California Real Estate: 

A Game of Strategy, Timing, and a dash of good Old-Fashioned Luck!

In the volatile world of real estate, California’s housing market is not one to back down, even in the face of rising mortgage rates. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) recently revealed that despite these challenges, February showcased a housing market that hasn’t been this lively since September 2022, defying expectations and keeping the dream of homeownership alive and kicking.  Melanie Barker, President of C.A.R. and a Yosemite REALTOR®, highlighted the positive strides in housing supply conditions,

“Housing supply conditions in California continued to improve in February with new active listings rising more than 10 percent for the second straight month… This is great news for buyers who have been competing for a dearth of homes for sale, and the momentum will hopefully build further as we enter the spring home buying season.” said C.A.R. President Melanie Barker, a Yosemite REALTOR®. 

Let’s talk numbers, shall we? The statewide median price in February wasn’t shy about flexing, enjoying a robust 9.7% year-over-year gain, soaring from $735,300 in February 2023 to a commanding $806,490 in February 2024. This impressive surge marks the 8th straight month of annual price hikes and solidifies California’s status as a heavyweight in the real estate arena.

“Consumers have been feeling more positive about buying and selling since the beginning of the year, as increases in sales activity and home prices are reflected in the latest improvement in optimism…While the recent upward movement in interest rates may result in more moderate sales in March, we expect homebuyers on the sidelines to re-enter the market as the economy slows and rates begin to trend down again in the second quarter.” said C.A.R. Senior Vice President and Chief Economist Jordan Levine.

Despite the looming specter of rising mortgage rates, the housing market’s resilience and tight inventory conditions continue to keep prices competitive. Million-dollar homes are having a ball, outperforming more affordable options and lending strong support to the overall median price growth. With economists eyeing a balanced market between 4 to 6 months of supply, California, particularly Los Angeles County, is still dancing on the edge with around 3.1 months of supply. 

Months Supply of Inventory (SFH) for Los Angeles County is now 3.1 months.

Months Supply of Inventory (SFH) for Southern California is 3.0 months.

The stage is set for an intriguing showdown between market dynamics and buyer aspirations in the months ahead, proving once again that California real estate is a game of strategy, timing, and a dash of good old-fashioned luck.

And now for the latest data on Los Angeles County real estate trends:

Single family homes  |  Los Angeles County | February 2024

New Listings: 3,259 (Up 3.04% year over year)

Homes Sold: 2,206 (Up 6.67% year over year)

Median List Price: $945,000 (Up  9.95% year over year)

Median Sales Price: $950,000 (Up 10.74% year over year)

Median Days on Market:  17 (Down 37.04% year over year)

Average List Price: $1,421,498 (Up  1.85% year over year)

Average Sales Price: $1,406,252 (Up 4.45% year over year)

Average Days on Market: 38 (Down 17.39% year over year)

List/Sell Price Ratio: 101.1% (Up 2.16% year over year)

Condo homes  | Los Angeles County | February 2024

New Listings: 1.327 (Up 11.14% year over year)

Homes Sold: 835 (Up 7.6% year over year)

Median List Price: $659,000 (Up 2.33% year over year)

Median Sales Price: $660,000 (Up 3.13% year over year)

Median Days on Market: 21 (Down 19.23% year over year)

Average List Price:  $785,204 (Down 1.88% year over year)

Average Sales Price: $783,645 (Down 0.36% year over year)

Average Days on Market: 41 (Down 8.89% year over year)

List/Sell Price Ratio: 100.2 (Up 1.07% year over year)