After a record-breaking year of home sales in Los Angeles, January is continuing the upward trend, right where December left off. Average sale prices have seen double digit percentage jumps in communities like Sherman Oaks, where the December average sale price jumped 16.5% from $1.157 million to $$1.348 million over the last year. For Valley Village, the rise was more modest, 7.6% year to year, while Studio City actually experienced a minor 4% dip since the previous December. December Average Sale Prices for Single Residences were $1.157 million in Sherman Oaks, $1.392 million in Valley Village and $1.667 million in Studio City.
Low inventories of homes available to purchase, accompanied by low interest rates continue to fuel the competitive, multiple offers we’re seeing for most homes.
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Source: CRMLS, The MLS