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Douglas Elliman Releases Q3 2017 Greater Los Angeles and LA Submarkets Market Report

Date: Oct 26, 2017

DouglasElliman Releases Q3 2017 Greater Los Angeles and LA Submarkets Market Report

Record Sales in LA; Malibu and Malibu Beach markets remain tight; sales up in Venice and Mar Vista

New York, NY (October 26, 2017) -- Douglas EllimanReal Estate, the fourth largestresidential real estate company nationwide, today releases the third quarter 2017 Greater LosAngeles and LA Submarkets Market Reports. Sales in Greater Los Angeles,including the Westside and Downtown,  surged,with a decrease in days on the market, and 21 straight quarters of year-over-yearmedian sales growth.

“In the most basic terms,these markets are showing a lot more strength than last year, said StephenKotler, CEO of Douglas Elliman’s Western Region.  “Los Angeles is especially showing a robusthigh end with velocity and large sized sales, along with bigger pricegains.  “This is the fastest market pacewe’ve seen since we began tracking absorption rates three years ago.”

In the submarkets, Malibu and Malibu Beach saw alack of inventory and rising price trends, while Venice experienced a shift tolarger sized sales and sales surged in Mar Vista, enabled by more inventoryentering the market.

“Even the small submarketsof Venice, Mar Vista, and the Malibu market showed improvement,” added JonathanMiller, author of the report. “While LA and its submarkets continue to see alack of supply in the mid-market, which holds back sales volume, there’scertainly been a lot of activity in the high-end market.” 

Highlights of the Douglas Elliman Q3 Market Reports:

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GREATER LOS ANGELESINCLUDING WESTSIDE AND DOWNTOWN SALES HIGHLIGHTS

Overview

- 21 consecutive quarters ofyear over year median sales price growth

- Listing inventory declinedannually for the third consecutive quarter

- Fastest market pace in thethree years the absorption rate was tracked

- Luxury inventory fellsharply as overpriced offerings expired

- Luxury median and averagesales price remained unchanged


Key Trend Metrics (compared to same year ago period)

- Median sales priceincreased 2.8% to $1,439,500

- Average sales price rose5.6% to $2,307,571

- Number of sales surged27.8% to 1,753

- Days on market was 58,down from 64
- Listing discount was 3.5%, up from 3.2%

LA SUBMARKETS

MALIBU/MALIBU BEACH

- Malibu sales and pricetrends moved higher with tighter marketing time and less negotiability

- Malibu Beach salesrestrained by lack of inventory as larger sales pressed price trends higher

VENICE/MAR VISTA

- Venice price trendindicators moved higher, helped by shift to larger sized sales

- Mar Vista sales surged,enabled by more inventory entering the market

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattans largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.

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