LA’s signed contracts in April dwarf new listings
5.8K houses and condos snapped up; deals for $2M and up stay strong
Another 5,800 single-family homes and condos went into contract across Los Angeles County last month, as the appetite for new properties remains strong.
But inventory is still lagging, with just over 3,300 new houses and condos hitting the market in April, according to the latest Douglas Elliman report.
“We’re seeing the clear and pronounced failure of new listings to keep up with sales growth,” said appraiser Jonathan Miller of Miller Samuel, who authors the monthly report.
Last month, buyers signed contracts for 4,234 single-family homes countywide, just under the March total of 4,308. The April figure stands in contrast to the same time last year, when pandemic lockdowns slammed the brakes on sales. Last month’s total was 65 percent over that April 2020 number, the report showed.
Meanwhile, just 2,200 new single-family homes were listed last month compared to 3,400 homes listed in April 2020.
While some homeowners are still wary about listing their properties, the pandemic has propelled luxury homeowners to sell. There were 571 homes listed for over $2 million in April. That was a slight drop from the 598 from March, but was far above the 402 that hit the market in April 2020, the report showed.
Sales also remained strong in the $2 million and up category. There were 531 homes that sold in that range last month, compared to 516 from March. Buyers also continued to turn out in the $5 million and up category — there were 93 signed contracts last month compared to 92 in March.
Here’s one nod to the luxury market boom: Embattled spec mansion developer Nile Niami sold a pair of Bel Air mansions in late April for $72 million total — $36 million each. Both properties had sat on the market for at least two years. The sales also came with sharp price cuts from original asking prices.
Meanwhile, condos sales in the county have continued to surge. There were 1,611 signed contracts in April. That’s a bit lower than the 1,735 in March but a massive jump from April 2020, when pandemic lockdowns led to just 620 condo deals in contract. The trend of strong condo sales has been a steady one since September, Miller said.
Home sales hit a record high in the first quarter across the Westside and Downtown, with 1,693 properties — a 10 percent rise compared to Q4 2020. Sales activity was also the highest for a first quarter in 17 years.