West Hollywood saw a 15% decrease in condo sales and a 16% increase in condo prices in the fourth quarter of 2016, according to data from Multiple Listing Services Los Angeles (MLS).
The MLS report shows that 81 condos were sold at a median sales price of $725,000 in October through December last year. In the same period the year before, 95 were sold at a median price of $625,000. Median is the middle value in a list of prices of condos, not the average price, which is calculated by adding all of the prices and dividing that by the number of condos sold.
In terms of price increases, WeHo’s 16% puts it below 12 other areas. Prices in Ladera were up 38% according to the MLS report. Belair-Holmby Hills had an increase of 37%, and prices were up 30% in Silver Lake-Echo Park, 23% in Hancock Park and 17% in Westwood.
In terms of actual prices, West Hollywood ranked 13th, with Beverly Hills No. 1 at a median price of $1.38 million followed by Venice at $1.1 million and Santa Monica at $1.04 million. Malibu Beach was among nine areas that reported no condo sales in the last quarter of 2016.