Southern California Monthly Market Report Highlights

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Current month’s highlights and full data

March 2022 real estate highlights

Housing prices in the Los Angeles were up in the city, the San Gabriel Valley and in San Diego. Listing prices were also up in all three areas. Homes in Southern California sold in less than a week, on average. Some were on the market for as little as 6 days. Competition continued to increase as inventory fell.

Competition report

Our research team analyzed the competition in select local areas.

February 2022 real estate highlights

Though housing prices stagnated a bit across Southern California, they only dipped to level off at rates that were still higher than most of the previous year. While LA prices dipped 5% to just over $1.6 million, the San Gabriel Valley went the other direction to lift 6% to land at over $1 million for the first time. Meanwhile San Diego and Orange County selling prices were largely flat month to month, suggesting a leveling off—not an overall dip in competition.

  • Taken together, home prices were largely level across Southern California In LA prices dipped 5%, in the San Gabriel Valley, they rose 6%, meanwhile San Diego prices rose by $50,000 and Orange County prices hardly budged. The market leveled off but didn’t move too far in any direction, keeping prices high and competition strong.
  • The San Gabriel Valley broke $1 million The average selling price of homes in the San Gabriel Valley was above $1 million for the first time ever in February of 2022. Compared to early 2022, this is a massive jump but prices have been steadily rising month over month for years so this figure represents only a 6% increase since last month—and doesn’t show any sign of slowing.
  • Sellers were adjusted down to the market Fifty additional homes were listed in February than in January, creating an increase in inventory that could explain the relative stagnation of the market. But sellers were strategic in their listing strategies, putting homes on the market for less than previous month but garnering an average of 7% higher than their asking price.
  • Despite the rise in housing prices there, the San Gabriel Valley remained the most affordable area At just over $1 million, homes in the San Gabriel Valley were still less expensive than other markets nearby that we track, including LA, San Diego, and Orange County.
  • Condominium prices topped $1 million for the first time in Orange County Despite high house prices in Orange County, condos have stayed below $1 million until February, catching up to the rest of the nearby market.

January 2022 highlights

January continued a slow rise in competition in the housing market in Southern California that has been gradually returning the LA and San Diego areas to pre-autumn numbers. Following a low point in October of last year, January prices in LA were above where they were at any point in 2021.

  • Home prices spiked after the new year to reach a high point for the last 12 months The average home in LA sold for over $1,700,000, a 2% increase from the previous month, but a 25% increase from this time last year.
  • Sellers were pricing their homes to encourage competition and higher offers Though the sale prices increased in January, sellers listed their homes well below the average sale price—and even listed for less, on average, than what they did in December. The result was a high sale-to-list-price ratio and a high number of offers for each home.
  • Inventory was up across most LA area markets As competition begins to increase, sellers are encouraged and are coming back into the market. In LA, San Diego, Orange County, and the San Gabriel area, the number of listed properties increased. This didn’t ease pressure on buyers, however, as the number of homes sold increased at a similar rate, keeping inventory flat.
  • Selling prices were all over list prices across all Southern California markets Median sale prices were higher than median list prices in San Diego, LA, San Gabriel, and Orange County. Despite the increased prices, days on market were either flat or lower than the previous months in the same markets.

December 2021 highlights

The LA real estate market evened out and stabilized throughout November. Most notably list prices and sale prices came back in sync as the days on market rose to a more manageable 14 days. 

  • Median sale prices for homes in L.A. saw a greater jump from November to December Going into the autumn, the continual rise in home sale prices slowed to 6% growth from October to November. That number climbed at the end of the year to a 9% growth from November to December, landing at $1,630,000 for an L.A. home.
  • List prices were a good indicator of a home’s true value The median sale price of a home in L.A. was within 1% of the area’s median list price. Sellers are still getting a little over the asking but home list prices tend to reflect a true representation of the home’s actual value.  
  • Condo prices were down in the San Gabriel Valley Prices for multi-family properties in the San Gabriel Valley have experienced a slow decline from their peak in the summer but are still 20% higher than the year low in January.
  • The San Diego market further slowed at the end of the year Fewer homes were listed and sold in San Diego in December than during the previous peak in the autumn of this year. But both metrics were down so inventory remained mostly flat.

November 2021 highlights

The LA real estate market evened out and stabilized throughout November. Most notably list prices and sale prices came back in sync as the days on market rose to a more manageable 14 days. 

  • The median sale price of LA-area homes rose back to its autumn level. After dropping to $1,457,500 in October, one of the lowest prices of the year, sale prices rose back up, but stayed below peak levels. At $1,515,000, sale prices in LA are lower than they were at their summer peaks, but higher than at winter lows.
  • List prices continued dropped in response to sale prices. Sellers in November chose to list their homes for an average of 2.4% less than what they had listed them for in October, leveling out at $1,610,000. This led to a median sale-price-to-list-price ratio of 102% for the month.  
  • Irvine single family homes sales slowed. From a peak at 5 days in October, the median days on market for a home in Irvine crept up to 7 days as the season entered its slow period. A two-day addition to the median days on market was actually 40% slower, signaling a steep slow-down overall of the Orange County market.  
  • Fewer homes were sold and listed in San Diego. The number of listings in San Diego slid 24% from 462 to 347 in November. The same kind of drop occurred in the number of homes sold, which declined to 420 from 429. Overall this led to a cooling in the competition and a slight decrease in sales price from $1,229,500 to $1,166,030.  

