{"id":8422,"date":"2026-05-21T14:32:22","date_gmt":"2026-05-21T14:32:22","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=8422"},"modified":"2026-05-21T14:32:22","modified_gmt":"2026-05-21T14:32:22","slug":"southern-california-condo-sales-hit-historic-low","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=8422","title":{"rendered":"Southern California condo sales hit historic low"},"content":{"rendered":"
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In an era where Southern California house hunters are cash-strapped to buy, you\u2019d think they would be flocking to the market\u2019s usual bargain \u2013 the condominium.<\/p>\n

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However, my trusty spreadsheet\u2019s peek at homebuying stats from Attom, going back to 2005, found that local condo sales across six counties have never been slower.<\/p>\n

Yes, slower than during the Great Recession.<\/p>\n

In the 12 monthsended in March, 41,451 Southern California condos were bought. That\u2019s not only the slowest yearly sales pace over 22 years. It\u2019s also down 4% for the year and 25% below the long-term average.<\/p>\n

Now, all homebuying has been sluggish. But sales seem slightly swifter for Southern California single-family homes, a category that includes most townhomes.<\/p>\n

Across the six counties, there were 126,702 single-family homes sold in the past year. That is the 22nd-slowest pace since 2005 and is essentially flat with March 2025. It\u2019s also 28% below average.<\/p>\n

Why the condo slump?<\/h4>\n

Start with the big picture. The current economy hasn\u2019t been kind to folks with lower incomes, the primary condo buyer.<\/p>\n

Then there\u2019s a perception problem.<\/p>\n

\n<\/div>\n

Some house hunters are wary about fickle condo boards that rule these communities. There also can be expensive condo fees.<\/p>\n

Others worry about shared expenses and painful surprises when major repairs require a large special assessment for all owners in a complex.<\/p>\n

Also, buying a condo has become complicated. Getting a home loan can be tricky, as many condo associations have financial challenges that scare off lenders.<\/p>\n

Purchasing condo insurance can be difficult, too.<\/p>\n

\n<\/div>\n

Price gap<\/h4>\n

The condo slump comes when they remain the market\u2019s relative bargain.<\/p>\n

Southern California\u2019s median sales price for condos was $670,000 in March. That\u2019s 23% below the $870,000 price of single-family homes.<\/p>\n

That gap has grown. Since 2005, condos have averaged a 17% discount to single-family homes.<\/p>\n

Condo pricing looks weaker, too.<\/p>\n

March\u2019s Southern California median was off 3% year-over-year and sits 4% below the February 2025 peak of $699,005.<\/p>\n

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For single-family homes, prices are off just 1% over the past year and 2% below the June 2025 peak of $885,000.<\/p>\n

Or take a longer-term view.<\/p>\n

Southern California condo prices are up only 2% since the Federal Reserve ended its cheap-money policy in March 2022. The median single-family home price is up 10% over four years.<\/p>\n

Payment pain<\/h4>\n

When you look at an estimate of a typical buyer\u2019s monthly house payment, you see a condo\u2019s financial appeal again.<\/p>\n

Consider a condo purchase at the March median price, with a mortgage at the three-month average rate of 6.1%, assuming a 20% down payment.<\/p>\n

The estimated $3,252 monthly payment was off 10% year-over-year and 14% below the peak of $3,785 reached in November 2023. Still, this house hunter\u2019s burden has risen 33% over four years as Fed action nudged mortgage rates higher.<\/p>\n

That\u2019s still a big discount to the market\u2019s alternative.<\/p>\n

A Southern California single-family house payment was $4,222 in March, down 8% from a year earlier and 9% below the peak of $4,631 reached in May 2024. And this burden jumped 43% in four years.<\/p>\n

Counting counties<\/h4>\n

Here is a look at the condo sales slump in the six counties, ranked by condo sales in the last 12 months:<\/p>\n

\u2013 Los Angeles: 15,460 sold, the second-lowest total since 2005. Sales are off 5% vs. March 2025 and run 29% below the 22-year average.<\/p>\n

\u2013 San Diego: 9,125 sold, No. 30 lowest, up 1% in a year but 27% below average.<\/p>\n

\u2013 Orange: 7,280 sold, No. 8 lowest, off 6% in a year and 26% below average.<\/p>\n

\u2013 Riverside: 4,920 sold, No. 87 lowest, off 2% in a year and 5% below average.<\/p>\n

\u2013 San Bernardino: 3,006 sold, No. 25 lowest, off 18% in a year and 19% below average.<\/p>\n

\u2013 Ventura: 1,660 sold, No. 32 lowest, up 2% in a year but 23% below average.<\/p>\n

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com<\/em><\/p>\n

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