The Mark Company, which shares insights on urban residential sales, recently released its October trend sheet for Downtown Los Angeles. The results show new condo inventory below 400 units while pricing continues to climb on a per-square-foot basis.

The new condo pricing index for Downtown LA is now $795 per square foot — which is up two percent month over month and six percent year over year. Penthouse pricing saw the same percentage increases, albeit at the higher price index of $1,286 per square foot. 

One of the largest culprits of the continued rise is the low inventory available in the area. Just 382 new condos are available in all of Downtown LA, which is a one-percent decrease from September, but a steep 30-percent decrease year over year.

Prices are even higher for Downtown’s only two actively selling developments, Metropolis Towers I & II, and Ten50. Both are selling for more than $900 per square foot, which is over $100 more than the current price index.

As a result of the high price points on new condos, the resale market is also seeing a major boost. The price index for Downtown LA resales is now all the way up at $732, which is closing in on the new build price and is up 31 percent since this time last year. Completed resales are also up 17 percent from 2016, though sales have slowed down since the fall began.