Partners Trust 2015 Q2 Market Stats Report Shows Increased Growth
Our current economic cycle has been called the slow-motion recovery, resulting in incremental improvement. Now is the time when we are starting to see it truly take root. Even amid economic turmoil in other nations, the U.S. stock market remains strong and housing is on firm foundations. The Los Angeles housing market continues to be the most robust we’ve seen in years and shows no sign of abating. Our Q2 report shows a market that is the strongest we’ve seen in recent years.
Some key areas of note
Westside sold prices continue to rise although the biggest price growth combined with increased sales are happening in areas where prices are slightly lower such as Palms-Mar Vista and Westchester. Santa Monica, Pacific Palisades, and Malibu all saw strong growth in both prices and sales, proving that the enduring value of these communities commands a premium. In places such as Beverly Hills, Malibu Beach, Bel Air and Holmby Hills where average sold prices are over $5 million both the number of sales and days on market dropped, proving the ongoing vigor of our luxury market.
Moving along Wilshire Blvd., both the Miracle Mile area and Hancock Park showed increased while days on market continued to fall. Downtown condo prices remain in an upward trajectory but sales have flattened slightly. More affordable areas are increasingly becoming hot spots with towns such as Inglewood, and Park Hill Heights showing that the South L.A. market is becoming more active. The San Fernando Valley also marked ongoing price growth and sales have picked up at a double-digit rate in communities like Calabasas, Encino, and Westlake Village.
The value of homes all across Los Angeles is on the increase. The county assessor has reported that for Los Angeles County, the assessed value of all taxable property in Los Angeles County rose 6.13% in 2015, the largest jump since 2010.
For the full report click here.