Improved Sales and Declining Inventory Seen in Most Market Segments

Douglas Elliman Real Estate, the second largest independent residential real estate brokerage in the United States by sales volume, today released its fourth quarter 2019 sales reports for Greater Los Angeles and its submarkets, Malibu/Malibu Beach and Venice/Mar Vista.

In Greater Los Angeles, the report showed positive results for the first time in six quarters as the number of sales increased. Price trend indicators also rose year-over-year for the third consecutive quarter, and listing inventory dropped for the first time in seven quarters. Condo sales, in particular, rose sharply after five straight quarters of declines.

“It’s exciting to see such a marked improvement in Los Angeles this quarter,” said Stephen Kotler, CEO of Douglas Elliman’s Western Region. “We’re seeing more sales, less inventory and evidence that sellers are gradually aligning more closely with the market changes that have presented themselves over the past eighteen months.”

Results in the Los Angeles submarkets were equally strong. Sales showed stability or press higher across all market segments in Malibu, Malibu Beach, Venice and Mar Vista.

“The drop in mortgage rates over the past year certainly helped bolster sales in this part of the country,” said Jonathan Miller, President of Miller Samuel, Inc. and author of the report. “In this strong economy, it’s obvious that there are plenty of buyers out there ready to negotiate.”

GREATER LOS ANGELES INCLUDING WESTSIDE AND DOWNTOWN SALES HIGHLIGHTS

Trends

“After six quarters of year over year declines, sales increased in the final quarter of 2019.”

- All price trend indicators rose year over year for the third straight quarter

- Listing inventory fell annually for the first time in seven quarters

- The number of sales increased year over year after six consecutive quarters of declines

- Single-family listing inventory fell annually for the first times after six quarters of gains

- Condo sales rose sharply year over year after five consecutive declines

- Luxury listing inventory for single-families increased while condos declined respectively from the same period last year

Key Trend Metrics (compared to same year ago period)

- Median sales price rose 0.7% to $1,510,000

- Number of sales jumped 11.2% to 1,387

- Days on market was 63, up from 59
- Listing discount was 7.5%, up from 4%

- Listing inventory declined 6.2% to 2,419

LA SUBMARKETS

MALIBU/MALIBU BEACH

“Sales showed stability or pressed higher year over year across all the market segments.”

VENICE/MAR VISTA

“Sales moved higher year over year across all the market segments.”

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. 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, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.