It’s been another great year for WEA and residential real estate. Los Angeles continues to gain steam and is rapidly becoming a true international destination. The demand for quality properties exceeds the supply, and our prices, although unobtainable for many, are far less than most other metropolitan areas of the world, including many in the United States. Add that our weather and nearby amenities (beaches, mountains, theater, etc.) are second to none, which continues to make Los Angeles even more desirable and a very safe place to invest in real estate.
I expect this trend to continue for both the near and far term. Most of the higher priced sales are with local buyers and residents of the United States relocating from colder climates. For those that had the foresight to buy after the last market downturn, they are now using the tremendous equity build-up in those homes to upgrade to the next level of estates.
Not only have prices now exceeded the previous all-time highs of 2007, but also the number of transactions taking place has mushroomed to triple digits in many areas and high double digits in others. This indicates movement within our market, as there are many more houses available than in prior years. All of these signs are very positive and indicate that, pending any unforeseen disasters, this market will continue to be buoyant.
At WEA, we are proud to have participated and flourished in this market. For the year 2016, our average sale was $9,019,544.
“WE LISTEN AND WE EXECUTE.”