May 2021 Market Update: Southern California

white and blue boat on beach during daytime

Key takeaways for the month

The peak season is in full effect across Southern California, with median sale prices rising, days on market staying low, and homes generally spending less time on the market. 

  • Median sale prices are up. Across the region, single family home sale prices increased 5%-7% month over month. San Diego, where sale price stayed flat month over month, is an exception. However, San Diego sale price has been on the rise since December, increasing 25% from the end of last year through April.  
  • Homes are selling quickly. While single family homes in West LA and the San Gabriel Valley saw increases in median days on market, they still fall well below pre-pandemic levels, with West LA coming in at 10 days (compared to 15 in May 2019) and the San Gabriel Valley at 18 days (compared to 27 in May 2019). On the Eastside, in Orange County and in San Diego, single family homes sold in median 6-8 days. Condos are seeing similar trends. 
  • More homes are being listed. With the seasonal peak upon us, single family home listings are up or flat across the region. West LA is an exception as it saw a jump in April and decreased in May. The number of homes going pending came in on par with pre-pandemic 2019 levels. For condos, both the number listed and pending were up and median days on market generally fell, showing a strong condo market compared to April. 
  • Competition is still high. Sale-to-list price ratio increased across the region for all property types, landing as high as 106% for single family homes in San Diego and the San Gabriel Valley. 
  • The San Gabriel Valley saw high competition for some homes, but others remained available. The number of single family homes listed was flat month over month, and the number pending decreased by nearly 10%. Likewise, median days on market increased 38% month over month. However, median sale prices were 106% of list price. This likely indicates that, while not all homes are seeing multiple offers, the ones that are active are very competitive. Median list price also fell slightly (-2%) while sale price increased (7%) month over month, which may indicate sellers using a pricing strategy of under-pricing to encourage multiple offers. 

Competition snapshot

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

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.

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

San Diego data is for postal codes 92130, 92131, 92129, 92128, 92064, 92127, 92009, 92010 92120, 92024, 92117, 92122, 92126, 92121, 92104, 92101.


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