As home prices increase in Los Angeles, the condominium market is heating up, according to an MLS report released last week that tracked median sale prices for condos and co-ops.
The study, which doesn’t include the San Fernando Valley or the South Bay, compared the median price of condos sold in the second quarter with the same period last year.
Topanga — which saw its median sale price rise by a whopping 174 percent — saw the biggest jump. But that’s based on a tiny number of sales. Two units traded in the area in the second quarter, compared to one unit in the same period last year, according to Curbed.
When looking solely at neighborhoods with at least 10 units sold in both quarters, Mid-Wilshire and Pacific Palisades clocked the biggest price gains.
The median sale price in Mid-Wilshire jumped 25 percent to $632,000 with 70 units sold sold in the second quarter of this year, compared with $505,500 across 54 transactions in the previous period.
Condo prices in the Pacific Palisades climbed 22 percent to $1.1 million from $913,000 for the previous period. But it also sold fewer homes — 25 traded hands in the second quarter, compared with 28 in the same period last year.
Naturally, the most expensive condo sold during the second quarter was found in Malibu Beach, where a single unit sold for an estimated $2.5 million, down 14 percent from an average of $2.8 million in the same period last year.
Among neighborhoods where at least 10 units sold, Venice topped the charts with a median price of $1.3 million, though it’s median sale price only rose 1 percent year over year.
Overall, the study shows condo prices are on the rise in Los Angeles with only a handful of areas seeing a dip. Palms-Mar Vista, Beverly Center-Miracle Mile and Silver Lake-Echo Park were among those to see minor drops under 3 percent. [Curbed] — Subrina Hudson