Key Highlights
- According to new report from Douglas Elliman, new signed contracts for LA condos increased +90.4% y/y in February
- Highest volume of pending condo sales ranged from $300,000 to $599,000
LA’s Condominium Housing Market Segment Saw Largest Pending Sales Volume Ever in February
On top of January’s escalating condominium sales of nearly +17%, new signed contracts for LA condominiums soared +90.4% y/y in February, according to the latest report by Douglas Elliman and Miller Samuel.
The highest volume of those pending condo sales was in the price bracket of $300,000 to $599,000.
New listings for condominiums in Los Angeles were down to near record lows at -15.2% compared to February 2020.
LA’s Single-Family Pending Sales Also Strong in February
Pending single-family home sales also maintained its ongoing strength in February. New signed contracts within Los Angeles’ single-family segment increased +30% in February. The highest volumes of single-family pending sales were in the $500,000 – $699,000 and the $1M – $1.99M price brackets.
Transaction volume was +13.4% more than in January but new listings for single-family homes fell -3.4% m/m. On an annual basis, new inventory plunged -58.4%
Less Inventory = Less Affordability = Less Sales Eventually
This latest Douglas Elliman/Miller Samuel report indicates that the equation combining strong demand, favorable interest rates and low inventory pushed the median list price of a single-family home to $1,150,000 in January 2021.
(In February, according to realtor.com, the median rental list price dropped -15.6% y/y to $1,900/month.)
Spending $600,000 on a condominium would buy a “well-kept” condo in Los Angeles that would not require much, if any, renovation, two bedrooms and a balcony. Spending $600,000 on a single-family home in Los Angeles might, best case, buy a bungalow size 700 sq.’ home that would require a full-gut renovation.
No wonder the condo segment within LA’s housing market is running white-hot.
Thanks to Douglas Elliman/Miller Samuel, realtor.com and livab.com.
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