California

Housing Market
Update
Monthly Sales and
Price Statistics
February 2021
California housing market: sales dipped for the
second month as price growth remained robust
February 2021

462,720 Existing Home Sales

+9.7% YTY +15.9% YTD % change

Unsold Median Days

Price Inventory Index on Market

$699,000 2.0 months 10 days

+20.6% Y2Y -44.4% Y2Y -56.5% Y2Y

CALIFORNIA ASSOCIATION OF REALTORS®

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02
February 2021 Southern California Housing Snapshot

+10.5% YTY Existing Home Sales

+12.0% YTD % change

$675,000 Existing Home Price

+16.4% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.0 months 10 days 100.8%

CALIFORNIA ASSOCIATION OF REALTORS®

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February 2021 Central Coast Housing Snapshot

+22.4% YTY Existing Home Sales

+21.2% YTD % change

$828,500 Existing Home Price

+15.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.4 months 13 days 100.0%

CALIFORNIA ASSOCIATION OF REALTORS®

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February 2021 Central Valley Housing Snapshot

-0.3% YTY Existing Home Sales

+3.3% YTD % change

$405,000 Existing Home Price

+19.1% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.9 months 7 days 101.2%

CALIFORNIA ASSOCIATION OF REALTORS®

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February 2021 Bay Area Housing Snapshot

+16.1% YTY Existing Home Sales

+23.6% YTD % change

$1,151,500 Existing Home Price

+26.5% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.1 months 10 days 104.3%

CALIFORNIA ASSOCIATION OF REALTORS®

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February 2021 Far North Housing Snapshot

+17.3% YTY Existing Home Sales

+5.2% YTD % change

$335,000 Existing Home Price

+11.7% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

2.8 months 37 days 100.0%

CALIFORNIA ASSOCIATION OF REALTORS®

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Sales
 Sales had the smallest yearly growth in seven months

California, February 2021 Sales: 462,720 Units, +15.9% YTD, +9.7% YTY, -4.5% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
Jan-11

Jan-17
Jan-05

Jan-07

Jan-09

Jan-13

Jan-15

Jan-19

Jan-21
Sep-05

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Sep-07

SERIES: Sales of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
9
 Sales growth dipped below 10% for the first time since
July 2020
40%
30% Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
20%
10% 9.7%
0%
-10%
-20%
-30%
-40%
-50%

SERIES: Sales of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
10
 YoY % chg.

20%
40%
60%

-60%
-40%
-20%
0%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Bay Area

Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Bay Area sales growth moderated

Sep-16
Jan-17
May-17
Sep-17
Jan-18
6 per. Mov. Avg. (Bay Area)

May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Jan-21
11
16.1%

page
 YoY % chg.

-40%
-30%
-20%
-10%
20%
30%
40%

-50%
0%
10%
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
So CA

Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
6 per. Mov. Avg. (So CA)

Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
So. California sales growth continued to decelerate

Sep-20
SERIES: Sales of Existing Single Family Homes
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

Jan-21
10.5%

12
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 Central Valley had its first decline since June 2020

30% Central Valley 6 per. Mov. Avg. (Central Valley)

20%
10%
YoY % chg.

0% -0.3%
-10%
-20%
-30%
-40%
May-10

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20
Jan-10

Sep-10
Jan-11

Sep-11
Jan-12

Sep-12
Jan-13

Sep-13
Jan-14

Sep-14
Jan-15

Sep-15
Jan-16

Jan-17

Sep-17
Jan-18

Sep-18
Jan-19

Sep-19
Jan-20

Sep-20
Jan-21
Sep-16
SERIES: Sales of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
13
 Sales by Region
February 2021 February 2021 Home Sales
Other Home Sales by Region Growth by Region
Counties 25% 22.4%
6% Far North 20% 16.1% 17.3%
Central 3%
15% 12.9%
Coast 10.5%
4% Central
10%
Valley 5%
20% 0%
-0.3%
-5%
S.F. Bay
Area
Southern 17%
California
50%

CALIFORNIA ASSOCIATION OF REALTORS®

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 Sales growth more robust in higher price segments

February 2021 Share by Price Segment

(YTY% Chg.)
100% 35%
79% $0 - $499k
80% 47%
60% 46% 50%
40% 14%
20% 0%
0% 42%
-20% $500 - $999k
-12% 37%
-40%
-38%
-60%

23%
2021
$1M+ 2020
16%

SERIES: Sales of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
15
 Sales growth continued to moderate in all price
segments except for the top end
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
140% $750 - $999k $1,000 - $1,999k $2,000k+
120%
YTY % Chg. in Sales

100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
-80%
Apr-19

Apr-20
Jan-19
Feb-19
Mar-19

Jun-19

Oct-19
Nov-19

Jan-20
Feb-20
Mar-20
Dec-18

May-19

Jul-19
Aug-19
Sep-19

Jun-20
Dec-19

Aug-20

Oct-20
Nov-20

Jan-21
May-20

Jul-20

Dec-20
Sep-20

Feb-21
SERIES: Percent Change in Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
16
 Pending sales growth dropped below 20 percent
for the first time in nine months

60%
YTY % Chg. in Pending Sales

40%

20% 17.9%
0%

-20%

-40%

-60%

Jul-19
Jul-17

Jul-20
Jan-17
Mar-17

Mar-18

Jul-18
Sep-18

Jan-19
Mar-19

Sep-19

Sep-20
May-17

Nov-17
Jan-18

May-18

Nov-18

May-19

Nov-19
Jan-20
Mar-20
May-20

Nov-20
Jan-21
Sep-17

SERIES: Percent Change in Pending Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
17
Price
 California median price had back-to-back 20
percent price growth
California, February 2021: $699,000, -0.1% MTM, +20.6% YTY

