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California median home price reaches new all-time high in March as nearly two-thirds of homes sell above asking price, C.A.R. reports
- Existing, single-family home sales totaled 446,410 in March on a seasonally adjusted annualized rate, down 3.5 percent from February and up 19.7 percent from March 2020.
- March’s statewide median home price was $758,990, up 8.6 percent from February and up 23.9 percent from March 2020.
- Year-to-date statewide home sales were up 17.1 percent in March.
LOS ANGELES (April16) – Fierce competition drove California’s median home price to reach a new record high in March, while the state’s housing market continued its momentum with sales remaining solid heading into the spring homebuying season, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
- Infographic: https://www.car.org/marketing/clients/infographics/March%202021%20Sales%20and%20Price
Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 446,410 in March, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2021 if sales maintained the March pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
March home sales decreased 3.5 percent from 462,720 in February and were up 19.7 percent from a year ago, when 373,070 homes were sold on an annualized basis. While still solid, the monthly sales decline was the third in a row, and the sales pace was the lowest since last July. The near-20 percent sales gain can be attributed partly to weak home sales a year ago as the Coronavirus outbreak abruptly halted the real estate market and economy.
“While intense homebuying interest is the engine that continues to drive housing demand, a shortage of homes for sales is the rocket fuel pushing prices higher across the state. A lack of homes for sale is creating unprecedented market competition, leading to a record share of homes selling above asking price in March,” said C.A.R. President Dave Walsh, vice president and manager of the Compass San Jose office. “With more of the state’s COVID-19 restrictions being lifted in the coming months as we move into the spring home buying season, we should see home sales improve as more prospective home sellers feel comfortable listing their homes for sale.”
California’s median home price set another new record high in March as the statewide median price surged nearly 24 percent from a year ago. The statewide median home price climbed 8.6 percent on a month-to-month basis to $758,990 in March, up from February’s $699,000 and up 23.9 percent from the $612,440 recorded last March. The year-over-year gain was the highest since October 2013 and it was the eighth straight month that California’s median price registered a double-digit gain.
