Is Los Angeles Real Estate currently in a Buyer’s Market?
This question came up the other day and I must admit the answer is not a simple YES or NO.
Depending what market segment of Los Angeles Real Estate, you are asking about will determine the answer. I will start out just incase you are not familiar with Los Angeles Real Estate; we have a great deal of compartmentalization in the greater Los Angeles area.
There is the Ultra Luxury Home Market, then there is the Luxury Market and then there is the Standard or should I say Affordable Real Estate Market (if there is such a segment as “affordable”) to the average home buyer in Los Angeles.
I have not even addressed the Condominium Market, Investor Market, or the New Construction Market nor the various segments of the “Los Angeles Land Market”.
Since I do not want to write a book just a post I might break out to the various Los AngeIes Real Estate Markets and address the question separately in a series of Posts answering the question: is the Los Angeles Real Estate in a buyer’s market .
Now with that said let me illustrate my point here with the Ultra Luxury Market for starters, I am not even including the Stratospheric Sales. My focus is only from $30 million to $70 million listed homes.
Since January 01, 2020 there were six sales in this price point in the Greater Los Angeles area.
Statistical Summary
Statistic |
Bedrooms |
Bathrooms |
Square Feet |
List Price |
Sold Price |
DOM |
Minimum |
5 |
7.00 |
11,000 |
$32,500,000 |
$28,000,000 |
1 |
Average |
6 |
9.75 |
15,091 |
$46,816,666 |
$36,718,148 |
133 |
Median |
7 |
9.50 |
15,675 |
$44,225,000 |
$36,750,000 |
138 |
Maximum |
7 |
14.00 |
20,000 |
$68,000,000 |
$43,300,000 |
241 |
Total Volume |
$280,900,000 |
$220,308,888 |
Now let us look at the sales history in more detail. This house was the latest sale in the ultra luxury market of Bel Air CA 90077 Closed on April 14th 2020.
So let's look at the history of 10410 Bellagio Rd in the coveted 90077 zip code SOLD on 03/29/2004 for $8,599,000.00 ; SOLD on 12/17/2007 for $29,975,000.00; Then on 01/21/2010 SOLD for $18,000,000.00 ( There must be a story here I am sure); SOLD 01/11/2011 $19,150,000.00;SOLD 03/04/2015 for $38,000,000.00;
Now we see it listed for $75,000,000.00 on 10/11/2019 and it SOLD for $43,300,000.00 Hence my point is if you just looked at the most recent numbers you would say it is a Buyer’s Market. On the other hand, if you compared it to the 2015 sale it is a 13.9% price increase during the Corona-19 Virus Pandemic.
So, with that said the Ultra Luxury Home Market might have slowed a tad due to the Corona Virus Pandemic, but it remains a seller’s Market.
Wishing you a safe and healthy life and I look forward to your comments.
If you are looking for a knowledgeable, focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!
If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 ( m) homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com I contribute a portion of my commission to local animal rescue organizations.
Comments (22)Subscribe to CommentsComment