General Summary: Condos outperform single-family homes. While single-family home prices fared better during the past few years, condos now seem to be taking the lead. Condo prices are trending upward as single-family homes face uncertainty. Generally, the price point of around one million is active and competitive with young families on the Westside.
Single Family House prices on the Westside are down about 6% in May (median price $1.987M) compared to the previous month. Compared to the first quarter of last year (the market peak), prices are down by about 12%. New Listings went up in May by about 20%, compared to the previous month, and stand at about the same levels as last year's first quarter. Sales in May were up by 12% compared to the previous month. Compared to the average of last year's first quarter, sales are still down by about 13%. Inventory remains low, with 2.5 months of inventory in May, a decline of about 7% compared to the previous month. Summary: Since the peak of last year, prices dropped, hitting a general low around August 2022, and since then they've been zigzagging up and down, undecided on a clear up or down trend. Low inventory has kept prices afloat.
Condominium prices on the Westside are up about 4% in May (median price $1.147M) compared to the previous month. Compared to the first quarter of last year (the market peak), prices are up by about 2%. New Listings went up in May by about 16%, compared to the previous month, and are down by about 16% compared to last year's first quarter. Sales in May were up by 40% compared to the previous month. Compared to the average of last year's first quarter, sales are still down by about 18%. Inventory remains low, with 2.3 months of inventory in May, a decline of about 24% compared to the previous month. Summary: Since hitting a low around August of last year, condos have shown a slight upward trend. This is partly due to the lower price point for condos, which is more accessible to young families on the Westside. Also, during the pandemic, condo prices didn't see the big price surge that single-family houses did.
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