Douglas Elliman Releases Q2 2017 Los Angeles and Submarkets Market Report

Record Sales in LA; Malibu and Malibu Beach markets remain tight; sales up in Venice and Mar Vista

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Jul 27, 2017, 09:00 ET

NEW YORK, July 27, 2017 /PRNewswire/ -- Douglas Elliman Real Estate, the fourth largest residential real estate company nationwide, today releases the second quarter 2017 Greater Los Angeles and LA Submarkets Market Reports. Sales in Greater Los Angeles reached a record high, with overall price trends rising and inventory declining. The submarkets showed mixed results with Venice and Mar Vista experiencing strong activity, while Malibu and Malibu Beach markets remained tight.

"We are seeing a rise in prices in the Los Angeles luxury market, and it's interesting to note that median sales prices have gotten higher year over year for twenty consecutive months," said Stephen Kotler, President of Brokerage-Western Region, Douglas Elliman. "Sales in Venice jumped, and they did in Mar Vista and Malibu Beach, while Malibu showed mixed results with stable sales and a declining inventory."

"With falling inventory and rising sales, the pace of the Los Angeles market was brisk," added Jonathan Miller, author of the report. "Along the Pacific Coast, Venice and Mar Vista also performed well, with Mar Vista showing the strongest conditions of the four submarkets."

Highlights of the Douglas Elliman Q2 Market Reports:

GREATER LOS ANGELES INCLUDING WESTSIDE AND DOWNTOWN SALES HIGHLIGHTS

Overview
- Number of sales reached record high as inventory declined
- Overall price trend indicators moved higher
- Median sales price increased year over year for the twentieth consecutive quarter
- With falling inventory and rising sales, the pace of the market was brisk
- Luxury market prices increased as inventory fell sharply

Key Trend Metrics (compared to same year ago period)
- Median sales price increased 2.2% to $1,400,000
- Average sales price rose 13.5% to $2,368,073
- Number of sales surged 25.1% to 1,806
- Days on market was 52, down from 62
- Listing discount was 3%, up from 3.1%

LA SUBMARKETS

MALIBU/MALIBU BEACH
- Malibu price trends showed mixed results with stable sales and declining inventory
- Malibu Beach showed rise in sales overall as the market skewed to smaller sized sales

VENICE/MAR VISTA
- Venice sales jumped, outpacing the rise in supply as price trend indicators showed mixed trends
- Mar Vista price trend indicators and sales rose across property types

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.