Southern California Monthly Market Report Highlights

Real estate data for your area

Current month’s highlights and full data

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

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