State of the Market Los Angeles JUNE 2021

Single family luxury home sales over $5M are way up in the Los Angeles housing market for the first half of 2021. Total homes sold is up over 200% compared to last year at this time and the total sales volume is up 100%. Average price remains steady at $11M and average price per square foot remains steady at $1,600 Per square foot. Some of this has to do with the slow 2nd quarter in 2020 when COVID shut down the market and some of it is the consistent high demand for blue chip real estate in strong locations and low interest rates. We expect to see the velocity continue at all price points in the second half of 2021 as the supply side is low and the demand at every price point is robust and screaming hot at the entry level price points.