Los Angeles County Median Sale Price Hits 8-Year High, reports PropertyShark.com
Industry: Real Estate
Los Angeles median sale price now at $485,000, the highest value recorded since 2007
Los Angeles, CA (PRUnderground) August 5th, 2015
Q2 2015 median sale prices for Los Angeles County homes saw the highest values recorded in the past 8 years. The $485,000 median registered in the second quarter of 2015 is closing in on pre-recession levels as similar values have been last seen in Q4 2007, when the median sale price was $490,000.
PropertyShark.com data shows that the median price per square foot ($338) – up 5% Q-o-Q and 8% Y-o-Y – mirrors the trend for median sale prices and stands at an 8-year high as well. Despite an overall price growth for all property classes, single family home prices registered the biggest Y-o-Y change (+10%). A total of 15,438 single family homes sold in Q2 2015, totaling 73% of all residential sales recorded.
While the overall number of sales stayed relatively flat (0.2% Y -o-Y growth), the luxury segment compensated with a 13% Y-o-Y increase, driving a $15.5 billion sales volume – another record value for the county.
Luxury sales (over $1 million) amounted to 15% of all residential sales closed in Q2, with affordable homes – sold for under $200,000 – representing only 6% of all sales.
The iconic Beverly Hills 90210 zip code was the priciest in the county, with a staggering median sale price of $4.1 million – a 12% Y-o-Y increase. The striking difference between the priciest and cheapest zip codes in the county amounts to nearly $4 million, as Pearblossom (zip 93553) registered a median of $117,500.
The Singleton House in Holmby Hills (384 Delfern Dr.) had the heftiest sale price in the entire county; the $59,356,000 sale was the biggest transaction closed in Q2, followed by the $35,500,000 sale of Art Linkletter’s former residence at 1100 Bel Air Rd.
Read more here; full Q2 2015 report also available for download.
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