The Mark Company, which shares insights on urban residential sales, has released its November trend sheet for Downtown Los Angeles. This latest data shows that new condo inventory in Downtown Los Angeles continues to sink (down 31 percent year-over-year), while pricing remains high. 

Just 379 new units were on the market in November 2017, representing about a one-percent drop from October (382). Price per square foot on these properties actually showed a dip from $795 to $777. However, that latter figure is still up six percent from November 2016. 

The report also showed condo resale as a growing struggle. In November, sales were down 24 percent year-over-year, and 26 percent month-over-month. But at $711 per square foot, prices have still increased by 14 percent from a year ago.

Despite all of these factors, the Mark Company has determined that Downtown LA has become a greater buyer’s market in recent months. According to its percentage of pending listings (16 percent of active/backup/hold units) and months of inventory on the market (currently 4.2), the area has been determined to be in equilibrium — albeit slightly.

The Mark Company determines supply under four months to be low, and for over eight months to be excess. Its bar for a seller’s market is 25 percent pending sales, which Downtown LA appears well below at the moment.