This week, we bring you the median sales prices for condos & co-ops – our final market climate map of the 1st quarter. The trend for Condo/Co-Op sales prices in the combined LA / Westside region wasn’t quite as extreme as the sales volume, but the good news is that we are seeing mostly shades of red – 28 areas of growth, 11 areas of decline, and 11 areas with insufficient data. Here are the top 4 performing areas:
1. East Los Angeles ($297k to $450k; 52% increase) – With an ongoing rent control crisis, now is a great time to sell property in East LA. This area took the top spot, but keep in mind that the sample size is small with 3 properties sold in Q1-2016 and 3 sold in Q1-2017.
2. Malibu ($751.1k to 1.075m; 43% increase) – With sunny skies, beautiful beaches, and some of the nicest condos in Los Angeles, it makes sense that Malibu would dominate this list. This area went from 10 properties sold in Q1-2016 to 6 properties sold in Q1-2017.
3. North Inglewood ($227k to $302k, 33% increase) – North Inglewood has seen substantial growth thus far, which is likely a direct result of the new stadium being built for the two NFL football teams that have recently relocated to Los Angeles. This area has been selling a decent number of condos & co-ops over time, going from 33 properties sold in Q1-2016 to 29 sold in Q1-2017.
4. Pacific Palisades (875k to $1.15m, 31% increase) – Pacific Palisades rounds out the top of the list, going from 18 properties sold in Q1-2016 to 11 sold in Q1-2017.
Here are the full stats:
Download Link (PDF): CCMedianSalePriceQ1-2017
For a look at the previous market climate map of the same type (Q1-2016 vs. Q1-2015), click here.