— May 14, 2019 —

Q1 2019 Local Market Update

Spring has sprung.  While parts of the city of slowed, Hancock Park remains in high demand.

 

Homes over $2 million – 18 sold versus 18

$61.2 million sold, $8.6 million LESS than in Q1 2018.

  • The same number of properties sold.  Half as many were over $4 million.
  • Average prices were $3.4 million, $472,000 less.
  • Average price per square foot was $908, +5.7% higher.

Homes under $2 million – 31 sold versus 12 (+158% vs YAG)
$28.8 million sold, $8.5 million more than in Q1 2018.

  • Average prices were $1.49 million for approximately 1,832 square foot x 6,447 square foot lot.
  • Average price per square foot was $845, versus $705 last year.

By Neighborhood

  • There were only 4 sales under $2 million in all of Hancock Park & Windsor Square HPOZs.  Larchmont Village, Brookside and Hancock Park adjacent provide the most opportunities for these buyers.

 By Property Type:

  • Condo volume was down 8% and average prices increased 2.7%.  Market time increased to 63 days from 42.
  • Lease volume and market time were flat versus last year while average prices appreciated 7%.
  • Income volume was down 85% and average prices increased 8%.

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