There’s great news for those seeking a place to live in Southern California with the prices for condominiums in the area dropping to their lowest point in more than 12 years.
The median home sale price in February for a condo in the six major counties came it at $656,000, according to data obtained by the Pasadena Star News from the real estate property tracking site ATTOM.
That price is down by 6% compared to last year when condos hit a peak of $699,000, according to the outlet.
The price plummet also shows the biggest drop for condos in the area-over a 12-month span-since February 2012, the report noted.
However, the price drop for those dreaming of owning a home isn’t the same when it comes to a single-family dwelling, where the median price for one in LA costs 31% more than a condo, per Homes.com.
The median condo price in March fell 4.5% in LA, compared to single family homes where the price was down 1.8% compared to the previous year, per the report.
The drop is significant. According to these latest examples of price reductions on Zillow, condo prices in Los Angeles have been slashed anywhere from a few thousands dollars to tens of thousands of dollars from the asking price.
A one bedroom, one bath, 569 square foot place, costs $465,000. That is a drop of $20,000.
Described as in the heart of LA’s Miracle Mile, the move-in ready home “features a bright open-concept layout with an inviting living area, cozy fireplace, and private balcony perfect for relaxing.”
It says the home is ideally located “near Museum Row and just minutes from the Los Angeles County Museum of Art (LACMA), the La Brea Tar Pits, and the Petersen Automotive Museum.”
A two bed, two bath,1,353 sq foot condo located in the Reseda community, is listed for only $399,000, a drop in price of $50,000. The home is described as close to shopping, dining, and entertainment in the area.
“Situated in a secure, gated Spanish Villa-style complex, this home combines comfort, functionality, and value. Interior features include newer carpet, updated countertops, in-unit laundry with washer and dryer included, and a gas and wood-burning fireplace that adds warmth and character,” a description about it added.
A three bed, two bath, 1,108 sq foot condo in Torrance, is listed for $465,000, a massive price cut of $50,000. The home is located in the Mariners Park Community. It features a “spacious living room and a kitchen with a counter bar for casual dining that opens to the living area,” a description about it read.
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“All three bedrooms are well sized, offering a functional and comfortable layout. Additional features include central heating and three assigned parking spaces.”
According to its latest report, there was a 17.7% jump in growth in LA condo inventory compared to single family homes year over year, which could be a contributing factor to the price cuts.
Condo sales remained flat too, compared to 2025, while sales for single family homes rose 2.7%, per Homes.com.
This as the condo market appears to be entering a cooling phase across the nation. Condo prices are currently down 3.5% year-over-year and on their 27 consecutive month of decline, according to Realtor.com data previously shared with The Post.
The California Post reached out to ATTOM and Homes.com for further comment.
