Hancock Park finished 2019 very strong relative to other neighborhoods in LA, the country and major international cities. The real estate outlook here remains positive in 2020 with interest rates projected to remain stable, limited housing supply and strong demand.
Buyers are price sensitive and Sellers are wise to be strategic in their pricing.
Homes Over $2 million –25 sold versus 24
- $103.5 million sold, $20.5 million MORE due to mix. 7 homes sold over $5MM in Q4 2019 vs 2 in Q4 2018.
- Average prices were just over $4.1 million, +20%. The highest sale in Q4 was $13.75MM at 344 S Rimpau Blvd.
- For the year, 97 sales closed versus 117 the same period in 2018, -16%. Q1 and Q2 started slowly then the pace picked up in Q3 and Q4. Prices are down -2% overall.
- Average price per square foot was $885, slightly down from $891.
- Market time increased only 2 days to 77 days on the market.
- Buyer demand remains strong, especially for turnkey homes under $5.5MM
- There is demand and smart pricing is a wise strategic tool. On average homes sold within 7% of the original list price, a bigger gap than the last 4 quarters.
Homes Under $2 million – 35 sold versus 19
- $50 million sold, nearly $18.6 million more as Q4 2018
- Average prices were $1.43 million, -1.3% less
- Average price per square foot was $721, -4.2% lower
- Average market time stayed the same at 59 days on the market
- 54% of properties sold within the first 60 days, 1% under list price
Please call us to discuss you specific real estate needs and how we may be able to help you! We have plenty of experience and wisdom to share!