Are any non-millionaires still paying attention to the housing market in Los Angeles? Just in case, listing site Redfin has released sales data for July and guess what: prices are up again (8.1 percent in the city of LA since last year, to a median of $575,000; 5.4 percent across the metro area, to $490,000) while inventory just keeps on withering away (down 16 percent over last year). Are people just giving up? Bidding wars are down just a bit, but 63 percent of properties got multiple offers in July and well over a third (38 percent) went for more than their asking price.
So everyone wants to know where you might get a deal, right? Not on the Westside, duh: the median sale price across that whole area is now $1.1 million, but that's just the start—Venice's median sale price is $1.722 million, just a bit above Cheviot Hills at $1.703 million and a few hundred thousand above Beverly Glen and Brentwood. Pacific Palisades took most expensive in July with a median sale price of $2.465 million.
Those numbers are pretty shocking, but less surprising than the areas that are seeing the craziest home sale action right now: West Adams prices jumped 34.4 percent over last year, South LA was up 18 percent, Mid-City was up 23.1 percent, and Glassell Park was up 21.8 percent. You wouldn't think Venice or Beverly Glen had much room to grow their sale prices, but you'd be wrong: Venice prices shot up 18.8 percent and Bev Glen was up 29.8 percent.
Sellers, meanwhile, are doing best in Eagle Rock, where homes went for 103.3 percent of asking price in July, hot-hot Highland Park, where they went for 103.1 percent of asking, and forever-scorching Silver Lake (102.7 percent). Homes were flying off the market in an average of just 12 days in Valley Village, Echo Park, and the Westside's Fox Hills.
All the numbers are right here:
· L.A. Homebuyers Continue to Struggle as Inventory Declines for Fifth-Straight Month [Redfin]