Los Angeles has continued to see an increase in market sale price per unit throughout the past twelve months. As market rents continue to increase to record highs, we can see a similar trend with multifamily assets hitting the market. When comparing submarkets, the highest market sale price per unit as of late June is in Santa Monica, Beverly Hills/Century City/UCLA, Venice Beach, Downtown Los Angeles, and the Greater Culver City. The highest annual increase in market price per unit was Venice Beach coming in at 16.3%. These submarkets have continued to see major increases in market pricing as the average market sale price per unit has increased 8.7% over the past year. As we compare Los Angeles to the overall United States market, Los Angeles multifamily assets still command a premium of $158,364 over the average United States market price per unit in the past quarter. While there was a decrease compared to quarter one, the historical trend shows that the difference between Los Angeles and United States multifamily assets continues to grow. While multifamily assets are hitting the market at higher and higher prices, quarter-to-date data shows that only 19% of the submarkets in Los Angeles see transaction sale price per unit higher than their market sale price per unit. As of late June, the average decreased across all submarkets, which saw a lower transaction sale price per unit compared to the market sale price per unit at 21%. It is also important to note that the West County Submarket had no transactional data available as there were no multifamily asset transactions from April 1st to June 25th.
Los Angeles has continued to see an increase in market sale price per unit throughout the past 12 months. Comparing Los Angeles to the overall United States market, Los Angeles multifamily assets still command a premium over the average US market price per unit in the past quarter.
TMG Mid-Year Market Report - Los Angeles 2022 Q2Friday, July 1, 2022
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