“Hancock Park-Larchmont Village real estate prices in the fourth quarter of 2015 show the market is clearly riding a wave of strength that has lasted for several years,” says Chase Campen, local realtor based in the Larchmont office of Keller Williams, about his recently published fourth quarter report on real estate prices in our area. “It seems the 2008 crash is a distant memory when looking at real estate values.”
The Buzz recently spoke with Campen, who said he created the reports because he was curious about the data on housing values. Campen knows that most of us are broadly interested in real estate but more specifically in our own house and local neighborhood.
“People are obsessed with houses,” said Campen, “We care deeply; it’s the American Dream…but it’s even more so in LA because we have some of the highest value real estate in the country.”
“If you look back, real estate in Los Angeles is always going up. The market is always on a diagonal trend upward,” said Campen. While it does seem that prices only go up, there are still cycles, cautions Campen, so it can be challenging if you try to time the market. For most of us who are buying a house to live in for an extended period of time, however, with a long term mortgage, the trend in values will continue to be up.
Campen’s Fourth Quarter Report looks at data from the last three years. Campen went back to 2001 for the Buzz, and found in 2001 there were 12 sales in Hancock Park with houses that were more than $3 million. In 2015 there were 32 sales with homes more than $3 million dollars.
Below is a look at prices from the last fifteen years:
| 2005 | 2010 | 2015 | |
|---|---|---|---|
| Median Price | $1,100,00 | $876,250 | $1,325,00 |
| Price Per Square Foot | $524.41 | $437.94 | $630.32 |
According to Campen, from 2005 to 2015 there has been a 20% increase in both median sales price and price per square foot. However, from 2010 to 2015, there has been an astounding 51% increase in median sales price and a 44% increase in price per square foot.
Below is Campen’s Fourth Quarter Report (click on it to see a larger version).
