Prices soared to record heights in Downtown Los Angeles and the city’s Westside in Q3 2018, according to a report by the Miller Samuel Appraisal firm and Douglas Elliman Realty.
Luxury condominium sale prices in Beverly Hills and Malibu carried the day while the overall market in Los Angeles eased up a bit from the sizzling hot sales and price growth recorded over the past two years.
The median sale price of a lux condominium hit $2.55M during Q3 2018, an increase of +15.3%. According to Jonathan Miller, the CEO of Miller Samuels Appraisers and author of this report, the condominium sector in Los Angeles’s sea of mega speculative homes has finally caught up to single-family development. Lux condominium sales were 49% of all sales within LA’s luxury real estate landscape in Q3 2018.
In Malibu, condominium buyers paid a median sale price of $1.75M, +65.5% more than the same time last year and +26% more per square foot more than Q3 2017. Bidding wars continued to be the norm in the towns and neighborhoods of Brentwood, Santa Monica and the Sunset Strip.
Despite record condominium activity, LA’s overall housing market is cooling a bit. Miller sees this cooling as part of a national trend. “The market is still moving very briskly but you are seeing a slowdown in the pace of activity.”
LA’s cooling is taking place in single-family home prices and sales. The median sale price fell to $8.6M, a decline of -7.5& in Q3 2018 and sales slipped -16% over the last year.