Home prices rose across Los Angeles in 2016, but prices in some neighborhoods soared higher and faster than in other areas. A new report from the MLS focuses on sales of condo units, highlighting which LA neighborhoods saw the biggest and smallest price changes throughout the year.
The biggest increase came in Ladera Heights, where the median sale price rose from $411,349 in the fourth quarter of 2015 all the way up to $569,444 a year later. Only two units sold in the fourth quarter of 2015, so the 38 percent increase os probably mainly to a small sample size.
Less dubious are significant price increases in El Sereno, the View Park-Windsor Hills area (which MLS calls Park Hills Heights), Beverlywood, Hancock Park, and the Sunset Strip. Each of these neighborhoods saw double digit condo sales in both the fourth quarter of 2015 and the fourth quarter in 2016—along with an increase in sale prices of at least 20 percent.
The Westwood-Century City area led all other neighborhoods in terms of total sales, with at least 135 selling in each quarter. Prices there rose 17 percent from year to year, with a median sale price of $899,000 in the final months of 2016.
But prices weren’t up in all of LA. Some neighborhoods actually saw median sale prices decline, including in upscale areas such as Brentwood, Santa Monica, Marina del Rey, and Beverly Center.
The most intriguing price decrease, however, was in Hollywood, where 31 units sold in the fourth quarter of 2016 (up from 25 in the fourth quarter of 2015), but median sale price fell from $650,000 to $605,000—a drop of seven percent.
That’s especially surprising because earlier in 2016, it seemed that condo prices in Hollywood were on the rise. Whether this is a fluke or part of a larger trend remains to be seen.
- Q4 Median Sales for Condos & Co-Ops [MLS]
- Los Angeles County home prices dip to $520,000 [Curbed LA]
- Charting the 10 priciest one-bedroom condos in Los Angeles [Curbed LA]