Our research team analyzed the competition in select local areas.

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October 2021 highlights

While few big shifts happened in October compared to September, the Southern California market continued to experience increased speed and competition in 2021 compared to pre-pandemic 2019 and years prior. 

  • The median sale price of West LA single family homes took a nosedive. Sale prices dropped 10% to $1,457,500, a level last seen in April. Meanwhile, the median list price rose 9% as more expensive properties were listed despite the total number of listings dropping 22% month over month. 
  • Some homes in San Gabriel Valley drove competition. The number of single family homes listed rose 4% month over month. While 6% fewer went pending, median days on market dropped 19% and sale-to-list price ratio increased 1%, showing that the homes that did sell saw buyer competition. 
  • Irvine single family homes sold quickly. Median days on market dropped 29% month over month to 5 days, which represents a drop of 72% year over year from 18 days in October 2020. This is the quickest pace of sales we’ve seen in the area over multiple years, but other numbers stayed relatively flat, indicating that the swiftness is more a sign of a “new normal” than a big month-over-month change. 
  • San Diego has slowed for the season. Despite a slight increase in the number of single family homes listed month over month, the overall trend between the summer and now is a downward one. While a seasonal slowdown is in effect, the area still saw homes sell in a median of 7 days on market compared to 17 in October of 2019. Overall, post-pandemic single family home sales in San Diego are much quicker than before the pandemic. 

September 2021

In September, Southern California homes continued to sell at a summer pace or faster, but the competition indicator of sale-to-list price ratio fell in most areas (excepting Irvine). With more inventory hitting the market across the region as sellers hope to move before the holiday season, buyers may want to act fast to take advantage of the slight dip in competition. 

Note: We have changed the areas included in our report for San Gabriel Valley. Now included are: Pasadena, Arcadia, La Verne, Rowland Heights, Diamond Bar, West Covina, and Hacienda Heights. 

  • West LA homes sold quickly. Median days on market for single family homes dropped 23% from August to 10 days after rising for two months. This pace is unusually speedy for September, which sat at 13 days in 2020 and 16 in 2019. However, the quick pace is not reflected in competition levels, as sale-to-list price ratio dropped 2%, and median list and sale prices both dropped slightly. 
  • San Gabriel Valley hit a new high median sale price. The median sale price for single family homes increased 4% from August to a multi-year high level of $979,000. Meanwhile, 19% more homes were listed month over month, median days on market increased 17%, and sale-to-list price ratio dropped 1%. These measures point to decreased competition among buyers, indicating that the high sale price may have been driven up by a few expensive properties. 
  • Irvine saw high competition on select homes. Sale-to-list price ratio for single family homes rose 1% to a multi-year high of 103% and homes sold in a median of 7 days, continuing the trend from August. However, 10% fewer homes were listed and median sale price held steady, indicating that the slowdown is beginning. 
  • San Diego saw the effects of seasonal slowing. While single family homes continued to sell in a median of 7 days (for the third month in a row), sale-to-list price ratio dropped 2% and median sale price fell 1%. While the homes that are selling are selling quickly, overall the market has cooled from its peak.
real estate competition report for Westside LA
real estate competition report for Westside LA
Real estate competition report for San Gabriel Valley
real estate competition report in San Diego

August 2021

Across Southern California, August brought signs of an expected slowdown after the peak homebuying season. However, the region continues to see sale-to-list price ratios over 100%, the norm throughout 2021 thus far and a significant increase from recent years. 

  • Single family home prices on the Westside reached a multi-year high. At a median of $1.655M, sale prices for single family homes on the Westside were up 6% month over month and 34% year over year in August. However, homes are selling more slowly with median days on market rising 23%, so the increase isn’t likely due to increased competition. A few high-end homes may have influenced the number. Meanwhile, the condo market on the Westside slowed significantly, with median sale price dropping 9%.  
  • The San Gabriel Valley market slowed. With the number of pending single family homes dropping 22% month over month and the number listed dropping 21%, San Gabriel Valley saw the onset of an expected seasonal decrease in activity. 
  • Irvine saw no significant changes for the month. Median days on market fell in Irvine and median sale price rose slightly, but these changes were likely due to a small number of properties becoming popular. Overall, the small region saw no impactful month-over-month changes in August, but continued to operate at levels far outpacing previous years, with sale-to-list price ratio coming over 100% for the seventh consecutive month. 
  • San Diego saw the start of a slowdown. The median sale price in San Diego saw no significant change in August, while condo prices rose 3%. Days on market were flat for all property types. Meanwhile, sale-to-list price ratio dropped slightly, indicating the start of expected seasonal slowdown in the market.
Real estate competition report for Westside LA
Real estate competition report for San Gabriel Valley
Real estate competition report for San Diego

July 2021

While competition for all home types across Southern California continued to far outpace recent years in July, we saw the first signs of seasonal slowdown as the summer peak season draws to an end.  

