Sales of luxury homes remain down on LA’s Westside

We’re still down for the year as we have had only 230 sales of $5 million-plus home this year, versus 273 this time last year, a drop of 16%. Of these, there have been 62 closed sales of $10 million-plus versus 86 last year, down 62%. This has been the trend since January as the demand for higher-priced homes have moderated.

There were 14 sales of $20 million-plus homes this year, versus 29 last year at this time, down 52%, and six sales were $30 million-plus versus 13 in 2018. 

The good news is there are 67 pending sales of $5 million-plus, and 19 of these are $10 million-plus…six are $20 million-plus, and there are two pending sales of $70 million-plus.

Buyers for the 14 homes selling for $20 million-plus are mostly American with others coming from Quatar, Bulgaria, China, England and Saudi Arabia. Bel-Air had six sales, followed by five in Beverly Hills, and one each in BHPO, Brentwood and Malibu.

For more information on current real estate conditions, please visit my web site — www.caroleschiffer.com or give me a call at 310-442-1384. Thanks.