H
ome sale contracts in Los Angeles declined last week in areas affected by recent wildfires, potentially foreshadowing the impact of the blazes on residential real estate. According to the Eklund Weekly Luxury Report, 11 contracts were signed, mostly for single-family homes, totaling $72.2 million in asking value. This is a decrease from five homes worth $77.3 million recorded the previous week.

    The South Bay area saw the most activity, with four properties in Manhattan Beach and Hermosa Beach going under contract, priced between $5.3 million and just below $8 million. Jason Oppenheim, President of The Oppenheim Group, noted that demand is highest in areas closest to where those affected by the Palisades Fire previously lived, such as Westwood and Brentwood. However, a lack of supply has driven buyers south into regions like Orange County.

    The priciest deal last week was an eight-bedroom, 10-bathroom property at 618 North Arden Drive in Beverly Hills, listed for $15.8 million. Active listings in Los Angeles County increased by 8.1% to 946, with the majority being single-family homes and a dozen condos added to the market.