Westside Real Estate Derby has Santa Monica Making a Run

KentuckyDerbyRaceThis headline is inspired by the upcoming Kentucky Derby as the year in luxury real estate is rounding the first quarter turn.  As a new report shows the favorite Beverly Hills in the lead with an long shot making big gains.

Santa Monica saw a drastic upswing in luxury home sales in the first quarter of 2016 compared to the same period last year, a market report released  last month.

While Beverly Hills remains the local leader in the sale of homes for more than $3 million, Santa Monica has joined Pacific Palisades, which saw a reduction in total sales, in a two-way tie for second place, according to Sotheby’s International Realty’s Greater Los Angeles Market Report, released April 13.

The report, which analyzed Q1 2016 against Q1 2015, found that 27 homes were sold in Beverly Hills, a 23 percent increase over the 22 homes sold last year. Santa Monica sold 24 luxury homes, an 85 percent increase over the 13 sold last year. Pacific Palisades, which also sold 24 homes, experienced a 20 percent reduction over the same period last year when it led the region with 30 luxury home sales.

The Santa Monica luxury housing market is booming as more and more buyers are attracted to beachfront locations near the iconic Santa Monica Pier, Third Street Promenade and Santa Monica Place. It has now joined Beverly Hills and the Pacific Palisades as a top destination for luxury buyers.