The prices for the largest single-family apartment in downtown Los Angeles fell to $2,849,000 last week after a nine-month bidding war.
The average price for a two-bedroom apartment sold in downtown LA fell from $3,039,000 in December to $1,995,000, according to data compiled by Zillow.
The median price for single-bedroom apartments dropped to $3.08 million.
The new listings for downtown LA apartments are up by about 1,000 percent from a year ago.
The number of listings fell by nearly 20 percent last year.
The total number of units on the market in the city dropped by more than 70 percent in the same time period.
Los Angeles’ downtown apartment market has been on a tear for nearly two years.
Last year, the number of available units rose by nearly 400 percent, according, to the Los Angeles Times.
But the city has not seen a sustained uptick in new apartment construction since the early 2000s.
Last week, the U.S. Department of Housing and Urban Development released new data on the city’s apartment market, which showed a sharp decline in new construction in 2015.
In March, the city reported a record number of apartment vacancies.
The vacancy rate is now 3.1 percent.
The current market is expected to remain flat, with prices for apartments in the middle range for the next several months.
A two-bedroom unit will be worth about $1.1 million in 2017, according a survey by realtor Zillows.