Housing market report for November 2021: Southern California

Flyhomes

4 years ago

aerial view of city buildings during daytime

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.

See previous months’ highlights

Competition report

Our research team analyzed the competition in select local areas.