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Los Angeles Quarterly Report – Q2 2020

 
 
  TYPE 2019 2020 % CHANGE 2019 2020 % CHANGE 2019 2020 % CHANGE
Malibu SPR
CONDO
24
14
24
12
0.00%
-14.30%
$2,773.634
$1,145.464
$3,696.417
$1,102.912
33.30%
-3.70%
103
81
94
34
-8.70%
-58.20%
Malibu Beach SFR
CONDO
9
3
12
4
33.30%
33.30%
$8,619.444
$817,000
$7,992.819
$1,472.475
1.30%
80.20%
109
24
88
131
-19.80%
451.60%
Marina Del Rey SFR
CONDO
25
78
11
37
-56.00%
-52.60%
$1,555.172
$1,014.638
$1,530.741
$1,131.648
-1.60%
11.50%
44
44
50
33
12.80%
-24.50%
Pacific Palisades SFR
CONDO
47
25
41
8
-12.80%
-68.00%
$3,607.621
$1,088.680
$4,260.302
$1,257.062
18.10%
15.50%
47
28
44
31
7.30%
10.90%
Palms - Mar Vista SFR
CONDO
84
35
47
14
-44.00%
-60.00%
$1,820.649
$719.474
$2,079.692
$742.579
14.20%
17.30%
42
37
23
32
-45.10%
-14.10%
Santa Monica SFR
CONDO
52
65
29
64
-44.20%
-1.50%
$3,424.276
$1,398.373
$3,273.253
$1,024.982
-4.40%
-26.70%
59
45
39
30
-33.40%
-33.60%
Venice SFR
CONDO
41
10
32
5
-22.00%
-50.00%
$2,187.981
$1,496.415
$2,298.681
$1,636.000
5.10%
9.30%
39
48
41
41
4.90%
-16.00%
Beverlywood SFR
CONDO
36
8
10
6
-72.20%
-25.00%
$1,637.678
$835.375
$2,037.500
$876.250
24.40%
4.90%
43
22
38
47
-10.70%
116.60%
Brentwood SFR
CONDO
69
47
35
33
-49.30%
-29.80%
$4,854.667
$1,000.657
$5,321.493
$1,123.070
9.60%
12.20%
68
36
40
31
-41.80%
-13.00%
Cheviot Hills-Rancho Park SFR
CONDO
26
0
14
0
-46.20%
NA
$2,403.784
NA
$2,519.349
NA
4.80%
NA
57
NA
27
NA
-52.50%
NA
West LA SFR
CONDO
32
37
12
15
-62.50%
-59.50%
$1,508.312
$906.825
$1,320.625
$882.067
-12.40%
-27.00%
67
31
23
32
-65.20%
5.20%
Westwood- Century City SFR
CONDO
53
119
13
61
-75.50%
-48.70%
$2,427.693
$1,468.444
$2,587.330
$1,084.333
6.60%
-26.20%
37
44
22
36
-39.10%
-18.10%
 
As we continue to work through the challenges and impact of Covid-19, we are pleased to bring you the Compass 2020 Q2 Real Estate Market Report.
 
Sales activity and average sale price across LA Country reveal how Stay-at-Home orders disrupted the second-quarter market. Buyers pulled back while sellers continued to sit on the sidelines waiting for increased market activity. Condominium sales were sharply impacted in most areas as concerns about sharing public spaces, including elevators and swimming pools, escalated.
 
As uncertainty continued, overall sales activity fell 43 percent compared to last year in Los Angeles’ second quarter. That number is consistent around the area. The San Fernando Valley saw a 44 percent sales drop.
 
Sales in the Eastside/San Gabriel Valley fell 42 percent. Similar overall sales numbers tracked on the Westside with a 44 percent decline. Down in the South Bay, the sales activity decline was only slightly better at 39 percent compared to the second quarter of 2019.
 
Despite sales activity declines, Hermosa Beach, Rolling Hills Estates, Toluca Lake, Beverly Hills, Pacific Palisades, and Malibu saw double-digit increases in average single-family sale prices. This reflects the national trend in the current Covid-19 environment of buyers wanting single-family homes.
 
Days on market decreased significantly in many communities. This solid indicator shows that well-priced move-in ready properties sell quickly. This holds true when inventory is held off the market by reluctant sellers. Anticipate that additional inventory constraints due to Covid-19 will continue.
 
source: COMPASS | LOS ANGELES (MICRO) MARKET REPORT | Q2 2020
 
 
 

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