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 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.