BRENTWOOD AND SUNSET STRIP-HOLLYWOOD HILLS WEST REPLACE PACIFIC PALISADES AND BEVERLY HILLS AS TOP LUXURY MARKETS
Los Angeles — Luxury homebuyer interest has shifted from Beverly Hills and the Pacific Palisades to Brentwood, Santa Monica and the Sunset Strip, according to Sotheby’s International Realty’s Greater Los Angeles Market Report, a ranking of Southern California’s hottest luxury markets. The report analyzed from March to May 2016, and compared sales volume and pricing to the same period last year, focusing only on homes with prices above $3 million.
Brentwood came out on top, with 31 homes sold, a 7-percent increase from 29 homes sold last year. Santa Monica sold 30 homes, a 50-percent increase from the 20 homes sold in the same period last year. The Sunset Strip-Hollywood Hills West submarket sold 25 homes, a 32-percent increase from the 19 homes sold last year. Despite remaining among the top five submarkets for sold homes, Pacific Palisades and Beverly Hills saw significant year-over-year reductions that dropped them to fourth and fifth in the region.
Frank Symons, executive vice president and chief operating officer of the western region for Sotheby’s International Realty, pointed to the growing number of amenities available in Santa Monica as one reason for the shift. “More inventory has come on the market in Brentwood this spring and with the pent-up demand, more transactions were able to take place,” Symons said. “It should also be noted that while the Pacific Palisades and Beverly Hills saw decreases, they remain one of the most sought-after luxury home destinations in the area.”
The top five in total sales for the three-month period were:
In terms of average sales prices for homes sold for over $3 million, Malibu Beach continues to dominate the top spot, with an average sales price of $9.4 million from March through May. The first quarter’s top five single-family luxury markets ranks by average sales price were: