June 2021 highlights
Competition for homes across Southern California was a challenge for buyers in June, with sale-to-list price ratios at multi-year highs for single family homes, townhomes, and condos in most areas.
- West LA saw more inventory and higher list prices. Single family homes in West LA saw median list price jump 13% month over month. Despite this jump, median sale price saw only a 2% increase, indicative of a fluctuation but not a significant change. More homes were listed and a steady number went pending while days on market and sale-to-list price ratio stayed steady at 103%, compared to 98% in June 2020. Though more homes were listed, buyers didn’t react with increased demand.
- San Gabriel Valley continued at new high sale prices. A 36% year-over-year rise in median sale price for single family homes was made steeper by a June 2020 dip to a below-trend $955,000. However, the new high median of $1.3M is 35% higher than the pre-pandemic June 2019 number of $960,000, indicating a significantly higher new normal. Sale-to-list price ratio is also at a multi-year high of 107%.
- Irvine saw similar trends to San Gabriel Valley. Irvine saw a large increase in year-over-year median sale price for single family homes, but not a significant change month over month. Days on market also remained flat at a swift 8-day median. While both areas saw a month-over-month rise in the number of single family homes listed, Irvine’s number pending held steady while San Gabriel Valley’s pending homes decreased by 13%, indicating that not all of the homes listed saw equal competition.
- The Eastside has picked up post-pandemic. While median sale prices for single family homes fluctuated slightly downwards, the market on the Eastside hasn’t slowed. At $705,000, the new median sale price is 24% higher than the pre-pandemic July 2019 median of $568,000. Median days on market also rose from May to June, but stayed at a new, quick pace that’s been holding between 7 and 11 days since July of 2020. Sale-to-list price ratio rose to a new high of 106%.
- San Diego is an especially hot market. Median sale prices for single family homes climbed a significant 7% month over month and 42% year over year. With four consecutive months above a $1M median and prices rising every month, this peak season also sees days on market holding steady at a speedy median of 6 and sale-to-list price ratio coming in at 107%, the eighth consecutive month over 100%.
Our research team explored the competition facing homebuyers in select areas.
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.