from Redfin suggests the median sale price of a condo in Los Angeles rose by 1.2 percent in August to $529,000. Although this monthly increase may seem trivial, on a year-to-date basis, prices have climbed 9.8 percent.\u00a0<\/span><\/p>\nActive listings have also recovered since bottoming out during the early months of the pandemic, totaling 4,847 in August. Listings were up 5.1 percent compared to July and 9.8 percent over the same period a year ago.<\/p>\n
New inventory was relatively limited, with 1,607 fresh listings hitting the market in August. This marked a slight 0.7 percent boost over July\u2019s total. In comparison to August 2019, however, listings were up a remarkable 30.3 percent, underlining the strength of the late summer housing market.<\/p>\n
\u201cMany Americans are putting their condos up for sale because they\u2019re realizing that owning a single-family home is now possible for the first time, thanks to record-low mortgage rates and remote work,\u201d said Redfin lead economist Taylor Marr.<\/p>\n
\u201cLandlords have also been selling condos that they previously rented out because the rental market has been showing signs of weakness due to the coronavirus.\u201d<\/p>\n
Los Angeles\u2019 skyrocketing single-family home prices \u2014 which increased 12.8 percent year-over-year in August to $615,000, according to the <\/span>California Association of Realtors<\/span><\/a> \u2014 have buoyed condo sales in recent months. Families that have been priced out of the competitive detached home market are instead shopping for condos while mortgage rates remain favorable.\u00a0<\/span><\/p>\nIn August, 1,025 condos changed hands, a 6.8 percent improvement over the volume of sales in July. That being said, the outsized demand for single-family homes amid the pandemic caused condo sales to lag by 0.1 percent on an annualized basis.<\/p>\n
Closed amenities and shared common areas have made condominiums somewhat less desirable, yet Marr points out that condos \u201ccould become the only type of home that buyers in some areas can afford while also avoiding intense bidding wars.\u201d<\/p>\n
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