T
he luxury home market in Los Angeles has shown a slight slowdown, but deal velocity remains steady. According to the Eklund Weekly Luxury Report LA, homes under contract totaled $120.7 million across 20 contracts for the week ended September 30. This is down from the previous period's 24 contracts totaling $157.5 million.

    The top home under contract was a five-bedroom, five-bathroom house in Bel-Air at 167 North Bentley Avenue, listed for just under $9 million. The property, which initially hit the market in March with an asking price of $10.5 million, boasts a wellness area with an outdoor shower and sauna.

    The second-largest home under contract was a four-bedroom, five-bathroom mid-century modern in Brentwood at 1805 Westridge Road, listed for $8.8 million. However, it ended up closing before the report's release, selling to a mystery buyer for $7.5 million.

    Last week's contracts reported an average of 56 days on the market and an average price per square foot of $1,513. The city of Los Angeles accounted for most of the new contracts, with six homes under contract, followed by Santa Monica with three.