“The market sentiment is drastically different today compared to a year ago at the onset of the pandemic,” said C.A.R. Vice President and Chief Economist Jordan Levine. “With the U.S. economy positioned to grow at the fastest pace since the early 1980s and mortgage rates trending down again in the past week, consumer confidence will improve further, so in the coming months, we should continue to see a solid bounceback from last year as the market maintains its momentum.”
Other key points from C.A.R.’s March 2021 resale housing report include:
Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.
*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.
**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 50 counties.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
# # #
March 2021 County Sales and Price Activity
(Regional and condo sales data not seasonally adjusted)
March 2021 |
Median Sold Price of Existing Single-Family Homes |
Sales |
|||||||
State/Region/County |
March 2021 |
Feb. 2021 |
|
March 2020 |
|
Price MTM% Chg |
Price YTY% Chg |
Sales MTM% Chg |
Sales YTY% Chg |
Calif. Single-family home |
$758,990 |
$699,000 |
|
$612,440 |
|
8.6% |
23.9% |
-3.5% |
19.7% |
Calif. Condo/Townhome |
$552,500 |
$530,000 |
|
$495,000 |
|
4.2% |
11.6% |
42.1% |
39.3% |
Los Angeles Metro Area |
$680,000 |
$649,000 |
|
$556,250 |
|
4.8% |
22.2% |
36.2% |
24.5% |
Central Coast |
$871,840 |
$828,500 |
|
$690,000 |
|
5.2% |
26.4% |
35.3% |
31.8% |
Central Valley |
$415,000 |
$405,000 |
|
$350,000 |
|
2.5% |
18.6% |
33.6% |
9.6% |
Far North |
$350,000 |
$335,000 |
|
$311,250 |
|
4.5% |
12.4% |
33.3% |
26.1% |
Inland Empire |
$495,000 |
$470,000 |
|
$399,000 |
|
5.3% |
24.1% |
37.6% |
21.5% |
San Francisco Bay Area |
$1,225,000 |
$1,151,500 |
|
$1,009,790 |
|
6.4% |
21.3% |
51.3% |
35.0% |
Southern California |
$705,000 |
$675,000 |
|
$585,000 |
|
4.4% |
20.5% |
34.9% |
23.3% |
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
Alameda |
$1,163,000 |
$1,100,000 |
|
$970,500 |
|
5.7% |
19.8% |
51.1% |
45.1% |
Contra Costa |
$920,000 |
$817,500 |
|
$711,000 |
|
12.5% |
29.4% |
50.2% |
34.6% |
Marin |
$1,627,500 |
$1,540,000 |
|
$1,376,000 |
|
5.7% |
18.3% |
47.1% |
16.3% |
Napa |
$929,000 |
$931,500 |
|
$764,000 |
|
-0.3% |
21.6% |
45.6% |
52.3% |
San Francisco |
$1,755,000 |
$1,786,400 |
|
$1,655,000 |
|
-1.8% |
6.0% |
81.5% |
56.1% |
San Mateo |
$1,985,000 |
$1,900,000 |
|
$1,750,000 |
|
4.5% |
13.4% |
47.2% |
29.7% |
Santa Clara |
$1,600,000 |
$1,486,250 |
