A flood of buyers entered the LA housing market in June, wielding hand sanitizer and signing pens. The number of new signed contracts for single-family homes surged 40 percent from May to June, equating to 3,868 sales, according to a new report from residential real estate brokerage Douglas Elliman.
That figure is just 13 percent shy of 2019 levels, signaling that “the market has nearly climbed back from the shutdown,” opined Miller.
New listings for single-family homes ticked up slightly, but at 4,163, were still 33.4 percent below June 2019 totals. Inventory in the LA market has been notoriously tight for years, particularly among homes priced under $1.5 million.
The condo market showed resiliency in June despite fears that buyers would be put off by shared spaces like elevators and mailrooms. There were 841 new signed contracts for condos last month, down a mere 9.9 percent compared to the same period last year.
Fresh listings increased, too, amounting to 1,114 new condos on the market in June — 66 percent more than the month prior. That figure remains 20.7 percent lower than the number of new listings recorded in June 2019, but is nonetheless a promising sign that sellers are warming to the idea of placing their condos on the market.
The typically busy spring homebuying season was pushed forward to early summer as the COVID-19 pandemic spurred “safer at home” orders. While the current appetite for home buying is high, spiking coronavirus case numbers in Los Angeles County could potentially dampen the market in the months to come.