BEVERLY HILLS MARKET SEES LARGEST INCREASE IN HOME SALES IN SUMMER 2015 ACROSS 33 LA LUXURY MARKETS

BEVERLY HILLS MARKET SEES LARGEST INCREASE IN HOME SALES IN SUMMER 2015 ACROSS 33 LA LUXURY MARKETS

Sotheby’s International Realty’s Greater L.A. Market Update Reveals Top Luxury Markets

LOS ANGELES – September 24, 2015 – (RealEstateRama) — Sotheby’s International Realty today released its August 2015 Greater Los Angeles Market Update which showed the Beverly Hills market ranking with the highest percent increase of luxury homes sold year over year during June-August 2015 across the leading 33 Greater Los Angeles markets. Two submarkets in particular made the top five for the June-August 2015 report: Beverly Hills Post Office with an 85 percent increase and Beverly Hills proper with an 83 percent increase in single-family luxury home sales ($3 million and higher) as compared to the same time period last year. Pacific Palisades also remained a dominant luxury real estate market in summer 2015, ranking first for the greatest number of luxury homes sold and with a three percent increase in the number single-family home sales year over year.

“The luxury homes that line the streets of the Beverly Hills Post Office area are seeing a revival. Buyers are quickly renovating and selling and the data shows a successful summer this year compared to last for this particular market,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s Western Region.

Released monthly with rolling three-month data, the Sotheby’s International Realty Greater Los Angeles Market Report is a comprehensive analysis of real estate market activity in the area across the top 33 markets to keep audiences up-to-date on trends at the macro and micro level for single-family homes and condominiums.

Below are the top five Greater Los Angeles Markets with the most luxury homes sold from June to August 2015:

Market Number of Homes Sold – May-July 2015 Number of Homes Sold – May-July 2014 Percent Change
Year Over Year
Pacific Palisades 37 36 3%
Beverly Hills 33 18 83%
Santa Monica 28 21 33%
Beverly Hills Post Office 24 13 85%
Brentwood 24 25 -4%

The Sotheby’s International Realty Greater Los Angeles Market Update also showed the top five markets with the highest average selling price for single-family luxury homes, with Malibu Beach as the highest at $8,460,500  and Bel Air – Holmby Hills with the second highest at $7,911,150.

 

The top five Greater Los Angeles markets with the highest average selling price of single-family luxury homes from June through August 2015 are:

Market Average Sold Price
May-July 2015
Malibu Beach $8,460,500
Bel Air – Holmby Hills $7,911,150
Beverly Hills $7,686,063
Sunset Strip – Hollywood Hills $6,816,842
Beverly Hills Post Office $6,443,792

Photo Caption: The Beverly Hills home pictured above was one of the many in the area to contribute to the increase in luxury home sales through August 2015 compared to the previous year. This 4.619 square foot single family home that sold for $3,600,000 is equipped with a backyard pool, and has four bedrooms and five bathrooms.

About Sotheby’s International Realty, Inc. 
Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. Today, Sotheby’s International Realty, Inc. operates brokerage offices in key metropolitan and resort markets, including Manhattan, NY; the Hamptons, NY; Greenwich, CT; Cape Cod, MA; Palm Beach, FL; Houston, TX; Los Angeles, CA; Beverly Hills, CA; Brentwood, CA; Pasadena, CA; Santa Barbara, CA; San Francisco, CA; Sonoma, CA; Monterey Peninsula, CA; and Santa Fe, NM.

Sotheby’s International Realty, Inc. (www.sothebyshomes.com) is part of NRT LLC, the nation’s largest residential real estate brokerage company, and a member of the Sotheby’s International Realty® network, which currently has more than 17,000 independent sales associates located in approximately 800 offices in 61 countries and territories worldwide. NRT, a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), operates Realogy’s company-owned real estate brokerage offices.

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