Venice and Westwood-Century City See Sizable Increases In Luxury Home Sales in November, According to Sotheby’s International Realty’s L.A. Market Report

LOS ANGELES – December 17, 2015 – (RealEstateRama) — Sotheby’s International Realty’s November 2015 Greater Los Angeles Market Report revealed that Venice and Westwood-Century City doubled the number of $3 million+ homes sold from September to November compared to the same period last year.

Venice increased its luxury home sales from five to 10, while Westwood increased from four to eight. Marina Del Rey also doubled its luxury sales, but only did by virtue of increasing from one to two total sales over last year. The next two biggest increases were the Beverly Hills Post Office and Hancock Park submarkets, which experienced 73 and 60 percent increases, respectively, over the same time last year.

“Venice and Westwood have remained dominant markets throughout this year. Their continued improvement in each of our analyses is a sign of ongoing market strength in both these areas and throughout Greater Los Angeles,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s International Realty’s Western Region. “At the same time, we are seeing increases in the sales prices in our traditional luxury areas of Malibu and Beverly Hills. This is another indicator of luxury market strength in the region.”

Specifically, Malibu Beach had an average luxury home sales price of $12.1 million, which was six percent higher than the same period which was slightly more than $11,407,143. Beverly Hills had the second highest luxury sales prices at an average of $9,254,528, which was 27 percent higher than the same period last year. Beverly Hills Post Office averaged $7,356,322, an eight percent increase.

Below are the top five Greater Los Angeles Markets with the most luxury homes increase sold from September through November 2015:

Market Number of Homes Sold – Sept.-Nov. 2015 Number of Homes Sold – Sept.-Nov. 2014 Percent Change
Year Over Year
Venice 10 5 100%
Westwood 8 4 100%
Marina Del Rey 2 1 100%
Beverly Hills Post Office 19 11 73%
Hancock Park 8 5 60%

Below are the top five single-family markets by average selling price from September through November 2015 are:

Luxury Market Average Sold Price
Sept.-Nov. 2015
Malibu Beach $12,100,000
Beverly Hills $9,254,528
Beverly Hills Post Office $7,356,322
Brentwood $5,936,652
Bel Air $5,644,463

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.

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