Los Angeles real estate prices are at an all-time high and some analysts predict they will continue to rise as demand for homes outpaces new supply. But some neighborhoods are more popular among homebuyers than others, and market trends can change quickly in a city as large as Los Angeles.
A new map from the MLS tracks which neighborhoods experienced the most—and the least—sales growth in the second quarter of 2017 (compared to the same period a year earlier).
Obviously, sales figures in that short period will have been affected by random swings in the number of homes on the market in certain areas, but the map still provides useful information about which neighborhoods homebuyers have been flocking to in recent months.
Of the areas on the map where at least 10 homes were sold in both the second quarter of 2016 and the second quarter of 2017, Atwater Village saw the largest increase in sales volume (the total amount buyers spent on homes during those three months).
Overall, 38 homes were sold in the neighborhood between April and June of 2017, up from 18 during the same period last year. The average sale price in the last three months jumped to $763,230 from $730,106 a year earlier.
Other major increases in sales volume were found in pricier neighborhoods like Beverly Hills Post Office (up 128 percent), Cheviot Hills (123 percent), Playa del Rey (113 percent), and Los Feliz (86 percent).
Parts of South LA and Northeast LA also appear to be getting more popular with homebuyers. Ladera Heights, North and South Inglewood, Cypress Park, Mount Washington, and Glassell Park all saw sales volume rise more than 30 percent this last quarter, with at least 20 homes sold in each neighborhood.
Of the 51 neighborhoods mapped by the MLS, all but 12 saw an increase in sales volume in the second quarter of 2017. Still, sales were down significantly in Culver City, Eagle Rock, Topanga, and El Sereno.
Whether because of less interest from buyers or less homes on the market, the number of homes sold fell significantly in all four areas, with sales volume dropping 20 percent or more compared to the same time last year.