|
$1,400,000 |
|
7.7% |
14.3% |
52.0% |
44.3% |
Solano |
$549,000 |
$509,750 |
|
$457,950 |
|
7.7% |
19.9% |
60.7% |
-3.7% |
Sonoma |
$765,000 |
$740,000 |
|
$694,000 |
|
3.4% |
10.2% |
37.9% |
36.4% |
Southern California |
|
|
|
|
|
|
|
|
|
Los Angeles |
$668,220 |
$664,120 |
|
$567,910 |
|
0.6% |
17.7% |
34.3% |
26.2% |
Orange |
$1,025,000 |
$995,000 |
|
$882,000 |
|
3.0% |
16.2% |
39.3% |
30.4% |
Riverside |
$535,000 |
$519,500 |
|
$435,000 |
|
3.0% |
23.0% |
42.6% |
22.5% |
San Bernardino |
$412,000 |
$389,900 |
|
$316,000 |
|
5.7% |
30.4% |
29.0% |
19.7% |
San Diego |
$800,000 |
$765,000 |
|
$675,000 |
|
4.6% |
18.5% |
29.3% |
18.1% |
Ventura |
$770,750 |
$750,000 |
|
$705,000 |
|
2.8% |
9.3% |
28.6% |
15.6% |
Central Coast |
|
|
|
|
|
|
|
|
|
Monterey |
$931,000 |
$820,000 |
|
$680,000 |
|
13.5% |
36.9% |
26.3% |
27.0% |
San Luis Obispo |
$737,500 |
$700,000 |
|
$619,000 |
|
5.4% |
19.1% |
28.7% |
19.4% |
Santa Barbara |
$1,075,000 |
$1,174,080 |
|
$645,000 |
|
-8.4% |
66.7% |
55.0% |
47.2% |
Santa Cruz |
$1,100,000 |
$1,058,000 |
|
$925,000 |
|
4.0% |
18.9% |
30.7% |
41.9% |
Central Valley |
|
|
|
|
|
|
|
|
|
Fresno |
$350,000 |
$350,000 |
|
$282,500 |
|
0.0% |
23.9% |
31.6% |
7.0% |
Glenn |
$325,000 |
$319,500 |
|
$288,500 |
|
1.7% |
12.7% |
68.8% |
68.8% |
Kern |
$310,000 |
$295,000 |
|
$259,480 |
|
5.1% |
19.5% |
39.2% |
36.0% |
Kings |
$292,500 |
$280,000 |
|
$250,000 |
|
4.5% |
17.0% |
50.0% |
17.7% |
Madera |
$365,000 |
$354,500 |
|
$285,000 |
|
3.0% |
28.1% |
19.5% |
17.7% |
Merced |
$318,000 |
$318,750 |
|
$280,000 |
|
-0.2% |
13.6% |
86.8% |
15.4% |
Placer |
$610,000 |
$599,500 |
|
$500,000 |
|
1.8% |
22.0% |
48.6% |
10.3% |
Sacramento |
$485,000 |
$463,000 |
|
$400,000 |
|
4.8% |
21.3% |
25.3% |
7.8% |
San Benito |
$765,000 |
$700,000 |
|
$605,000 |
|
9.3% |
26.4% |
55.9% |
29.3% |
San Joaquin |
$457,750 |
$436,300 |
|
$395,000 |
|
4.9% |
15.9% |
32.8% |
-7.7% |
Stanislaus |
$407,500 |
$405,000 |
|
$340,000 |
|
0.6% |
19.9% |
35.4% |
5.8% |
Tulare |
$306,650 |
$288,500 |
|
$254,480 |
|
6.3% |
20.5% |
19.5% |
2.8% |
Far North |
|
|
|
|
|
|
|
|
|
Butte |
$406,000 |
$397,000 |
|
$365,000 |
|
2.3% |
11.2% |
38.7% |
6.5% |
Lassen |
$252,000 |
$208,250 |
|
$230,000 |
|
21.0% |
9.6% |
60.0% |
68.4% |
Plumas |
$385,000 |
$329,500 |
|
$287,500 |
|
16.8% |
33.9% |
27.6% |
208.3% |
Shasta |
$345,000 |
$329,950 |
|
$310,000 |
|
4.6% |
11.3% |
29.3% |
26.6% |
Siskiyou |
$259,500 |
$322,500 |
|
$244,000 |
|
-19.5% |
6.4% |
83.3% |
0.0% |
Tehama |
$299,000 |
$299,000 |
|
$280,000 |
|
0.0% |
6.8% |
8.2% |
47.2% |
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
