South Park Condo Market Snapshot — August 2026

‍ ‍ The annual USC effect came and went again this year. As expected, leasing activity picked up in the spring before slowing as students settled in for the fall semester. Historically, that demand spills over into condo sales as well, but this year buyers largely stayed on the sidelines.

The numbers tell the story. South Park now has 82 active listings, up 9% from last month, while only three condos sold. Average days on market jumped from 29 to 90 days. Although average sold price per square foot rose to $688, that increase reflects the mix of units that closed rather than a broad increase in values.

More Than Just a Seasonal Slowdown

The coming month of August has always been a quieter month for real estate, and the historical data backs that up. Over the past five years, sales activity has consistently softened during the summer. The difference today is that we're starting from an already weak market. A slow August will not be unusual, but last month’s three sales in one of downtown's premier neighborhoods certainly is.

Meanwhile, leasing activity also cooled after the spring rush. Active leases fell to 38, with 11 units leased during the past month. The seasonal boost from USC has run its course.

Is the Bottom Finally Here?

The biggest question isn't what happened last month, it's what happens next.

Oceanwide finally appears to be moving toward a resolution after years of uncertainty. Even if a sale isn't finalized immediately, simply having momentum behind the project is a positive shift. That said, I wouldn't expect to see it reflected in next month's numbers. Real estate moves slowly. Buyers need confidence, then they need time to write offers, close escrow, and establish a trend.

What I do find encouraging is that sophisticated investors and developers typically move before everyone else. They buy based on where a neighborhood is headed, not where it is today. If South Park is nearing the bottom of its value cycle, they'll likely be the first to recognize it.

Looking Ahead

Outside of downtown, the broader Los Angeles market remains remarkably healthy. This summer alone I listed a home in La Mirada that received 18 offers and recently represented buyers on a Pasadena home that attracted six offers and sold roughly $400,000 over asking. Demand is still there, it just isn't focused on downtown.

Safety and quality of life remain the biggest obstacles. Until buyers believe those issues are improving, South Park will continue to underperform the rest of Los Angeles.

The opportunity, however, has never been clearer. Inventory is plentiful, buyers have leverage, and prices remain well below recent highs. Whether values begin to recover later this year or not until next spring remains to be seen, but if Oceanwide finally moves forward, we may eventually look back on this period as the bottom of the cycle.

By Michael Robleto

About the Author: Michael Robleto is a Realtor® with Compass specializing in Downtown Los Angeles condominiums and historic homes throughout Los Angeles. A South Park resident since 2009, he serves on the Board of Directors for the South Park Neighborhood Association and as Chairman of Pasadena Heritage. Michael closely tracks Downtown housing trends and publishes the monthly South Park Condo Market Snapshot for the SPNA newsletter.