"Luxury LA Resi Deals See Steep Increase in Dollar Volume, But No Change in Contract Numbers"
"LA's high-end residential market saw a surge in contract volume last week, but the number of contracts remained stagnant."
Los Angeles County's luxury residential market saw a significant jump in contract volume last week, with 25 single-family homes and condos going into contract, resulting in $230.6 million in listing volume. This is a 44% increase in dollar volume compared to the same period last year, according to the Eklund Weekly Luxury Report Los Angeles compiled by Eklund Gomes' Marcy Roth.
Despite this increase in dollar volume, the total number of contracts remained flat year-over-year. The report only includes properties listed in the Multiple Listing Service with asking prices of $4 million or more, highlighting the luxury segment of the market.
This surge in dollar volume can be attributed to a newly built $70 million spec mansion in Bel Air, which was the top contract signed for the week. The property, located at 822 Sarbonne Road, was listed by Kurt Rappaport of Westside Estate Agency.
However, this increase in contract volume does not necessarily reflect a strong market. As the report notes, "it is not unusual to see big weekly swings in dollar volume in high-end residential real estate, as the market is dominated by a few, high-priced deals."
Despite some movement in the luxury market, the overall residential market in Los Angeles County remained stagnant last week, with no significant changes in contract volume or dollar volume. This reflects the ongoing challenges faced by buyers and sellers in navigating the real estate market during the pandemic.
Originally reported by