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Los Angeles Core Compass Development Market Watch Q4 2020

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Los Angeles Core Compass Development Market Watch Q4 2020 Compass Development MarketWatch / Q4 2020 LOS ANGELES CORE HIGHLIGHTS: Total sales volumes in all neighborhoods were UP 3.6% YOY in Q4-20, with price + 3.6% points between $500K-$1M the driving force of traffic. This price point was up 19% YoY. Average sales price netted out at a healthy $1.4 MILLION in Beverly Hills, the highest in any LA Core market, and up 8.5% YoY, with sales volumes between $1.5M-$3M $1.4M up 60% YOY. Total sales volumes in West Hollywood remained very strong, UP 18.5% YOY, with lower priced product between $500K-$1M driving most of that traffic with this price + 18.5% segments’ sales volumes up 21.8% YoY. Average sales price for Beverly Center-Miracle Mile remained the lowest in any LA Core market, but sales volumes were incredibly strong, UP 65% YOY with 33 sales, the + 65% most since Q2-19. The Sunset Strip-Hollywood Hills submarket kept average sales price steady, in part by three $2M+ sales at Sierra Towers, but 68% OF SALES in this submarket were in the 68% $500K-$1M price range. The Century City-Westwood submarket felt the largest decline in sales volume of all the submarkets, but the luxury market over performed in this submarket with 7 SALES + $3M OVER $3M at the new Century Plaza Hotel, Beverly West and The Century. Compass Development Marketing Group’s New Development Market Insights report provides an in-depth look at Los Angeles’ core neighborhoods of Beverly Hills, West Hollywood, Century City, Westwood, Beverly Center-Miracle Mile, and the Sunset Strip/Hollywood Hills. Published quarterly and highlighting the city’s vast condo market, we pull information from a combination of public and proprietary databases that access the most up-to-date closing information for new development properties and resales. 2020 tested the resolve of the condominium market in LA’s core, with a trifecta of challenges that, each taken independently, would introduce a level of uncertainty in any regular year. Covid-19, civil demonstrations across the city last summer, and uncertainty leading up to the election are all factors that don’t play particularly well in real estate. But we rounded an important corner in the 4th quarter, and enthusiastic buyers poured into the market at 2019 levels, signaling a partial return to normalcy. Explosive interest in the single-family market, driven initially by the somewhat misleading narrative that condo living was ‘less safe’, has overflowed into the market for condos, and sales volume jumped 3.6% YoY to 284 closings in Q4 2020. The highest increase in volume occurred in the lowest price segment, where first-time buyers are taking advantage of historically low rates to jump into the game. And while average pricing overall declined as a result, prices in each individual price segment showed great resolve. During the quarter, 10 $3M+ condos closed at an average price of $4.5M – no small feat given where we are in the cycle. The first condos recorded at Century Plaza Residences clocked in north of $2,600/SF, and we expect to see more of the same in the coming months. If a partial softening in pricing drove initial reluctance in the market, we’re now seeing buyers entering the fray, eager to make a deal in what will continue to be a strong market. For any inquiries regarding our research, please reach out to [email protected] MarketWatch LOS ANGELES CORE Q4 2020 LOS ANGELES CORE- CONDOS $500K+ HOLLYWOOD Q4 2020 HILLS EAST GRIFFITH PARK LOS FELIZ BEVERLY HILLS SUNSET STRIP $1.1M -14.1% POST OFFICE HOLLYWOOD AVG. SALE PRICE FROM Q4 2019 HILLS WEST PACIFIC PALISADES BRENTWOOD BEL-AIR HOLMBY HILLS HOLLYWOOD $741/SF -3.3% W. HOLLYWOOD ON 284 SALES FROM Q4 2019 BEVERLY BEVERLY CENTER HILLS MIRACLE MILE CENTURY CITY WESTWOOD 284 +3.6% HANCOCK PARK # SALES IN Q4 2020 FROM Q4 2019 WILSHIRE MARKET PERFORMANCE $500K-$1M Q4-20 YoY% Q4-19 QoQ% Q3-20 SANTA MONICA $500K-$1MAvg. Sales Price $755,385Q4-20 YoY%-0.3% $757,411Q4-19 QoQ%0.9% $748,709Q3-20 CONDO $500K+ Q4-20 YoY% Q4-19 QoQ% Q3-20 # of Sales Total Market Performance Blended Avg. PPSF Avg. PPSF $674 0.2% $672 -1.6% $685 Condos ($500K+) Avg.Avg. Sales Sales Price Price $755,385$1,099,391 -0.3%-14.1% $1,279,879$757,411 0.9%3.2% $748,709$1,064,962 350 $900 Avg.NumberAvg. PPSF PPSF of Sales $674181$741 19.1%0.2%-3.3% $672$767152 -6.2%-1.6%0.2% $685193$740 300 $800 NumberDOMNumber of of Sales Sales 18144284 19.1%3.6% 15227451 -6.2%-5.6% 19325301 DOM 52 60 28 250 $700DOM 44 51 25 ANNUAL 2020 YoY% 2019 YoY% 2018 $1M-$1.5MPERFORMANCE Q4-20 YoY% Q4-19 QoQ% Q3-20 200 $600 Avg. Sales Price $1,116,859 -11.5% $1,262,157 11.3% $1,134,248 $1M-$1.5MAvg. Sales Price $1,174,445Q4-20 YoY%-3.2% $1,213,329Q4-19 QoQ%-1.9% $1,196,612Q3-20 150 $500 Avg. PPSF $742 -2.6% $762 4.9% $726 Avg. SalesPPSF Price $1,174,445$723 -2.4%-3.2% $1,213,329$741 -1.9%-1.1% $1,196,612$730 Number of Sales 940 -10.0% 1045 1.2% 1033 100 $400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Avg.Number PPSF of Sales $72364 -22.9%-2.4% $74183 -22.0%-1.1% $73082 2015 2016 2017 2018 2019 2020 DOM 43 55 48 NumberDOM of Sales 6454 -22.9% 6283 -22.0% 2682 DOM 54 62 26 SALES BY PRICE POINT $500K-$1M Q4-20 YoY% Q4-19 QoQ% Q3-20 $1.5M-$3M Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg.$500K-$1M Sales Price $755,385Q4-20 YoY%-0.3% $757,411Q4-19 QoQ%0.9% $748,709Q3-20 $1.5M-$3MAvg. Sales Price $1,903,448Q4-20 YoY%-3.9% $1,980,136Q4-19 QoQ%-1.2% $1,926,325Q3-20 Avg. PPSFSales Price $755,385$674 -0.3%0.2% $757,411$672 -1.6%0.9% $748,709$685 Avg. SalesPPSF Price $1,903,448$880 -3.9%-11.1% $1,980,136$989 -1.2%5.0% $1,926,325$838 NumberAvg. PPSF of Sales $674181 19.1%0.2% $672152 -6.2%-1.6% $685193 Avg.Number PPSF of Sales $88029 -3.3%-11.1% $98930 70.6%5.0% $83817 DOM 44 51 25 DOM 73 102 39 Number of Sales 181 19.1% 152 -6.2% 193 Number of Sales 29 -3.3% 30 70.6% 17 DOM 44 51 25 DOM 73 102 39 $1M-$1.5M Q4-20 YoY% Q4-19 QoQ% Q3-20 $3M+ Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg. Sales Price $1,174,445 -3.2% $1,213,329 -1.9% $1,196,612 Avg. Sales Price $4,513,800 -46.2% $8,383,333 -10.1% $5,020,333 $1M-$1.5M Q4-20 YoY% Q4-19 QoQ% Q3-20 $3M+ Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg. PPSF $723 -2.4% $741 -1.1% $730 Avg. PPSF $1,687 -9.1% $1,856 -7.1% $1,816 Avg. Sales Price $1,174,445 -3.2% $1,213,329 -1.9% $1,196,612 Avg. Sales Price $4,513,800 -46.2% $8,383,333 -10.1% $5,020,333 Number of Sales 64 -22.9% 83 -22.0% 82 Number of Sales 10 11.1% 9 11.1% 9 Avg. PPSF $723 -2.4% $741 -1.1% $730 Avg. PPSF $1,687 -9.1% $1,856 -7.1% $1,816 DOM 54 62 26 DOM 114 65 76 Number of Sales 64 -22.9% 83 -22.0% 82 Number of Sales 10 11.1% 9 11.1% 9 DOM 54 62 26 DOM 114 65 Note: Data pulled 1/04/202176 $1.5M-$3M Q4-20 YoY% Q4-19 QoQ% Q3-20 LOS ANGELES CORE MARKETWATCH - Q4 2020 2 Avg. Sales Price $1,903,448 -3.9% $1,980,136 -1.2% $1,926,325 $1.5M-$3M Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg. PPSF $880 -11.1% $989 5.0% $838 Avg. Sales Price $1,903,448 -3.9% $1,980,136 -1.2% $1,926,325 Number of Sales 29 -3.3% 30 70.6% 17 Avg. PPSF $880 -11.1% $989 5.0% $838 DOM 73 102 39 Number of Sales 29 -3.3% 30 70.6% 17 DOM 73 102 39 $3M+ Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg. Sales Price $4,513,800 -46.2% $8,383,333 -10.1% $5,020,333 $3M+ Q4-20 YoY% Q4-19 QoQ% Q3-20 Avg. PPSF $1,687 -9.1% $1,856 -7.1% $1,816 Avg. Sales Price $4,513,800 -46.2% $8,383,333 -10.1% $5,020,333 Number of Sales 10 11.1% 9 11.1% 9 Avg. PPSF $1,687 -9.1% $1,856 -7.1% $1,816 DOM 114 65 76 Number of Sales 10 11.1% 9 11.1% 9 DOM 114 65 76 MarketWatch LOS ANGELES CORE Q4 2020 BEVERLY HILLS - CONDOS $500K+ HOLLYWOOD Q4 2020 HILLS EAST GRIFFITH PARK LOS FELIZ BEVERLY HILLS SUNSET STRIP $1.4M +8.5% POST OFFICE HOLLYWOOD AVG. SALE PRICE FROM Q4 2019 HILLS WEST PACIFIC PALISADES BRENTWOOD BEL-AIR HOLMBY HILLS HOLLYWOOD $746/SF +1.1% W.
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