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Los Angeles High End Home Prices Back To Pre-crisis Highs

Posted by: : Paul EbelingPosted on: February 19, 2015 Los Angeles High End Home Prices Back To Pre-crisis Highs

Los Angeles High End Home Prices Back To Pre-crisis Highs

Home prices in high-end Los Angeles neighborhoods including Beverly Hills, Santa Monica and Bel Air have passed levels reached before the housing crisis, as values in the region’s broader market continue to recover.

In areas including the Westside and Downtown Los Angeles, the median price of single-family homes and condominiums was $885,000 in Q-4 of Y 2014, + 7.3% from a year earlier, that according to a report Thursday.

The all-time high for the Los Angeles region was in Q-2 of Y 2014, when prices reached $895,000. The Los Angeles-area record during the last boom was $862,000, in Q-3 of Y  2007.

The report is based on sales in the listing area that stretches from Malibu south to the beach district of Playa del Rey, and to the gentrifying Highland Park neighborhood northeast of Downtown. It does not include such lower-cost areas as the Antelope Valley, South Los Angeles and Compton.

The Los Angeles County median home price was $441,610 in January, compared with a September 2007 high of $625,810, the California Association of Realtors. Statewide, the median price for single-family, detached homes was $426,790, up 3.4% from a year earlier while still 28% below the May 2007 high.

Despite a leveling off of home prices and continued decline in interest rates in recent months, California’s housing market continues to be constrained by low housing affordability.

Los Angeles’s high-cost areas had mixed results last Quarter, influenced mostly by the tight inventory of homes for sale. There was a 2.3-month supply of homes on the market, meaning it would take that long for all listed properties to find buyers at the current sales pace. A 6-month supply is balanced, according to the National Association of Realtors (NAR).

Beverly Hills had the highest median price for single-family homes in Q-4, at $3.55%, down 36% from a year earlier, according to the report. Even with the decline, sales included the $70-M paid in December by the creator of the Minecraft video game, for a Beverly Hills home.

Prices also fell from a year earlier in Malibu, with a 4.8% decline to a median $2.47-M, and in the Bel Air and Holmby Hills districts, down 22% to $1.75-M. In the Beverly Hills Post Office (BHPO) area, which lies inside the 90210 ZIP code but outside the city limits, they climbed 37% to $2.6-M, and in Santa Monica they gained 21% to $2.19-M.

The average price per sqf for all sales covered in the Los Angeles report was $740, + 12% from a year earlier. The Manhattan average was $1,284, + 9%, according to the report.

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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