Recently we took a look at where in the LA area home prices are rising and falling the most; but what about condos? Are these units following similar patterns?
Well, the MLS recently released a map tracking such sales around LA (though the Valley and South Bay are sadly not included). It compares the median price of condos sold in the second quarter of 2016 to the same figure in the second quarter of 2017 (which ended in June).
During that period, the sale price in Topanga spiked an astonishing 174 percent. Of course, as the chart below the map shows, only a single unit sold in the second quarter of 2016, so that giant leap is probably due to a very small sample size more than anything.
Looking at neighborhoods where at least 10 units sold in both quarters, Mid-Wilshire and Pacific Palisades both saw prices rise at least 22 percent between the second quarter of 2016 and the same time a year later.
Where in LA can you find the most expensive condos? Well, between April and June of 2017, a single unit in Malibu fetched $2.46 million, but in neighborhoods where at least 10 units sold, Venice reigns supreme. Though the median sale price there rose only 1 percent over the year before, in the second quarter of 2017, that price was a hefty $1.3 million.
On the flip side, in El Sereno, where 14 units sold in the second quarter of 2017, the median sale price was $322,500.
By and large, the map shows condo prices on the rise across the LA area, but a few places saw prices decline. Median sale price dipped slightly in Palms-Mar Vista, Beverly Center-Miracle Mile, and Silver Lake-Echo Park. Hollywood Hills East and Malibu saw larger drop-offs. Between the second quarter of 2016 and the second quarter of 2017, the median price fell 10 and 14 percent, respectively, in these areas.