February 2021 Market Update: Southern California

woman in brown jacket standing on rock near sea during daytime

Key takeaways for the month

The local market started 2021 with a high level of competition that’s reflected in much, much lower than usual days on market and higher than usual sale-to-list price ratio. This competition is paired with an increase in the number of listings, giving buyers the opportunity to pay less for some homes that don’t sell in their first few weeks listed, which may be why median sale price is volatile across the region. 

  • Sale price trends will be understandable in March or April. Single family home median sale prices dipped in all areas except for East LA, but the region was very volatile in 2020, which makes it too early in this year to draw conclusions from year-over-year changes.
  • Sellers are listing at higher prices. Median list price for single family homes is up across the region, by as much as 22% in San Gabriel Valley and 15% in East LA, indicating increased competition. 
  • Homes are selling over list price. Sale-to-list price ratio for single family homes is over 100% across the region, except for Irvine. In Irvine, the dip from 99% to 98% month over month is paired with a year-over-year increase. 
  • Homes are selling very quickly compared to last year. Median days on market are significantly down across the region, with single family homes selling in a rapid  8-13 days. The giant year over year changes range from 43% to 54%. 
  • More listings are becoming available per month. Across the region, the number of homes listed in February was up year over year by as much as 124%. Meanwhile, the number of homes pending is also up across the board. These increases are a sign that sellers are recognizing competition and becoming willing to sell their homes. 

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

Chart showing real estate competition
Chart showing real estate data
Chart showing real estate data

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

West LA data is for Culver City, Santa Monica, Century City, Sawtelle, and Redondo Beach.

San Gabriel Valley data is for Pasadena and Arcadia.

Irvine data is for the city of Irvine.

East LA data is for La Verne, Rowland Heights, Diamond Bar, West Covina, Hacienda Heights, Chino, and Ontario.

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