Update on Prices in LA Luxury Home Market

Update on prices in LA luxury home market

We’re seeing an overall dip in LA luxury home prices:

Single family homes – median price of $8.9 million (down from $10.8 million last year)

Luxury condos – dropped 11% to $3 million

“Inventory in the high-end of the market also fell 32 percent year-over-year to 323 homes last quarter. There were 478 homes on the market in the fourth quarter of 2016. That — paired with more realistic pricing — has contributed to faster sales activity, according to Jonathan Miller, author of the report. It took about 86 days to sell luxury homes in the fourth quarter of 2017, down from 123 days over the same period in 2016.”

For more information check out this article: https://therealdeal.com/la/2018/01/25/prices-in-the-la-luxury-home-market-are-dropping-report/