The short answer is Absolutely, Yes! Could not be better. But WHY?
Demand for larger, pricier homes drove the median sales price in Los Angeles communities West of Downtown to a near-record high in the fourth quarter of 2020. The median sale price was almost a 10% increase from 2019.
Sales were up 11% year-over-year. A strong trend toward larger single-family homes helped fuel the near-double-digit price gains. This city’s housing market has proved more resilient to the health crisis than its more densely-built peers, including New York and San Francisco.
Robust demand for trophy$$$$$ homes has also fueled broad price growth. Luxury home sales, [ the top 10% of the market], rose 17% in the 4th quarter over the prior year. The Median luxury Sales Price was $10.7 million in the 4th quarter, 11.6% higher than at the end of 2019.
The burst of Buyers, driven by record-low interest rates & a need for more space, has favored some pockets of the city more than others. People craved more room to work from home & for home-schooling. Neighborhoods with generally larger parcels, large outdoor spaces, & easy access to hiking and outdoor activities fared much better.