Q1 Market Stats
- When I compare home sales using the MLS for LA prime markets (Beverly Hills, Beverly Hills Post Office, Hollywood Hills, West Hollywood, Bel Air / Holmby Hills, Westwood / Century City, Brentwood & Santa Monica)
- For the periods of Q1 2025 vs Q1 2024
- We can see transactions have increased:
- Number of houses sold in Q1 2025 was 386 vs 289 in Q1 2024, an increase of 34%
- We can see a significant increase in sales price:
- Median sales price in Q1 2025 was $3,729,000 vs $3,100,000 in Q1 2024, an increase of 20%
- And an increase in the time it takes to sell:
- Average days on market in Q1 2025 was 44 vs 40 in Q1 2024, an increase of 10%
- The highest home value sold in Q1 2025 was $36.0m vs $42.1m in Q1 2024
- What's the reason for the increase in median sales price:
- Reduced Housing Supply Due to Wildfires: The recent fires have further tightened an already limited inventory. With fewer homes available, competition among buyers has intensified, driving prices higher
- Increased Demand for Safer Areas: Buyers are shifting their focus to neighborhoods perceived as lower-risk, increasing demand and prices in those areas.
- Looking ahead: we’ll also begin to see the impact of newly imposed tariffs particularly on construction materials which may further affect housing costs, new development timelines, and overall market dynamics.
