from residential real estate brokerage Douglas Elliman, the number of new signed contracts for condominiums spiked 46.9 percent year-over-year in November, amounting to 1,209 transactions.\u00a0<\/span><\/p>\nThe volume of pending sales was down slightly from October when there were 1,487 contract signings. However, it was an impressive performance for a traditionally slow month that is hampered by the Thanksgiving holiday. A total of 962 condo listings hit the market in November, a 40 percent drop from the previous month but on par with year-ago levels.<\/p>\n
The majority of contracts signed were for condominiums priced between $400,000 and $799,000. Angelenos are keen to take advantage of historically low mortgage rates and are finding greater affordability and inventory in the condominium segment. With a vaccine on the horizon, common amenities and elevators aren\u2019t the dealbreakers they once were at the start of the pandemic.<\/p>\n
\u201cYear over year gains for condo new signed contracts continued to outperform the increases in single family new signed contracts,\u201d wrote Jonathan Miller, president and CEO of Miller Samuel Inc.<\/p>\n
Plummeting inventory for single-family homes caused new signed contracts to fall 9.2 percent year-over-year, resulting in 3,429 pending deals. There were 2,039 new listings in November, a 47.6 percent decline compared to the same period last year.<\/p>\n
The greatest share of new signed contracts were for homes priced between $600,000 and $799,000, although there was significant sales activity in the $1 million to $1.99 million range. According to the latest available <\/span>Realtor.com data<\/span><\/a>, the median sold price of a single-family home in Los Angeles County stood at $740,000 in October.\u00a0<\/span><\/p>\nNew signed contracts for single-family homes peaked in July and have been on a downward trajectory since, although there was a modest sales bump in late October. With Los Angeles\u2019 three-week lockdown underway and Hanukkah and Christmas fast approaching, it\u2019s unlikely that the market will show any signs of improvement before the end of the year.<\/p>\n
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