q2 data
— July 27, 2018 —

Q2 2018 Local Market Update

Hancock Park real estate is sizzling! Below are key highlights from April – June 2018:

Homes Over $2 Million

  • $147.9 million sold, $65.8 million MORE than Q1 2017
  • 41 sold versus 22
  • Average price per sq. foot was $912, +9% higher

Homes Under $2 Million

  • $49.3 million sold, $13.1 million LESS than Q1 2017
  • 35 sold versus 48
  • Average price per sq. foot was $768, +17% higher

Click download for more details by area and property type.

For broader context in Los Angeles and the state, this California Association of Realtors June 2018 report is  worth a read.

Key points:

  • California prices hit new highs for the second straight month.  Economic conditions not holding the market back.  Construction continues in spite of state regulatory, local zoning, land use hurdles including NIBYism.  There is a 30+ year history of under building which continues to the marketplace.
  • By price segments, the very top end of the market continues to post double-digits gains with homes priced over $2 million rising year-over-year by more than 13% since June 2017.   Sales of homes priced $1 million and above increased 7.2% while the category under $1 million contracted.
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