  • West LA single family home sales slowed while condos stayed active. Single family homes saw median days on market increase 10%. While this change marks only a one-day bump from 10 days to 11, it continues an upward trend from the low point of 9 days beginning in February. Condos also saw an 8% increase, but landed at 13 days, which is in line with the trend for the past three months. Both home types see West LA properties selling much more quickly than last July, down 31% year over year for single family homes and 28% for condos. 
  • San Gabriel Valley saw more single family homes on the market. The number of homes listed increased 9% month over month while sale-to-list price ratio increased 2%. However, median sale price stayed flat from June and homes spent a median of 7% longer on the market, showing that the inventory bump may have prevented some homes from gaining traction. Condos saw median days on market drop a huge 37%, a course correction from an extreme increase in June rather than a major change in the market. 
  • Sellers in Irvine and on the Eastside are confident. While most metrics stayed relatively flat for both single family homes and condos in Irvine, the number of properties listed increased by 14% and 18% month over month respectively, indicating that sellers are confident that the market will remain active. Meanwhile, Eastside single family homes show a similar story with the number of single family homes listed up 15%. Eastside condos saw new listings jump 54% and pending rise 44% while sale prices dipped 9% and sale-to-list price ratio stayed flat. The confidence of sellers was rewarded as the additional inventory was absorbed. 
  • San Diego home values are up. Median list price is up 4% to a multi-year high of $1.15M after gradually increasing since February, showing that home values have risen overall despite month-over-month dips in median sale price and sale-to-list price ratio that can likely be attributed to the start of seasonal slowdown.

Competition snapshot

West LA real estate competition report for July 2021
San Gabriel Valley real estate competition report for July 2021
San Diego real estate competition report for July 2021

June 2021

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%.

Competition snapshot

real estate market competition report for West LA
real estate market competition report for san gabriel valley
San Diego real estate market competition report

May 2021

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

April 2021

The Southern California market as a whole continues to be very active with buyers paying over list price and buying quickly. 

  • Expect rising prices in the coming months. Despite slight downward fluctuations in median sale price for single family homes in West LA, San Gabriel Valley, and Irvine, the market across the region shows strong activity. Median list prices stayed roughly flat or increased, indicating that sellers are confident in the market. The Eastside is an exception, with a -3.1% decrease in list price, which may indicate a seller strategy of listing low to encourage bidding wars. 
  • Eastside homes that are getting offers are getting multiple offers. The Eastside saw a 19.1% month over month increase in the number of single family homes listed, but a dip of -4.3% in the number pending (which reflects homes that were listed in the previous month). This indicates that not all listings are selling quickly. However, rising sale-to-list price reflects competition for the homes that are selling. Likewise, days on market, though slightly up month over month, are down -73.3% year over year and a whopping -200% from April 2019 (8 days compared to 24). 
  • San Diego is heating up. The number of single family homes pending in San Diego is up 14.6% month over month and 16.1% over April 2019, pre-pandemic (which saw 577 pending). Sale-to-list price ratio is at a multi-year high of 106%, whereas pre-pandemic, it was consistently under 100%. Days on market are holding steady at 6, about as low as that number gets.

Competition snapshot

March 2021

The Southern California real estate market is seeing an unprecedented level of activity, with the lowest median days on market and highest sale-to-list price ratios in years. 

  • Homes are selling at higher prices. Median sale prices for single family homes are up year-over-year across the region, by as much as 20% in San Gabriel Valley and 15% on the Eastside. List prices are also rising. 
  • Homes are selling very quickly. Median days on market for single family homes are trending down year-over-year, falling 38% in San Diego and a whopping 50% in Irvine. West LA homes are selling slightly slower than they were a year ago at 9 days compared to 8 in March 2020, but they are trending down and we expect that to continue. 
  • Many more homes are selling. The numbers of properties listed and sold in March saw huge year-over-year increases. West LA and the Eastside each saw increases of more than 200% for single family homes. 
  • Homes are selling over list price. Sale-to-list price ratio is up for single family homes across the region, with every market trending above 100%. Buyers should expect homes to sell above list.

Competition snapshot

February 2021

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

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

January 2021

The Southern California market tends to be volatile and we see that reflected at the start of 2021. 

  • East LA has grown since the start of 2020. The median sale price for the area steadily increased over the last six months of 2020 and continued that growth with a 3.80% increase from December to January. Year over year, January sale prices are up 7.14% and we expect to see that trend continue. Even if February sees a slowdown, the year-over-year increase will likely remain. 
  • Across the region, homes are selling more quickly. Days on market for single family homes decreased month over month and year over year, indicating increased competition. 
  • Select properties in San Gabriel Valley and East LA are competitive. The number of single-family homes listed increased month over month by 57.50% and year over year by 127.71%, but the number pending stayed almost flat with a 4.84% decrease month over month. This indicates that not all homes are getting offers, but the ones that are tend to see multiple offers. East LA sees a similar trend.

Competition snapshot