Despite record-breaking temperatures outside, the Multiple Listing Service (MLS) released figures this week revealing a cool breeze blowing over the Greater L.A. real estate market. The MLS compared this year’s 2nd quarter sales volume with that of 2017′s. Most of the neighborhoods tracked by the MLS were off from last year’s numbers. Single family homes in Beverly Hills were down 52% from 2017′s sales volume. West Hollywood–where we just SOLD a fixer this week at 1232 Greenacre for $1,171,000 (pictured for this article)–posted a 17% loss in volume. Los Feliz was down 14%; Santa Monica, off 11%.
Most experts relate the city’s lower volume to fewer listings available for buyers to purchase. For example, in 2018′s Q2, the downtown area saw 20 closings, while in 2017 there were 56. Similarly, Silver Lake had 82 closings in Q2 of 2018, down from 120 in 2017.
Despite the chill, some neighborhoods caught fire (and across SoCal, the median price just set another record at $536,250). Topanga led the MLS’s survey with a 52% increase in sales volume over last year’s numbers. The always-hot Culver City area was up 26%. The Hollywood Hills (east of the 101 freeway) sizzled at a 21% increase over 2017. Hancock Park (known for its stable micro-market) posted an 8% gain year-over-year.