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Southern California Real Estate Market Trends

How is the housing market now in terms of the numbers?

 

5/7/24

The Southern California market stayed hot in April, based on CRMLS data for Los Angeles, San Bernardino, Riverside, and Orange counties.

Prices:

The median home prices rose in April for all four counties, with an average increase of 2.3%. Compared to last year, Orange County has appreciated the most with a 16.5% gain, and San Bernardino County has appreciated the least with a 5.1% gain. On average, the four counties are up about 9.6% compared to last year.

Inventory:

The number of available homes ticked up about 2.7% in April. The four counties collectively have about 400 more homes for sale now compared to March. That’s still down about 6.1% compared to last year, so inventory is still very low.

Time on market:

The pace of home sales picked up in April as the median time on market dropped a couple of days. About half of the homes in the region sold in 16 days or fewer. This is a lot faster than the pace we saw last April when the median time on market was about 23 days.

Supply from sellers vs. demand from buyers:

The relative strength of buyers versus sellers remained about the same during April. Months of inventory measures supply relative to demand. As months of inventory drops, the market is heating up, and as it rises, the market is cooling down. During April, months of inventory rose very slightly from 2.5 to 2.6 on average. This remains one of the hottest seasons in the last three years. It would take more than double the available supply to balance out current demand.

What this means for sellers:

 Well-priced homes are likely to receive multiple offers and get strong prices relative to recent comparable sales. If these conditions continue, it will maintain upward pressure on prices. That upward pressure will have more effect if interest rates drop.

What this means for buyers:

Buyers should be prepared for significant competition on well-priced, good-looking homes. Under these conditions, prices typically rise, so I don’t expect a big drop in prices in the near future.

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