LOS ANGELES – November 13, 2015 – (RealEstateRama) — Sotheby’s International Realty today released its Greater Los Angeles Market Report which revealed Pacific Palisades as the top luxury market ($3 million and higher) with a 94 percent increase in single family home sales in October 2015. Westwood and Cheviot Hills saw the second largest increase in luxury home sales with a 50 percent increase and Beverly Hills Post office followed with a 46 percent increase.
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.
“The revitalization of the Pacific Palisades area is clearly underway as the Caruso Development at the Palisades Village nears completion and the home sales increase is a clear indicator of this compared to the same three month period in 2014,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s Western Region. “Since June 2015, the Pacific Palisades market has not showed any signs of slowing down.”
Symons added that the increased volume included more homes selling between the $3 million to $5 million price range. As a result, the average sales price decreased 20 percent compared to 2014 as a result of wider variety of inventory in the market.
In addition to the top markets with the greatest increase in luxury home sales, the top luxury markets with the highest average sold prices were also revealed with Malibu Beach as the highest at $9,643,750, Beverly Hills as the second highest with $9,254,528 followed by Beverly Hills Post Office with $7,885,878.
Below are the top five Greater Los Angeles Markets with the most luxury homes increase sold from August through October 2015:
Market Number of Homes Sold – Aug.-Oct.2015 Number of Homes Sold – Aug.-Oct.2014 Percent Change
Year Over Year
Pacific Palisades 33 17 94%
Beverly Hills Post Office 19 13 46%
Westwood 9 6 50%
Venice 7 5 40%
Cheviot Hills 3 2 50%
Below are the top five single-family markets by average selling price from August through October 2015 are:
Luxury Market Average Sold Price
Aug.-Oct.2015 Percent Change
Year Over Year
Malibu Beach $9,643,750 -2%
Beverly Hills $9,254,528 22%
Beverly Hills Post Office $7,885,878 22%
Brentwood $5,568,823 -11%
Pacific Palisades $5,023,860 -20%
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 18,000 independent sales associates located in approximately 825 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.