Housing markets in Bel-Air and northeast L.A. ended 2016 on a high note
Neighborhoods in northeast L.A. and one of the toniest spots on the Westside were trending upward as L.A. County’s housing market closed out 2016.
Bel-Air/Holmby Hills, currently the epicenter of L.A.’s ultra-luxury scene, saw roughly $295.4 million in sales the last three months of 2016, a 153% increase compared with the same quarter in 2015, according to a report by the Multiple Listing Service. Additionally, there were 41 single-family home sales in the area compared to just 28 the previous year.
In terms of overall sales volume, only Beverly Hills achieved greater numbers. The Westside pocket saw slightly more than $299 million in sales last quarter, up 54% from the previous year. Brentwood was right behind with $266.3 million in sales, up 4% year over year.
Other areas showing major growth were Highland Park and Montecito Heights, which registered sales growth of 80% and 71%, respectively, in the last quarter. Highland Park, in particular, had 90 homes change hands to the tune of $63.4 million in sales.
Countywide, Metropolitan L.A. saw the largest growth with a 155% uptick in sales volume in the fourth quarter, but had only one single-family home sale during that time period.
Trending in the opposite direction was Malibu, which saw a 30% drop in sales volume in the fourth quarter. The Malibu Beach area also underperformed with $40.7 million in sales in the final months of 2016, down from $64.38 million the same quarter the previous year.
Here’s a larger look at the numbers, provided by the MLS:
Twitter: @NJLeitereg
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