LOS ANGELES – (RealEstateRama) — Sotheby’s International Realty’s Greater Los Angeles Market Report reveals that Beverly Hills and Pacific Palisades are continuing to rule the Southern California luxury housing marketplace after a hot start to 2016.
The report, which is a three-month analysis of homes valued at more than $3 million, shows Beverly Hills as the top Southern California luxury market with 31 homes sold from December-February – a 55 percent increase over the 20 homes sold during same period last year.
Pacific Palisades was close behind with 28 homes sold during the three-month period, which marked a 65 percent increase over the 17 sold during the same period last year.
“The entire Southern California luxury market is thriving and nowhere is that more true than Beverly Hills and the Palisades. The current Southern California luxury market is in a position of strength as the spring home-buying season gets underway,” said Frank Symons, executive vice president and chief operating officer of Sotheby’s Western Region.
The top five in total sales for the three-month period were:
Market Number of Homes Sold – Dec. 2016-Feb. 2016 Number of Homes Sold – Dec. 2015-Feb. 2015 Percent Change
Year Over Year
Beverly Hills 31 20 55%
Pacific Palisades 28 17 65%
Sunset Strip–Hollywood Hills West 22 24 -8%
Santa Monica 19 14 36%
Brentwood 15 19 -21%
In terms of average sales prices for homes sold for more than $3 million, Bel Air-Holmby Hills continued to dominate with an average sales price at $11.2 million. The three-month period’s top five single-family luxury markets by average selling price were:
Luxury Market Average Sold Price
Dec. 2016-Feb. 2016
Bel Air-Holmby Hills $11,202,783
Malibu Beach $9,127,778
Beverly Hills $8,072,390
Sunset Strip-Hollywood Hills West $6,355,455
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.