Another 5.5K LA homes went into contract in May
Countywide, inventory remains down as 3.5K properties hit market compared to 6.2K last year
The Los Angeles housing market has been so strong that the 5,531 contracts signed in May was a slight dropoff from the previous two months.
There were 4,023 single-family homes that went into contract countywide last month and 1,508 condos. The solid condo numbers were another indication that smaller spaces and closer quarters have not been obstacles for buyers. The monthly report from Douglas Elliman was prepared by appraisal firm Miller Samuel. The total in-contract numbers are down from 5,800 in April — 4,234 single-family homes and 1,611 condos — and from March, which had more 6,000.
Just under 3,500 homes hit the market in May, a dramatic cut from May 2020, when 6,200 homes were listed. That month, the pandemic-shuttered market started to reopen and brokers were again permitted to show homes, on a limited basis.
May saw continued strong sales of homes for $2 million and up: 523 contracts signed for single-family homes and 28 for condos. That’s just below the 531 total for April, but far above the 157 in May 2020.
Slightly more single-family homes hit the market last month in the same price range — 592 compared 571 in April, according to Elliman.
Meanwhile, 244 condos listed last month at the $1 million and up range, about the same as April. But the total was far above the 178 condos in that category that listed in May 2020.
Not all luxury condos are getting snapped up, however.
After three years on the market, Evan Metropoulos will auction off his 7,000-square-foot unfinished penthouse in West Hollywood at no reserve. The unit had originally asked $58 million.