Sales of Downtown L.A. condos increased, by
nineteen percent (19%), in July, 2010, and in comparison to the same
month last year. Downtown L.A. condos sales have been on the rise since
hitting a low point for the year in February. Despite a steady increase
in sales over the last several months, only twenty-five (25) Downtown L.A. condos were sold in July of 2010, while the Combined L.A./Westside MLS reflects the sale of twenty-one (21) Downtown L.A. condos for July 2009.
Homes Sold in Downtown L.A. condos for July 2010:
Supply continues to outpace demand, although there was a 15% decrease in Downtown L.A. condos for sale in July 2010, as compared with the same month last year. There were two-hundred and sixty-five (265) Downtown L.A. condos listed for sale in July of 2010.
Sales prices for Downtown L.A. condos actually
increased by seventeen percent (17%) in July of 2010 and compared to
the same period last year. This is another positive indicator that the Downtown L.A. real estate market may be gaining momentum.Â The median â€˜soldâ€™ price for Downtown L.A. condos
in July, 2010 was three-hundred nienty-one thousand dollars ($391,000)
as compared to an average sold price of three-hundred thirty-five
thousand dollars ($335,000) just a year ago.Â
Median Sold Price of Downtown L.A.Â Condos for July 2010:
The average 'days on market' for Downtown L.A. condos in
July 2010 has increased by a nominal 3%, or two additional days on the
market from this time last year. This is a postive sign that shows
tolerance for price increases and perceived value, since homes are
continuing to sell at virtually the same rate as from July of last year
when prices were substantially lower.Â Downtown L.A. condos are being priced correctly for present market conditions and those in the market to buy now are acting swiftly.
Though listing prices of Downtown L.A. condos have increased by about two percent (2%) from July 2009 to July 2010, the actual sales prices of Downtown L.A. condos has risen significantly by seventeen percent (17%), which shows a better comprehension by home sellers of true value of their downtown L.A. condos, as supported by the current purchase prices of these same condos in the downtown L.A. market.Â
Please contact me if you would like more information about the real estate market in Urban L.A., or the Downtown L.A. Condo market.Â
For a free list of homes for sale, please visit UrbanPulseProperties.com.