1 N/A  2  0 N/A N/A N/A
Playa Vista 0 N/A 1  0 N/A 0 N/A
Santa Monica 11  $1,378,000  8 4 $2,515,559  $1,403,000 $3,500,000
Silver Lake | Echo Park  15 $449,250 11  15 $599,000  $260,000 $1,450,000
Studio City  12 $837,000  6 9 $849,000 $480,000 $1,750,000
Venice 5  $999,000 7  4 $1,525,000 $1,335,000 $2,250,000
West Los Angeles  2  $534,450 5 0 N/A N/A N/A
Westchester  4 $762,000 10  2 $526,500  $468,000 $585,000
Westwood/Century City  2  $1,487,000  3  0 N/A  N/A N/A

In terms of sales, the hottest areas are:  Silver Lake|Echo Park and Pacific Palisades.  

For upcoming sales: Pacific Palisades, Brentwood, Hollywood Hills West, Silver Lake|Echo Park, and Westchester.

New inventory:  Hollywood Hills West, Silver Lake|Echo Park, Studio City, Palms|Mar Vista, Bel Air/Holmby Hills, Santa Monica, Beverly Hills Post Office, and Malibu.

Echo Park

Los Angeles Condos

 Community New Median Pending Sold Median Low High
Beverly Hills 2 $2,124,500 0 0 N/A N/A N/A
Bel Air/Holmby Hills 0 N/A 0  0 N/A N/A N/A
Beverly Center | MM 4 $629,000 1 0 N/A N/A N/A
Beverly Hills P.O. 0 N/A 0 0 N/A N/A N/A
Beverlywood 1 $439,000 0 1 $565,000 N/A N/A
Brentwood 1 $1,899,000 3 2 $585,000 $520,000 $650,000
Cheviot Hills/Rancho Pk  0 N/A 0  0 0 N/A N/A
Culver City 3 $295,000  7  1 $387,000 N/A N/A
Hollywood  2 $379,000  2 2 $446,000 $442,000 $450,000
Hollywood Hills E. 2 $262,000 0 2 $379,500 $365,000 $394,000
Hollywood Hills W/Sunset  2 $1,577,500  1 2 $264,000 $253,000 $275,000
Los Feliz/Atwater Village* 0  N/A 0  0 N/A N/A N/A
Malibu 3 $900,000  1 0  N/A N/A N/A
Marina Del Rey 8  $576,950  10  6  $495,000 $176,000 $735,000
Pacific Palisades  3  $699,000 2  1 $200,000 N/A N/A
Palms/Mar Vista 2  $302,000 4  2  $454,500 $419,000 $490,000
Playa Del Rey 3  $395,000  2  1 $270,000 N/A N/A
Playa Vista 0  N/A 4  2 $444,450 $359,000 $529,000
Santa Monica  14 $677,475  17 8  $625,000 $307,000 $1,002,750
Silver Lake | Echo Park  0 N/A  3 2  $345,000 $243,000 $447,000
Studio City 1  $439,000  2 2 $480,000 $460,000 $500,000
Venice 0  N/A  1  2 $840,000 $812,500 $867,500
West Los Angeles  4 $529,000 3 2 $409,250 $365,000 $453,500
Westchester  2 $314,950  2  1  $659,000 N/A N/A
Westwood/Century City  14 $719,000 14 11 $728,800 $285,000 $4,000,000

The numbers are taken from the MLS/CLAW and are deemed reliable but not guaranteed

The Los Angeles condo market is much slower than the single family market.  Not surprisingly, given the concentration of condos in those areas:

Top sales:  Westwood and Santa Monica

Pending:  Westwood, Santa Monica and Marina del Rey

New inventory:  Same as above

Activity is picking up.  Let’s hope it keeps moving forward.

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