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Just How Great is the Market in LA's 5 Most Expensive 'Hoods?

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Now seems like as a good a time as any to check in on the top one percent of the housing market, since we know it's growing like crazy, and, just in time, high-end brokerage Sotheby's has released their market update for the greater Los Angeles area using data pulled from MLS for March through May of 2014 (and 2013 for comparison). We've pulled out the figures for five of the priciest neighborhoods, according to the average listing prices this year, to see how they stacked up to last year's numbers.

Right off the bat, Bel Air jumps out with an insane upward jolt in asking price: the 2014 average of $9.165 million is nearly three times what it was in 2013. (Though the average Bel Air house sold for a paltry $7,957,351 in 2014.) In fact, all of the top five 'hoods saw gains in asking prices of more than a million dollars (though some just barely), with the exception of Malibu, where the average asking price bumped up just less that $650,000—which is still more than the median price of a house in LA County.

The top five most expensive neighborhoods are all pretty predictable, but there were also some rising stars on the Westside—thanks, Silicon Beach!—like Palms/Mar Vista, which, grouped together in Sotheby's report, saw an average listing price of $1,136,391. The average selling price? $1,159,595. That's up from about $900,000 in 2013.
· Greater Los Angeles Market Report [Sotheby's]