The Condo Correction Nobody's Talking About

Here's something most agents won't say out loud: the condo market in Los Angeles has corrected. Not crashed. Not collapsed. But corrected — meaningfully, quietly, and in ways that matter if you're buying or selling one right now.

The single-family headlines dominate the conversation. Condos get overlooked. That's exactly why this is worth talking about.

What "correction" actually means

A correction isn't a crisis. It means prices have pulled back from their peak — in this case, from the highs of 2021 and 2022, when low rates and compressed inventory pushed condo values in neighborhoods like West Hollywood, Los Feliz, and Silver Lake to levels that, in hindsight, weren't sustainable.

We're not talking about a freefall. We're talking about a market that has recalibrated. Prices are lower. Days on market are longer. The desperation buying of 2021 is gone. And that changes the math for everyone involved.

What this means if you're a buyer

This is where I need to be honest with you, because a lot of sellers are getting bad advice right now.

The sellers who are struggling — the ones sitting at 90, 120, 180 days on market with no offers — almost all have one thing in common: they priced to what they paid, or to what the market was in 2022. Not to what the market is today.

I had a client earlier this summer who bought at $813,000. The market had moved. We listed at $740,000 — not because I wanted to give it away, but because that's what the data said buyers would respond to. We got multiple offers. We sold at $780,000 — $40,000 over the list price.

That's the correction working for you, not against you. When you price to market reality, buyers show up. When you price to hope, they don't.

The sellers who understand this are closing. The ones who don't are extending their listing agreements, taking price reductions, and ultimately selling for less than they would have if they'd priced right from day one.

The question worth asking

Whether you're thinking about buying or selling, the right question isn't "is the market good or bad right now?" It's "what does the current market mean for my specific situation, my timeline, and my goals?"

Those answers are different for everyone. A condo in Silver Lake with a renovated kitchen and strong HOA financials is a different conversation than a 1970s unit in a building with deferred maintenance. A seller who needs to move in 60 days has different priorities than one who can wait.

That's why a generic market update only gets you so far. The conversation that actually helps is the one that starts with your property, your situation, and a completely honest read — including the parts that might not be what you want to hear.

If you want that conversation, reply to this post or book a free strategy call below. I'll tell you exactly what I'm seeing, and what I think it means for you.

— Eric

P.S. — A recipe for everyone who says they can't cook

Watch: No-Excuses Bruschetta →

See you next month — with another market update and another recipe.

— Eric