![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/04\/condo-sales.jpg\")
<\/a>Photo by Sidekix Media<\/a> on Unsplash<\/a> <\/em><\/p>\nLos Angeles\u2019 spring housing market got off to an early start in March with pending sales in both the single-family home and condominium segments posting double-digit annual gains.\u00a0<\/span><\/p>\n According to a <\/span>new report<\/span><\/a> from residential real estate brokerage Douglas Elliman, new signed contracts for condominium units rose 88.4 percent over the same period last year. In total, 1,735 residences went from \u2018active\u2019 to \u2018pending,\u2019 a 15 percent increase from February.\u00a0<\/span><\/p>\n The bulk of pending sales were in the $300,000 to $599,000 range, indicating that buyers priced out of the exorbitant single-family homes market may be driving the demand for comparatively affordable condos.<\/p>\n \u201cOverall condo new inventory saw a modest gain,\u201d wrote Jonathan Miller, president and CEO of Miller Samuel Inc., who compiled the report. The number of new listings climbed 3.9 percent compared to year-ago levels, amounting to 1,134 units.<\/p>\n Pending single-family home sales improved by 25.8 percent on an annual basis, representing 4,308 inked deals. Inventory remained extremely low with 2,395 new listings, down 46.8 percent from March 2020. The mismatch between supply and demand has led to surging single-family home prices as buyers look to take advantage of still-low mortgage rates.\u00a0<\/span><\/p>\n \u201cNew signed contract growth is generally seeing greater year over year gains in higher price tranches,\u201d wrote Miller. The greatest share of pending home sales belonged to properties priced between $500,000 and $899,000. A significant number of new signed contracts for $1 million to $1.99 million single-family homes were also recorded.<\/p>\n