In 2015, off-market listings still represented a substantial piece of the real estate puzzle, especially in areas where inventory remains low and discretion is at a premium.
As the numbers show below, it’s important to be in the know to represent house hunters on the Westside. We worked with title companies and the local MLS data to determine which markets were most impacted by the sale of off market properties. Below are the markets where off market properties play a particularly outsized role.
West Hollywood — 26.1% of properties sold off market (43 off market, 122 MLS)
Bel Air — 21.3% of properties sold off market (30 off market, 111 MLS)
Beverly Hills — 19.9% of properties sold off market (68 off market, 273 MLS)
Brentwood — 14.6% of properties sold off market (44 off market, 257 MLS)
Malibu — 12.1% of properties sold off market (30 off market, 218 MLS)
Pacific Palisades — 11.3% of properties sold off market (35 off market, 276 MLS)
Santa Monica — 9.4% of properties sold off market (24 off market, 232 MLS)
In a climate where inventory is tight, as the Los Angeles market has been for the last several years, off market listings can be particularly common as brokers aggressively seek opportunities for their clients who have seen everything the MLS has to offer. Whether a property is listed or not, one thing is for certain, working with a broker who is collaborative and connected with the greater real estate network is crucial for success.
For more information on this topic please download the Partners Trust Annual Report or contact your Partners Trust Associate for a free printed copy.