Will Los Angeles Luxury Real Estate Become a Buyer’s Market?

Los Angeles’ luxury inventory is creeping up. Demand is a different story.

The supply-demand imbalance, reflected in the latest Eklund Weekly Luxury Report Los Angeles, offers signs of a possible slide to a buyer’s market with 114 new listings added to Los Angeles County’s inventory last week with an average absorption of 11.5 months. That compares with 84 listings in the prior week and absorption of just under 10 months.

“While it’s too soon to predict, should these trends continue, buyers in the luxury market will find themselves with more options and likely a corresponding increase in negotiating power,” said Marcy Roth, Eklund Gomes California managing director.

The Eklund Gomes team’s weekly report rounds up new signed contracts and listings of homes and condos priced at $4 million or more in the MLS.

New Listings and Signed Contracts

In all, 25 contracts were inked last week, adding up to $198.9 million in asking dollar volume, according to the report. The total consists of 23 single-family home deals and two in the condo segment.

Last week’s top home under contract, per the Eklund report, was the $25 million listing at 813 North Alpine Drive in Beverly Hills.

Rodeo Realty’s Jimmy Heckenberg is the listing agent.

Property records indicate the seller is Yong Jin Chung, who placed the home on the market in January after buying it in 2021 for $19.2 million.

The seven-bed, 10-bath home is more than 11,000 square feet on a half-acre lot in the city’s Flats neighborhood. Highlights of the home include a dual staircase anchoring the two-story foyer, wine cellar, gym, spa, golf simulation room, pool and garage that can fit more than 10 cars, according to marketing materials.

Last week’s top condo contract is a unit at the Blair House in Century City, with an ask of just under $5 million.

Westside Estate Agency’s Mark Gruskin and Amber Abbitt have the listing.

The condo wasn’t sitting on the market long, going into contract eight days after the seller, a trust, placed the home on the market, according to property records and listing sites.

Unit 2202 at 10490 Wilshire Boulevard is about 3,500 square feet with three beds and four baths. It includes a primary suite with a walk-in closet and soaking tub. Other features of the home include a gourmet kitchen, wraparound balconies, dedicated entrance for service staff and open floor plan.

Blair House residents have access to a swimming pool and spa, tennis court, library, conference room and wine lockers among other amenities.

Read more

LA condo contracts rise to $32M in asking dollar volume

San Gabriel Valley manse asking $23M tops LA luxe contracts

LA luxury home contract volume soars above $300M

Conclusion

The recent increase in luxury inventory in Los Angeles, with 114 new listings added to the market, may signal a shift towards a buyer’s market. With an average absorption of 11.5 months, buyers may find themselves with more options and potentially increased negotiating power.

FAQs

* What is the current state of the luxury real estate market in Los Angeles?
The luxury market in Los Angeles is experiencing an increase in inventory, with 114 new listings added to the market last week.
* What is the average absorption rate in the luxury market?
The average absorption rate is 11.5 months, indicating a possible trend towards a buyer’s market.
* What are the top luxury listings in Los Angeles?
The top luxury listings in Los Angeles include a $25 million home at 813 North Alpine Drive in Beverly Hills and a $5 million condo at the Blair House in Century City.