South Park Condo Market Snapshot — September 2026

There is no way to sugarcoat this month’s numbers: one condominium sold in all of South Park during the past 30 days.

July and August are traditionally the slowest months of the year for residential real estate, and challenging markets tend to slow even further during the summer. But one sale across the entire neighborhood is more than a seasonal slowdown. For the moment, the South Park sales market has come to a grinding halt.

This monthly column tracks key metrics within the South Park Business Improvement District (BID) boundary to provide residents with a consistent view of supply, pricing, and buyer activity in the neighborhood. All sales data is sourced from the MLS.

There are currently 79 condos listed for sale, down slightly from 82 last month. Only one closed escrow, compared with three during the previous reporting period.

That single transaction was at the Ritz-Carlton Residences and sold for approximately $808 per square foot. Consequently, this month’s average and median sold PPSF are both $808, but neither should be interpreted as evidence that South Park values suddenly jumped. With only one sale, we simply do not have enough transactions to establish a meaningful pricing trend.

There is at least some activity in the pipeline. Three additional condos are currently pending, including two at Luma and another at the Ritz-Carlton Residences. Assuming those transactions close, next month should give us considerably more useful pricing data.‍ ‍

What I’m Seeing on the Ground

The lack of closings is consistent with what I am experiencing firsthand.

I currently have seven active listings, and we are still receiving showing requests, but they are few and far between. My last several open houses have attracted no visitors at all. I have heard from other downtown agents who have seen somewhat better traffic, particularly on two-bedroom listings, but even then we are generally talking about a couple of visitors, not meaningful buyer traffic.

We know the market slows during the summer. This is different.

There is still an extraordinary opportunity for buyers willing to consider downtown, with significant inventory, negotiating leverage and some of the best values we have seen in years. The problem continues to be getting those buyers through the door.

Pricing Trends

Our historical chart tracks median sold price per square foot, while the monthly Snapshot reports average PPSF. Median pricing helps reduce the effect of unusually high or low individual transactions over time.

This month illustrates the limitations of both measures. With only one closing, the $808 figure represents one property rather than the market as a whole. The more meaningful number this month is simply one sale.

The three pending transactions should help give us a better indication next month of where buyers are actually establishing value.

Leasing Slowed Too

The rental market was not much stronger.

There are currently 44 active condo leases, up nearly 16% from last month. Only four units leased during the past 30 days, down from eleven in the previous reporting period.

The spring USC effect is now behind us, and the leasing market has entered its normal late-summer slowdown. Still, increasing lease inventory combined with sharply lower absorption is another indication of how quiet the residential market has become.

The Neighborhood Has Work to Do

Market conditions alone do not explain South Park’s underperformance.

The neighborhood continues to struggle with the loss of retail and service businesses that once made South Park feel increasingly complete as a residential district. I have also noticed a modest increase in the presence of unhoused individuals in the neighborhood.

If we want residential values to recover, our attention cannot be limited to selling condos. City officials, property owners, and neighborhood stakeholders need to make rebuilding South Park’s retail and restaurant presence a priority. A healthy residential market ultimately depends on creating a neighborhood where people actively want to spend their time and money.

There are reasons for optimism. First, the Oceanwide development finally has a path forward. Second,  September and October have historically produced stronger activity as buyers return from summer travel and the fall market begins.

I am optimistic that we will see better numbers this fall. Whether that represents the beginning of a meaningful recovery or simply a return from an exceptionally slow summer remains to be seen. As always, the next few months of actual closed sales will tell us far more than headlines or speculation.

About the Author

Michael Robleto is a Realtor® with Compass and has called South Park home since 2009. He specializes in Downtown Los Angeles condominiums and architectural homes across Los Angeles, including Pasadena, Los Feliz and Highland Park. Michael serves on the Board of Directors for the South Park Neighborhood Association and as Chairman of Pasadena Heritage. His monthly South Park Condo Market Snapshot combines MLS data with firsthand local market insight to help residents understand the forces affecting South Park real estate.