Amador |
$430,000 |
$406,280 |
|
$335,000 |
|
5.8% |
28.4% |
27.8% |
16.9% |
Calaveras |
$435,850 |
$441,500 |
|
$352,000 |
|
-1.3% |
23.8% |
19.7% |
-9.0% |
Del Norte |
$309,000 |
$359,000 |
|
$233,500 |
|
-13.9% |
32.3% |
52.6% |
107.1% |
El Dorado |
$652,500 |
$577,500 |
|
$507,500 |
|
13.0% |
28.6% |
37.7% |
31.3% |
Humboldt |
$359,000 |
$360,000 |
|
$330,000 |
|
-0.3% |
8.8% |
20.2% |
21.7% |
Lake |
$333,000 |
$326,500 |
|
$275,500 |
|
2.0% |
20.9% |
-15.1% |
4.3% |
Mariposa |
$421,360 |
$397,500 |
|
$335,000 |
|
6.0% |
25.8% |
-33.3% |
45.5% |
Mendocino |
$510,000 |
$525,000 |
|
$382,810 |
|
-2.9% |
33.2% |
6.1% |
-18.8% |
Mono |
$1,700,000 |
$1,435,000 |
|
$665,000 |
|
18.5% |
155.6% |
-35.7% |
-25.0% |
Nevada |
$530,000 |
$519,500 |
|
$425,000 |
|
2.0% |
24.7% |
26.9% |
7.0% |
Sutter |
$364,250 |
$395,000 |
|
$318,050 |
|
-7.8% |
14.5% |
27.7% |
7.1% |
Tuolumne |
$343,600 |
$375,000 |
|
$300,000 |
|
-8.4% |
14.5% |
9.9% |
25.4% |
Yolo |
$530,000 |
$520,000 |
|
$463,500 |
|
1.9% |
14.3% |
29.2% |
22.3% |
Yuba |
$359,500 |
$370,000 |
|
$309,440 |
|
-2.8% |
16.2% |
38.8% |
-25.3% |
r = revised
NA = not available
March 2021 County Unsold Inventory and Days on Market
(Regional and condo sales data not seasonally adjusted)
March 2021 |
Unsold Inventory Index |
Median Time on Market |
||||||||
State/Region/County |
March 2021 |
Feb. 2021 |
|
March 2020 |
|
March 2021 |
Feb. 2021 |
|
March 2020 |
|
Calif. Single-family home |
1.6 |
2.0 |
|
2.7 |
|
8.0 |
10.0 |
|
15.0 |
|
Calif. Condo/Townhome |
1.5 |
2.1 |
|
2.3 |
|
10.0 |
13.0 |
|
14.0 |
|
Los Angeles Metro Area |
1.6 |
2.0 |
|
2.8 |
|
8.0 |
11.0 |
|
19.0 |
|
Central Coast |
1.8 |
2.4 |
|
3.0 |
|
9.0 |
13.0 |
|
17.0 |
|
Central Valley |
1.6 |
1.9 |
|
2.6 |
|
6.0 |
7.0 |
|
13.0 |
|
Far North |
2.2 |
2.8 |
|
4.2 |
|
23.0 |
37.0 |
|
31.0 |
|
Inland Empire |
1.5 |
2.0 |
|
3.0 |
|
10.0 |
15.0 |
|
29.0 |
|
San Francisco Bay Area |
1.6 |
2.1 |
|
2.1 |
|
9.0 |
10.0 |
|
12.0 |
|
Southern California |
1.6 |
2.0 |
|
2.7 |
|
8.0 |
10.0 |
|
17.0 |
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco Bay Area |
|
|
|
|
|
|
|
|
|
|
Alameda |
1.4 |
1.7 |
|
1.7 |
|
8.0 |
8.0 |
|
10.0 |
|
Contra Costa |
1.3 |
1.7 |
|
1.9 |
|
7.0 |
7.5 |
|
10.0 |
|
Marin |
1.5 |
2.1 |
|
2.1 |
|
16.5 |
22.0 |
|
25.0 |
|
Napa |
2.7 |
3.8 |
|
5.5 |
|
42.0 |
38.0 |
|
37.0 |
|
San Francisco |
1.6 |
2.1 |
|
1.5 |
|
11.0 |
13.0 |
r |
14.0 |
|
San Mateo |
1.9 |
2.4 |
|
2.0 |
|
8.0 |
9.0 |
|
10.0 |
|
Santa Clara |
1.7 |
2.2 |
|
2.0 |
|
8.0 |
8.0 |
|
8.0 |
|
Solano |
1.1 |
1.6 |
|
2.4 |
|
24.0 |
29.0 |
|
28.0 |
|
Sonoma |
2.3 |
3.0 |
|
3.6 |
|
32.0 |
38.0 |
|
37.0 |
