Homes and condos are two different types of real estate products. As such they often have different sales figures as far as percentages to report.
By far there are no where near as many condos in Los Angeles County as there are homes. Some cities have very few while others have a large amount. Cities such as Long Beach, the second largest city in Los Angeles County, have a large number of condos available. Santa Monica, Torrance, and Los Angeles also have a large number of condos. So let's take a look at the numbers.
October Sales
- 2006 - 1,944
- 2007 - 1,092
So what does this all mean? Condo sales are down just over 44% across all of Los Angeles County. Now we said this in the home report as well that prices are not down the same percentage and that of course is always reassuring. Condo sales are down less than home sales. We believe the reason for this is condos tend to be more affordable than do single family homes. The programs that are available for first time home buyers are still fantastic and many more people can afford the price of a condo than that of a single family home. It will likely be awhile before we return to the sales numbers of 2007 for condos but they are still a very nice real estate choice.
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