Los Angeles Condo Market Surges in Q2, Reaching Record Prices
Sales increased by 22.2% from the previous quarter, driven by demand for luxury units with full-service amenities.
The Los Angeles luxury condominium market experienced a significant rebound in the second quarter, with sales jumping 22.2% from the first quarter to reach 760 closings, according to a report by Compass Development Marketing Group. This sales volume is in line with the historical second-quarter average of 768 closings.
The average sale price for a condo in Los Angeles currently stands at $1.35 million, with an average price per square foot of $898. While these figures remain consistent with the past three years, prices in the most exclusive submarkets have seen a notable increase.
Prime locations offering comprehensive services and amenities, such as those in Rosewood Residences Beverly Hills, Mandarin Oriental Beverly Hills, and 8899 Beverly, are witnessing a surge in high-value transactions. Helen Howe, managing director of Compass Market Development Group, noted that these properties are commanding premium pricing, indicating that discerning buyers are willing to invest in properties that offer the right combination of location, service, and lifestyle.
This trend is exemplified by a potential record-breaking sale of a half-built penthouse at the Aman Beverly Hills for $200 million. If this transaction is completed, it would significantly surpass the current record condo sale of $39.2 million set in 2025 for a unit at The Century in Century City, by over 410%. The identity of the potential buyer for the Aman penthouse remains undisclosed.
While traditionally overshadowed by single-family home sales in Los Angeles' luxury market, the increasing development of residential towers could signal a shift in buyer preferences towards condominium living.