After three consecutive years of growth, the L.A. housing market has gotten even hotter in the first months of this year. Both home prices and sales went up in May, although at a slower pace compared to the previous months.
As you can see in the table below, the median home sale price in May reached a peak value of $475,000, slightly up from April’s $470,000 while the number of closed sales was 7,010.
|Month||Median sale price||M-o-M changes||Number of sales||M-o-M changes|
|January||$440,000||down 1%||4,689||down 27%|
|February||$454,000||up 3%||4,659||down 1%|
|March||$460,000||up 1%||6,605||up 42%|
|April||$470,000||up 2%||6,918||up 5%|
|May||$475,000||up 1%||7,010||up 1%|
Pacific Palisades Sees The Highest Median Home Price: $2.8M
The affluent Pacific Palisades, Beverly Crest, and Bel Air led the other neighborhoods in terms of median home prices, followed by Cheviot Hills and Hollywood Hills West, where home prices jumped up by 47% and 34% respectively.
|Neighborhood||Median Home Price||Change M-o-M|
|Pacific Palisades||$2,800,000||up by 30%|
|Beverly Crest||$2,700,000||up by 17%|
|Bel Air||$2,580,000||up by 4%|
|Cheviot Hills||$2,197,500||up by 47%|
|Hollywood Hills West||$2,052,500||up by 34%|
It’s no surprise, then, that some of the priciest real estate transactions closed in May are located in these areas:
#1. 913 N Bedford Drive, Beverly Hills
Sale price: $23,500,000
This is the house Marlene Dietrich used to rent from countess Dorothy di Frasso in the early 1930s. Its sale price is now more than three times over what the previous home owners paid for it back in 2008.
#2. 11459 Bellagio Road, Bel Air
Sale price: $18,500,000
This European-style villa was built in 2009 and boasts 6 bedrooms, 8 bathrooms, and stunning craftsmanship all throughout.
#3. 716 N Palm Drive, Beverly Hills
Sale price: $18,246,500
This authentic Mediterranean-style villa dates from 1929. Its price more than doubled since the last time it was sold, as the previous owners paid only $7.5 million for it in 2010.
#4. 580 Chautauqua Boulevard, Pacific Palisades
Sale price: $14,750,000
This 1937 property, a Paul Williams-inspired classic, went through a total renovation in 2014 and was listed for a much bigger price of $17.5M.
#5. 1130 Maytor Place, Beverly Hills
Sale price: $11,900,000
This mid-century modern mansion went through total renovations last year when it was bought for half its current selling price.
Top 5 L.A. neighborhoods by number of sales
The low inventory made the sales activity remain generally calm all throughout L.A. in May, with some bouts in the San Fernando Valley communities.
|Neighborhood||Number of Sales||Median Sales Price|
If you’d like to gain insight into how this year’s L.A. housing market compares to last year’s status, check out our 2014 L.A. real estate market report.