MARCH LUXURY HOME SALES SOARED

LUXURY HOME SALES SOARED IN MARCH 2023: FUELED BY ULA’S “MANSION TAX”

March home sales soared in many luxury pockets of Los Angeles with the median home price increasing over 50% year over year (March 2023 vs March 2022) in areas such as the Pacific Palisades, Brentwood, and Cheviot Hills. In Brentwood, the median price of a home was $6.5M in March 2023, while the Pacific Palisades was $6M and Cheviot Hills was $5.2M (that’sa 88% increase in Cheviot Hills for March 2023 over March 2022).  There was also an uptick in over inventory numbers and units with 30 homes sold in Brentwood vs only 17 homes sold in March 2022 (a 76% increase in units sold from March 2022 to March 2023).  Sellers were scrambling to sell mansions by offering discounts and. closing bonuses., and I t worked.

IMAGE: Brentwood Home Sales 03/23

These increases were largely fueled by the ULA (Mansion Tax) which drove sales as sellers wanted to close before the.  April 1 deadline.  Beverly Hills, however, kept a. steady pace with sale prices actually declining slightly year over year, as Measure ULA tax does not apply incorporated city such as Beverly Hills. The median home price in Beverly Hills was $8.3M, which was down approximately 9.3%. (media price was $9.1M in 2022).   As previously noted, Measure ULA tax only applies to property sales within the city Los Angeles, and as a result, the tax will not apply to sales of property situated within the 87 other incorporated cities in Los Angeles County, including Beverly Hills, Pasadena, and Santa Monica.

Pacific Palisades Home Sales March 2023

Cheviot Hills Home Sales March 2023

For full report, visit March 2023 Micro Report.