Demand for single-family homes and condos remains strong in Los Angeles County, with 5,800 homes going into contract in April 2021: 65% higher than April 2020. This number suggests that new construction is still lagging behind demand, however, as there are only 3,300 new single-family homes and condos in the county.
Condo sales have been surging across the country, with 1,6111 contracts signed in April 2021, nearly 1,000 more than April 2020. This trend began in September 2020 and shows no signs of slowing down.
Similarly, The West Side and Downtown experienced a record Q1 with 1,693 single-family homes selling, the highest it’s been since 2004; these figures are 10% higher than Q4 of 2020, signaling that the housing market remains robust. Notably, “luxury” homes are doing very well in this market; in April 2021, there were 571 homes listed for over $2M, and 531 of those homes sold. The homes number of “luxury” homes listed exceed the April 2020 numbers by 168, and the “luxury”homes sold figure represents an increase of 15 from March 2021. Similarly, Los Angeles County saw 93 homes go under contract for $5M or more.
At the Chernov Team we understand that knowledge is power, and knowledge of which segments of the housing market are thriving is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.