The findings of two recent reports indicate that Los Angeles is a market where luxury home sales activity has picked up, which has also been seen reflected in other parts of California as well, including luxury home sales in Orange County.
Luxury home sales have boomed in Beverly Hills, Santa Monica, Pacific Palisades and Brentwood. When it comes to sales involving luxury homes across the country (properties that sell for $3 million or more) a large chunk of these home sales are in the greater Los Angeles market. Two neighboring submarkets, Beverly Hills and Beverly Hills Post Office, recently saw luxury home sales volumes increase by more than 80 percent in August 2015 when compared to the same month of 2014, and the boost of luxury home sales has continued on into the 2016 year.
Prices for the top 5% of the housing market jumped 3.1% in the fourth quarter compared to 2014. The luxury home market has improved from a mixture of factors which include stronger local job growth, a rising stock market, and from wealthy international residents moving from other countries, particularly China.