[REAL ESTATE] April Hancock Park House Prices Up, Condo Prices Down
Southern California real estate sales in April 2017 were down 8.4% from March and 4.8% from the same time last year to a total of 20,244 homes or condos sold, according to data from Core Logic, a real estate analysis firm out of La Jolla, CA.
These numbers marked the lowest sales for the month of April since 2014, and put this April 14.5% below the regional average since 1988.
But according to Andrew LePage, a research analyst with CoreLogic, the drop isn’t necessarily cause for concern.
“At first glance, Southern California’s April 2017 home sales seem a bit underwhelming, especially after a strong start to the homebuying season this March when sales hit a decade-high for that month,” said LePage “However, compared with this April, March 2017 had three more business days and April 2016 had one more business day on which deals could be recorded. When measured by the average number of transactions recorded daily, last month’s sales were roughly the same as in March 2017 and April 2016.”
Additionally, newly constructed homes and condos saw much lower sales than resale properties—new sales were about 39% below the April average, while resale properties were just over 11% below the average.
Meanwhile, the median price paid for a home in Southern California this April was $485,000, the highest since August 2007.
This April’s median was up 1% from March and 6.2% from April of the previous year.
“Inventory remained low, and job and stock market growth, coupled with low mortgage rates and strong consumer confidence, continued to drive housing demand and keep pressure on prices,” said LePage. “The median price for a home hit an all-time high in April 2017 in Orange and San Diego counties, and it tied the record set a decade ago in Los Angeles County.”
Locally, there were 52 single-family homes and 22 condos sold in our coverage area this April.
Lafayette Square once again boasted the month’s highest local sales, with 18 homes sold in the 90019 ZIP code. The median price for the area went up by about 16% from the same time last year to $1.034 million. Seven condos sold in the same area for a median price of $557,000, also up by 6.6% from the previous year.
Meanwhile, 15 homes sold in Hancock Park’s 90004 ZIP code, at a median price of $1.5 million, down over 30% from April 2016. Condo prices for that ZIP were down as well, though not as significantly. Median price dropped about 4% to $665,000 for the four condos sold.
La Brea-Wilshire saw 13 single-family home sales in April, and the 90036 ZIP code saw a 10% increase in median price to $1.668 million. Only one condo sold in the area, however, for a median price of $196,000—more than 70% less than last April’s median condo price for the neighborhood.
Six homes sold this April in Hancock Park’s 90020 zip code, at a whopping median price of $3.175 million, an increase of more than three quarters over the previous year’s median, but in keeping with recent months’ price spikes for the area. Condo prices in 90020 were down, however, about 45% from the previous year to a median of $560,000 for the 10 sold.