LA County listings, signed contracts dip in August

Market still strong with 5.2K new signed contracts, led by increase in condo signings

Los Angeles /
Sep.September 02, 2021 12:00 PM
The dip in new contracts was also connected to a large drop in new listings (Getty)
The dip in new contracts was also connected to a large drop in new listings (Getty)

Los Angeles County’s housing market cooled off in the last month of summer, with a drop in signed contracts and new listings for both single-family homes and condos.

Almost 5,200 contracts were signed for single-family homes and condos in August, compared with 5,928 new contracts in July, according to a report by appraiser Jonathan Miller for Douglas Elliman.

Condos, however, are much more popular than they were last year: 1,421 contracts were signed to purchase condos last month, compared to 991 in August 2020. Record condo sales also were recorded in the county last month: two units at the Pendry Residences in West Hollywood sold for around $13 million each.

In August, 28 contracts were signed to buy condos over $2 million — just one fewer than the previous month.

For single-family homes, 3,749 contracts were signed last month, compared to 4,374 in July.

The dip in new contracts was also connected to a large drop in new listings, according to the report. Almost 2,600 single-family homes were put on the market last month — 500 fewer homes than in July and nowhere near the 6,000 that were listed in August 2020.

Even fewer single-family homes in the over $5 million range were listed for sale: 110 were put on the market last month, compared to 159 in July. In August of 2020, 225 homes were listed for over $5 million.






    Related Articles

    arrow_forward_ios
    301 Ocean Avenue in Santa Monica and Clo Hoover, the first female mayor of Santa Monica (301ocean, Calisphere)
    $1.8M per unit marks latest chapter in colorful history of SaMo apartments
    $1.8M per unit marks latest chapter in colorful history of SaMo apartments
    California counterintuitive: Less frenzy, more home sales
    California counterintuitive: Less frenzy, more home sales
    California counterintuitive: Less frenzy, more home sales
    Construction in Downtown Los Angeles (Getty)
    Downtown LA busiest in nation for new apartments
    Downtown LA busiest in nation for new apartments
    CoreLogic closes on ClosingCorp
    CoreLogic closes on ClosingCorp
    CoreLogic closes on ClosingCorp
    State’s sluggishness leaves landlords “holding the bag”
    State’s sluggishness leaves landlords “holding the bag”
    State’s sluggishness leaves landlords “holding the bag”
    Intracorp gets started on more apartments in Irvine Business Complex
    Intracorp gets started on more apartments in Irvine Business Complex
    Intracorp gets started on more apartments in Irvine Business Complex
    Small step toward big addition to residential water supply in Southern California
    Small step toward big addition to residential water supply in Southern California
    Small step toward big addition to residential water supply in Southern California
    808 S. Broadway and Steve Needleman of Anjac Fashion Buildings (Google Maps, Getty)
    Downtown LA’s biggest rentals set for Fashion District
    Downtown LA’s biggest rentals set for Fashion District
    arrow_forward_ios

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

    Loading...