LA condo sales continue their unlikely rise

Deals for single-family homes down in October, though sales of $2M or more jump

Los Angeles /
Nov.November 09, 2020 02:00 PM
Los Angeles county condo sales were up last month
Los Angeles county condo sales were up last month

Single-family home sales in Los Angeles are sliding, but condo deals keep rising.

There were 4,336 single-family home sales in countywide last month, a 2.4 percent dip year-over-year, according to Douglas Elliman and Miller Samuel’s latest signed contracts report.

Condo sales jumped 25 percent year-over-year to 1,190 units sold. Their popularity contrasts with a segment of luxury brokers who predicted the pandemic would sink vertical living in L.A. as buyers opt for more space and privacy.

“Condos are a horrible investment no matter what,” Rodeo Realty’s Josh Flagg said at a TRD talks panel last month. But a surge of recent buyers would think otherwise.

Miller Samuel CEO Jonathan Miller said condo buyers are “understanding the true safety and risk associated with multifamily living,” after early fears about exposure to Covid-19.

Buyers are also benefiting from an increase in the number of condos on the market. Condo inventory was up 10 percent in October year-over-year to 1,452 units, with high-profile projects like Michael Rosenfeld’s Century Plaza hitting the market.

Single-family listings, meanwhile, fell 43 percent year-over year last month, to 3,069 homes on the market.

“Covid has exaggerated the already chronic shortage of inventory nationwide,” Miller said.

The caveat to that: There’s less of an inventory shortage at the high-end in L.A.. The report documents 709 single-family homes listed for sale at over $2 million across the county last month, down just 1.8 percent from a year ago. That doesn’t take into account the many luxury houses still shopped off market.

Single-family home sales of more than $2 million also rose 29 percent, to 368 deals in October. By comparison, single-family home sales of less than $500,000 dropped 41 percent, to 573 sales.

Miller attributed that to the “skewed” economic downturn, where the rich have in large part gained wealth, while the pandemic has hit lower earners far harder.

In L.A., “the strength in the single-family market has consistently been above $600,000,” Miller said.


Related Articles

arrow_forward_ios
Megan Fox and Machine Gun Kelly (Getty)
Megan Fox, Machine Gun Kelly take $30K a month rental
Megan Fox, Machine Gun Kelly take $30K a month rental
Sumner Redstone (Getty) with 31 Beverly Park Terrace (Redfin)
Sumner Redstone’s Beverly Park estate flies off market for $27M
Sumner Redstone’s Beverly Park estate flies off market for $27M
Casey Kasem and an aerial of the Beverly Crest mansion at 138 N Mapleton Dr (Photos via Getty, Google Maps)
There it is: Casey Kasem’s Holmby Hills mansion finally sells
There it is: Casey Kasem’s Holmby Hills mansion finally sells
Single-family home and condo inventory couldn’t keep pace with demand last month. (Getty)
Signed contracts in LA far outpace new listings in March
Signed contracts in LA far outpace new listings in March
Dana Hollister and her Silver Lake home (Zillow)
Restaurateur lists sprawling Paramour Estate for $40M
Restaurateur lists sprawling Paramour Estate for $40M
Morphe co-founder Chris Tawil and the Malibu beach house. (Photos via Getty; Hilton & Hyland)
Cosmetics entrepreneur flips Malibu pad for $24M
Cosmetics entrepreneur flips Malibu pad for $24M
(iStock)
LA County home sales are falling, but condo deals still rise
LA County home sales are falling, but condo deals still rise
Photo illustration of 27112 Malibu Cove Colony Drive in Malibu (Photos via Realtor)
Staycationers sue luxury rental service for “abysmal” Malibu getaway
Staycationers sue luxury rental service for “abysmal” Malibu getaway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...