Is anyone surprised at the fact that there are less condos sold this year in Los Angeles county than last year? I would hazard a guess and say no but stay tuned for our report on home sales across the county and you might be surprised at what you see.
So how many condos were sold in August?
We had just over 1,492 condos that sold in Los Angeles County this year compared with 1,651 for last year. Sales were down almost 10% in condos in August.
The numbers for July in Los Angeles County change a little bit more so let's look at those for just a minute to see what they reveal to us.
How many condos sold in July?
Sales for condos in July were down 23%! Now considering that 2007 was already down from the year before that is a large percentage to come down.
What does this all mean?
Percentages are great but they don't always tell the whole story in my opinion. What we are seeing for sure is some data that shows condo sales are down and this won't surprise anyone. What is not shown on these graphs is the median home prices of homes that have sold is lower than last year. We believe that this is related to the fact that people and banks have tightened their lending guidelines and are lending money more cautiously then before.
So if you are looking for a condo is all lost? I would say that no you will have some nice choices today to look at. Not sure what is available in your area? Check out our our FREE MLS and see what is available in your area.
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