Bel-Air/Holmby Hills saw roughly $295.4 million in sales the last three months of 2016. According to a report by the Multiple Listing Service, this is a 153% increase compared with the same last three months of 2015.
Bel-Air/Holmby Hills may be the capital of luxury in Los Angeles, Beverly Hills achieved greater numbers in terms of overall sales volume. According to LA Times, “The Westside pocket saw slightly more than $299 million in sales last quarter, up 54% from the previous year. Brentwood was right behind with $266.3 million in sales, up 4% year over year.”
The expensive neighborhoods such as Beverly Hills and Bel Air are some of the trendiest areas on the market and prices continue to rise. According to MarketWatch, “While average prices in L.A. have not yet attained the highs we saw prior to the 2008 financial crisis, in any of the more expensive neighborhoods they’ve definitely been exceeded. In Bel Air, Beverly Hills, the Bird Streets, Brentwood, Santa Monica and the Pacific Palisades, they’ve been far exceeded.” It’s also worth noting that Bel Air holds the most expensive home on record which is listed at $250 million and comes with a $30 million car collection and a helicopter.
There are many areas in L.A. that saw major growth in the past few months such as Highland Park, Marina Del Rey, and Montecito Heights. According to the LA Times, “We’ve already seen a lot of real estate activity in 2017 and we’re not even up to the Super Bowl, which traditionally kicks off the start of the sales season here in Southern California. If our prognosticator skills are intact and January is any indication, we’re in for another busy housing market as prices continue to creep upward.”