Los Angeles real estate is continuing its insane price increases this spring, according to a new report from listings site Redfin.
March sales prices are up 8.5 percent compared with a year ago, the site says. That's nearly double the national increase of 4.7 percent.
L.A. home sales volume exploded 38 percent between February and March — “the biggest month-over-month increase in five years,” Redfin said in a statement.
“February was the calm before the storm,” Redfin real estate agent Sylva Khayalian said. “I saw overwhelming activity from sellers and buyers in March. While fresh inventory is coming on line from confident sellers, it’s simply not enough to satisfy buyer demand. Intense bidding wars are once again the norm.”
Median home prices on the Westside “finally broke $1.2 million, which makes living [there] as expensive as living in San Francisco,” a Redfin spokesman said.
In Beverly Hills, Santa Monica and Venice prices were up nearly 30 percent, the site said.
Silver Lake joined the $1 million–plus club when it comes to median home prices, too.
Here are the 10 L.A. neighborhoods where March's median selling price (shown at the right) required buyers to come up with more than a million bucks, according to Redfin.
10. Silver Lake: $1,005,000.
9. Hollywood Hills West: $1,187,500.
8. West Los Angeles: $1,200,000.
7. Brentwood: $1,325,000.
6. Beverly Glen: $1,475,000.
5. Santa Monica: $1,602,485.
4. Cheviot Hills: $1,690,000.
3. Malibu: $1,777,000.
2. Venice: $1,825,000.
1. Beverly Hills Post Office: $1,942,500.
But wait, there's more. There's a $2 million–plus club for median home sale prices, too. It includes Pacific Palisades ($2,600,000) and the relative old money of Hancock Park ($2,790,000).
We hope your piggy banks are bursting with cash. You're going to need it.