California Real Estate | 3 minute read
Median Sale Price Reaches 8-Year High in Los Angeles County
BY PropertyShark Staff | Aug 3, 2015
The median sale price in L.A. county reached $485,000 in the second quarter of 2015, a peak which was last seen 8 years ago (in Q4 2007), shortly before the onset of the financial crisis. Compared to Q1 2015, the price represents a 7% increase while compared to the same quarter last year it’s a 9% increase.
The median price per sq. ft. ($338), up 5% Q-o-Q and 8% Y-o-Y, mirrors the trend for median sale prices and stands at an eight-year high as well.
Year-over-Year Stats at a Glance
- Median sale price: 9% (Y-o-Y);
- No. of transactions: 0.2% (Y-o-Y);
- Median sale price/sq. ft.: 8% (Y-o-Y);
- Luxury market sales: 13% (Y-o-Y);
- Most expensive zip code: 90210.
Single-family versus Condo Sales
In Q2 2015, median prices were up for all property classes. The median price for single family homes was $510,000, just $100K over the median price for condos. The price per sq. for single family homes registered the same value as that for condos — $341. See below the number of sales by property type.
Total Sales Flat Y-o-Y, Luxury Sales Roaring
The number of transactions in the county hardly grew Y-o-Y (+0.2%), but managed to stay in the positive. However, some segments of the markets such as luxury sales have performed strongly and were up 13%.
Top 10 Residential Sales by Sale Price
The most expensive sale in Q2 was a 10-bedroom mansion in the posh Holmby Hills area, which closed at slightly over $59 million. The property was first listed for $75M.
See the full report of each property by clicking on the Property Address.
| No. | Property Address | Sale Price | Property Type |
|---|---|---|---|
| 1 | 384 Delfern Dr, LA | $59,356,000 | Single Family Residence |
| 2 | 1100 Bel Air Rd, LA | $34,500,000 | Single Family Residence |
| 3 | 837 Greenway Dr, Beverly Hills | $28,000,000 | Single Family Residence |
| 4 | 385 Copa De Oro Rd, Los Angeles | $25,000,000 | Single Family Residence |
| 5 | 8940 Thrasher Ave, West Hollywood | $25,000,000 | Single Family Residence |
| 6 | 910 Foothill Rd, Beverly Hills | $23,700,000 | Single Family Residence |
| 7 | 913 N Bedford Dr, Beverly Hills | $23,500,000 | Single Family Residence |
| 8 | 46 Beverly Park Cir, Beverly Hills | $22,250,000 | Single Family Residence |
| 9 | 534 Barnaby Rd, Los Angeles | $21,440,000 | Single Family Residence |
| 10 | 15070 Corona Del Mar, Pacific Palisades | $21,000,000 | Single Family Residence |
Beverly Hills, Santa Monica, and San Marino the Most Expensive Areas
90210 of Beverly Hills topped the list of the most expensive zip codes in the county, where the average home was sold for over $4M. The second and third most expensive zip codes were in Santa Monica (90402) and San Marino (91108) where the average homes were sold for $2.7M and $2.5M respectively.
The median sale price of the 123 homes sold in Q2 2015 in zip code 90210 was $4.1M (a 12% increase year-over-year), making 90210 the most expensive zip code in LA County. Zip code 90402 grabs the No. 2 slot with a median home price of $2.7M; that’s $1,237 per square foot, the biggest price per sq.ft. in LA county.
| Rank | Zip codes | Location | No. of transactions | Median sale price | Median price per sq. ft. |
|---|---|---|---|---|---|
| 1 | 90210 | Beverly Hills | 123 | $4,100,000 | $1,026 |
| 2 | 90402 | North of Montana, Santa Monica | 37 | $2,737,500 | $1,237 |
| 3 | 91108 | San Marino | 39 | $2,500,000 | $828 |
| 4 | 90077 | Bel Air | 45 | $2,350,000 | $879 |
| 5 | 90272 | Pacific Palisades | 123 | $2,350,000 | $947 |
| 6 | 90212 | Beverly Hills | 23 | $2,200,000 | $880 |
| 7 | 91008 | Bradbury | 6 | $2,075,000 | $876 |
| 8 | 90266 | Manhattan Beach | 121 | $2,000,000 | $938 |
| 9 | 90049 | Brentwood | 169 | $1,900,000 | $725 |
| 10 | 90265 | Malibu | 105 | $1,750,000 | $766 |
The area with the most affordable housing prices is Pearblossom (zip code 93553), where the median price is as low as $117,500.
| Rank | Zip codes | Location | No. of transactions | Median selling price | Median price per sq. ft. |
|---|---|---|---|---|---|
| 1 | 93553 | Pearblossom | 12 | $117,500 | $105 |
| 2 | 93591 | Palmdale | 32 | $132,500 | $97 |
| 3 | 93534 | Lancaster | 154 | $164,500 | $111 |
| 4 | 93535 | Lancaster | 336 | $167,250 | $104 |
| 5 | 93543 | Littlerock | 51 | $180,000 | $125 |
| 6 | 93550 | Palmdale | 276 | $185,000 | $126 |
| 7 | 93552 | Palmdale | 167 | $215,000 | $117 |
| 8 | 93532 | Lake Hughes | 6 | $220,000 | $133 |
| 9 | 90061 | Willowbrook | 31 | $236,000 | $228 |
| 10 | 90002 | Watts | 67 | $238,000 | $244 |
If you’d like to read more details on L.A.’s housing market in Q2, check out our full Los Angeles Report for Q2-2015.
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