Because no new condo inventory formally launched in Downtown Los Angeles in the first quarter, the area saw another period of slowed sales momentum, according to a report by the Agency.
The report tracked the sale of condos valued greater than $500,000. There were 40 condos sold in DTLA that fit that criteria in the first quarter, almost a third less than the number that sold in the same period last year.
The units sold for an average of $968,000, or $741 a square foot.
There were 95 condos on the market in DTLA as of April 1, with heftier price tags. The average listing price was $1.4 million, or $959 a square foot.
TEN50 and Metropolis (Phase 1) are expected to be completed by year’s end, bringing over 450 residences to the DTLA market.