The Share of $1 Million–Plus Homes in L.A. Has Doubled

The Share of $1 Million–Plus Homes in L.A. Has Doubled (MAP)

LA Home prices still going up... it's gone insane the past four years. As a realtor, with multiple offers still a reality in this price range its a matter of supply and demand. For now, it's still a sellers market. Volume of sales has slowed but I think it's due to lack of inventory. Yikes!

 

By Dennis Romero - May 19, 2016 

If you're looking for evidence that L.A.'s real estate market has gone absolutely insane, look no further.

A new report from real estate listings site Trulia titled "Million Dollar Creep" says the Los Angeles market's share of million-dollar homes has more than doubled between 2012 and 2016.
In some neighborhoods, residences worth $1 million or more often outnumber those worth less, the site found.

"In certain neighborhoods in Los Angeles, the contrast is especially striking — in Mar Vista, the share of million-dollar homes jumped from 22.4 percent in 2012 to 74.1 percent in 2016," a Trulia spokeswoman said. "In Silver Lake, the percentage share grew from 7.8 percent to just under one-half of homes valued at a million dollars or more (43.8 percent)."

Otherwise the L.A. areas with the highest increases in $1 million–plus homes over the last four years were in the South Bay (Torrance), near Beverly Hills (South Carthay) and in Glendale, according to Trulia.

"Each of the major Southern California housing markets — Los Angeles, Orange County, Ventura County, and San Diego — have witnessed a doubling in the share of million-dollar homes over the past few years," the site said in a statement.

Nationally, L.A. ranked fifth for markets with the largest percentage increases in million-dollar homes from 2012 to 2016.

The Bay Area's San Francisco, San Jose and Oakland took the three top spots, respectively, Trulia found. Orange County was fourth nationally. San Diego was seventh. And Ventura County was ninth.


Trulia says it looked at home values, not just listings, in 100 of the nation's largest metro areas.
Check out the map below. If you're shopping for a home in L.A. right now, you're either technically rich or very optimistic. In either case, good luck.

Source: http://www.laweekly.com/news/the-share-of-1-millionplus-homes-in-la-has-doubled-map-6945895