Welcome to February 2021 --- it seems amazing that we have already reached this calendar mark. January was the highest producing January in history for our team. This is a good indication of what’s ahead, I believe. Larger-sized homes sold in 2020 compared to 2019 -- no surprise as the largest estates of $68M to $165M sold in 2020. These represent LA’s highest uber closings in residential history.
Overall, L.A. properties that sold in Q4 were bigger and left the market faster compared to the same time in 2019. The average square footage of homes that sold neared an all-time record, though price-per-foot numbers dropped.
LA County’s Median Sales Price rose 10% in in 4th quarter compared to 2019s 4th quarter. Luxury Home Median Sales Price (considered properties in top 10% of price bracket) rose 11.2% -- Malibu was hottest with 71% rise year over year (2019’s fires were reason for that jump, most likely).
One alert sign -- Inventory rose 35% in 2020’s 4th quarter compared with previous 2019’s 4th quarter. Rising inventory can eventually soften prices. Let’s keep careful watch. In February we are launching some of the most exciting estate properties ever seen. Stay tuned.
Happy Valentine’s Day!
-Ernie
