Annual report shows single-family home sales rising
By Sam Catanzaro
Despite a pandemic, sales of homes over $20 million increased in Holmby-Hills and Bel-Air.
A recent report titled The Red Paper 2020 Press from real estate firm The Agency finds that single family-homes in Pacific Palisades and Brentwood rose 14 percent the past year. In Santa Monica, single-family home prices rose 13 percent.
According to the report, home sales declined at the start of 2020 but this soon changed.
“By summer, sales of single family homes were on the rise…2020 saw a surge in buyers from across Los Angeles seeking larger, multi-generational, homes with five or six bedrooms, dual offices, homework rooms, gyms, expanded backyards and guest homes,” the report reads. “By fall and winter, buyers from across the country, specifically from New York City, returned to the market seeking solace from winter and room to play, live, work in the comfort of home.”
Looking ahead to the rest of 2021, the report predicts a strong year ahead for both Brentwood and the Westside in both the single-family and condominium markets.
“New build, single-family homes that halted construction during the pandemic and did not sell prior to completion will be delivered, bringing fresh inventory to a market of buyers looking for turnkey, move-in ready homes,” the report states.
In addition, the report found that in the areas of Bel-Air, Holmby Hills and Beverly Hills, there were 10 more sales of homes over $20 million compared to 2019. While single-family home sales in these neighborhoods dipped 6 percent overall the past year, the authors predict a renewed surge of international buyers once travel resumes.
Elsewhere on the Westside, the ‘Beach Cities’ – defined as Venice, Playa del Rey, Marina del Rey, Redondo Beach, Manhattan Beach and Hermosa Beach – saw a 9 percent increase in single-family home sales and median prices over 2019 levels.