Let’s take a look at how Downtown Los Angeles condos fared over the past year.
For the purposes of this report I have broken the price ranges down to under $500K, $500K to $1 Million, and the over $1 Million bracket. The largest movement is in the under $under 500K category.
Market absorption indicates the amount of time it will take to sell the existing inventory on the market. Six months is a balanced market; under six months a sellers’ market; over six months a buyers’ market.
Downtown Los Angeles Condos under $500,000 are a hot commodity, and definitely a strong sellers’ market, indicated by the low inventory.
91 of the past year’s sales were studios, which are extremely popular and hard to find, especially in good condition. 34 of these were short sales or foreclosures.
Out of the remaining 275 condos sold over the past year, 71 were either a foreclosure or short sales.
The median price has declined slightly over the previous 12 months, but the sold to list price has increased.
Only two sales in this category were either a short sale or foreclosure.
The media price has increased, as has the sold price to list price.
With a little over six months’ worth of inventory, the $500K to $1M Los Angeles Downtown condos price range is fairly stable, leaning slightly towards buyers.
The over $1 Million Downtown Los Angeles condo market is basically based on two buildings, the Ritz Carlton Residences at L.A. Live, and EVO, and sales in this price range are slow, with over two years’ worth of inventory.