I am pleased to present Partners Trust's 2016 Third Quarter Real Estate Market Report. This report is intended to provide you with sales figures, analysis of the current state of Los Angeles real estate, and events that have impacted our marketplace, company, and our associates over the past three months.
After a record-breaking first half of the year, average sales price in the third quarter took a slight dip, but still remains high in comparison with the third quarter of previous years. Buyers in the residential luxury market are benefiting from more time spent on the market and therefore, increasing inventory, but compared to other areas of the country, Los Angeles remains highly attractive to real estate investors and demand is still spiking in several neighborhoods.
Partners Trust continued to hit grand milestones in the third quarter. We are poised to close year-end sales at approximately $2.5 billion, having closed September sales at $205,002,225, a 53% increase over last September, and year to date sales at $1,847,114,186, a 15% increase over last year.