|
Southern California |
|
|
|
|
|
|
|
|
|
|
Los Angeles |
1.7 |
2.1 |
|
2.6 |
|
8.0 |
10.0 |
|
15.0 |
|
Orange |
1.6 |
2.0 |
|
2.5 |
|
6.0 |
9.0 |
|
11.0 |
|
Riverside |
1.4 |
2.0 |
|
2.9 |
|
10.0 |
14.0 |
|
29.0 |
|
San Bernardino |
1.6 |
2.0 |
|
3.3 |
|
9.0 |
15.0 |
|
30.0 |
|
San Diego |
1.5 |
1.8 |
|
2.4 |
|
6.0 |
7.0 |
|
10.0 |
|
Ventura |
1.5 |
1.8 |
|
3.9 |
|
22.0 |
24.0 |
|
38.0 |
|
Central Coast |
|
|
|
|
|
|
|
|
|
|
Monterey |
2.1 |
2.8 |
|
3.7 |
|
11.0 |
14.0 |
|
21.0 |
|
San Luis Obispo |
1.7 |
2.1 |
|
3.4 |
|
8.0 |
12.0 |
|
20.0 |
|
Santa Barbara |
1.5 |
2.4 |
|
1.7 |
|
8.5 |
13.0 |
|
20.0 |
|
Santa Cruz |
2.1 |
2.5 |
|
3.4 |
|
11.0 |
14.5 |
|
11.0 |
|
Central Valley |
|
|
|
|
|
|
|
|
|
|
Fresno |
1.7 |
2.0 |
|
3.0 |
|
6.0 |
7.0 |
|
14.0 |
|
Glenn |
1.0 |
2.4 |
|
3.8 |
|
10.0 |
12.5 |
|
27.5 |
|
Kern |
1.6 |
2.2 |
|
2.7 |
|
7.0 |
9.0 |
|
15.0 |
|
Kings |
1.8 |
2.7 |
|
2.8 |
|
4.0 |
6.0 |
|
31.0 |
|
Madera |
2.4 |
2.4 |
|
5.1 |
|
12.0 |
10.0 |
|
30.5 |
|
Merced |
1.3 |
2.3 |
|
3.1 |
|
7.0 |
10.0 |
|
23.0 |
|
Placer |
1.4 |
1.8 |
|
2.2 |
|
6.0 |
6.0 |
|
10.0 |
|
Sacramento |
1.5 |
1.6 |
|
2.1 |
|
6.0 |
6.0 |
|
8.0 |
|
San Benito |
2.2 |
3.3 |
|
3.6 |
|
8.0 |
11.0 |
|
19.0 |
|
San Joaquin |
1.8 |
1.9 |
|
2.5 |
|
6.0 |
7.0 |
|
16.0 |
|
Stanislaus |
1.6 |
1.8 |
|
2.6 |
|
6.0 |
7.0 |
|
11.0 |
|
Tulare |
1.9 |
2.0 |
|
3.1 |
|
8.0 |
11.5 |
|
20.0 |
|
Far North |
|
|
|
|
|
|
|
|
|
|
Butte |
2.0 |
2.4 |
|
2.5 |
|
7.0 |
13.5 |
|
10.0 |
|
Lassen |
2.6 |
3.3 |
|
6.4 |
|
112.0 |
106.0 |
|
165.0 |
|
Plumas |
4.4 |
4.7 |
|
18.4 |
|
93.0 |
96.0 |
|
189.0 |
|
Shasta |
1.9 |
2.5 |
|
3.8 |
|
11.0 |
27.0 |
|
21.0 |
|
Siskiyou |
2.9 |
4.8 |
|
5.2 |
|
45.5 |
44.0 |
|
70.0 |
|
Tehama |
2.2 |
2.7 |
|
6.1 |
|
57.0 |
77.0 |
|
67.0 |
|
Other Calif. Counties |
|
|
|
|
|
|
|
|
|
|
Amador |
1.8 |
2.1 |
|
4.6 |
|
21.0 |
12.0 |
|
28.0 |
|
Calaveras |
2.0 |
2.0 |
|
4.0 |
|
58.0 |
57.0 |
|
115.5 |
|
Del Norte |
2.6 |
3.8 |
|
10.0 |
|
97.0 |
167.0 |
|
156.0 |
|
El Dorado |
1.6 |
2.1 |
|
3.6 |
|
10.0 |
13.0 |
|
29.5 |
|
Humboldt |
2.6 |
2.4 |
|
4.8 |
|
9.0 |
10.0 |
|
31.0 |
|
Lake |
2.9 |
2.4 |
|
5.1 |
|
19.0 |
35.5 |
|
65.5 |
|
Mariposa |
3.6 |
1.9 |
|
8.3 |
|
56.0 |
11.5 |
|
40.0 |
|
Mendocino |
3.2 |
3.2 |
|
4.2 |
|
39.5 |
61.0 |
|
85.5 |
|
Mono |
5.1 |
2.9 |
|
5.3 |
|
47.0 |
62.5 |
|
135.0 |
|
Nevada |
2.1 |
2.4 |
|
3.5 |
|
13.0 |
35.5 |
|
22.0 |
|
Sutter |
1.4 |
1.8 |
|
2.6 |
|
7.0 |
10.0 |
|
12.5 |
|
Tuolumne |
2.7 |
2.4 |
|
4.8 |
|
21.0 |
17.5 |
|
65.0 |
|
Yolo |
1.4 |
1.6 |
|
3.0 |
|
7.0 |
7.5 |
|
10.0 |
|
Yuba |
1.4 |
2.2 |
|
2.5 |
|
8.0 |
12.0 |
|
16.0 |
|
r = revised
NA = not available