$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
May-06
Jan-05
Sep-05

Jan-07
Sep-07

Jan-09
Sep-09

Jan-11
Sep-11

Jan-13

Jan-15
Sep-15

Jan-17
Sep-17

Jan-19
Sep-19

Jan-21
May-08

May-10

May-12

May-14

May-16

May-18

May-20
Sep-13
SERIES: Median Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
19
 Condo/Townhome median price bounced back and
set a new record high
California, February 2020: $480,000, February 2021: $530,000
$600,000

$500,000
Median Price

$400,000

$300,000

$200,000

$100,000

$0
Feb-09
May-07

Mar-20
Jan-05

Mar-06
Aug-05

Nov-10

Jan-12

Mar-13
Aug-12

May-14

Sep-16

Nov-17

Jan-19
Aug-19
Oct-06

Dec-07
Jul-08

Sep-09
Apr-10

Jun-11

Oct-13

Dec-14
Jul-15
Feb-16

Apr-17

Oct-20
Jun-18
SERIES: Median Price of Existing Condos/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
20
 Median price growth for Single-Family Homes
continued to outperform that of Condos
50% Condo Single-Family Homes
40%
30%
YTY% Chg. in Price

20%
10%
0%
-10%
-20%
-30%
-40%
-50%
May-06
Jan-05
Sep-05

Jan-07
Sep-07

Jan-09
Sep-09

Jan-11
Sep-11

Jan-13

Jan-15
Sep-15

Jan-17
Sep-17

Jan-19
Sep-19

Jan-21
May-08

May-10

May-12

May-14

May-16

May-18

May-20
Sep-13
SERIES: Median Price of Existing Condo/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
21
 Price/Square foot highest since July 2007

February 2021: $338, +2.1% MTM, +19.4% YTY

$400
$350
PRICE PER SQ. FT.

$300
$250
$200
$150
$100
$50
$0
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
22
 Price/Square foot: the gap between condo/townhomes
and single-family homes started widening again

Diff. in Price/Sq. Ft. SFH Condo/Townhome

$500
PRICE PER SQ. FT.

$450 $449
$400
$350 $338
$300
$250
$200
$150
$100
$50
$0
Jul-10

Jul-11
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-18

Jan-19

Jan-20

Jan-21
Jul-07

Jul-08

Jul-09

Jul-12

Jul-13

Jul-14

Jul-15
Jan-16
Jul-16
Jan-17
Jul-17

Jul-18

Jul-19

Jul-20
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
23
 Sales price-to-list price ratio set a record high

February 2021: 101.0%, 0.8% MTM, +1.9% YTY

Sales-to-List Price Ratio

100%

98%

96%

94%

92%

90%
Jul-07

Jul-08
Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
24
 List price growth moderate while sales price growth
remained elevated
60%
Listing Price Sales Price
50%
40%
YTY% Chg. in Price

30%
20%
10%
0%
-10%
-20%
Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19

May-20
Sep-12

Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18

Sep-19

Sep-20
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
25
Price growth up by double digits in all percentiles;
strongest gain in the top end
Year-over-Year Price Growth
35%
30.2%
30% 27.3%
26.4% 26.4%
25% 24.0%
21.8%
19.6% 20.3% 19.8%
20%

15%

10%

5%

0%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100
Percentile

SERIES: Median Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
26
 Price growth slowed faster at top percentile;
all percentiles grew by double-digits from a year ago
35% 0-20 20-40 40-60 60-80 80-100
30%
25%
20%
YTY% Chg. in Price

15%
10%
5%
0%
-5%
-10%

SERIES: Percent Change in Price page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
27
 Market Velocity

200%

-150%
-100%
-50%
100%
150%

50%
0%
Dec-08
Mar-09
Jun-09
Sep-09
Dec-09
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Price Growth

Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Market Velocity (12 month trailing average)

Dec-18
California Market Velocity and Price Growth

Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Market Velocity & Price Growth
0%
10%
20%
30%
50%
40%

-50%
-40%
-20%
-10%

-30%

Existing SFR Median Price

28

Growth
page
 Mortgage payment had the largest growth since
Nov. 2018
California Median Price vs. Mortgage
30 Yr. FRM
6% Payment
25%
5% 20%
15%
4% 3.47% 10%

YTY% Chg.
5%
3% 2.81%
0%
-5%
2% -10%
-15%
1%

Jan-16

Mar-20
Jun-16
Nov-16

Sep-17
Feb-18

Aug-20
Apr-17

Jan-21
Jul-18
Dec-18
May-19
Oct-19
0%
May-18
Jan-15

Sep-15
Jan-16

Sep-16
Jan-17

Sep-17
Jan-18

Sep-18
Jan-19

Sep-19
Jan-20

Jan-21
May-15

May-16

May-17

May-19

May-20
Sep-20
Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
29
 Mortgage payment had the largest growth since
Nov. 2018
California Median Price vs. Mortgage Payment
25% Price Growth Mortgage Pmt Growth
20% 20.6%
15%
YTY% Chg.

10% 11.1%
5%
0%
-5%
-10%
-15%

SERIES: Price Growth vs. Mortgage Payment Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
30
 Inventory &
Active Listings
 Inventory inched up from the prior month as the
home buying season about to kick off
18.0
16.0 Feb 2020: 3.6 Months; Feb 2021: 2.0 Months
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
Jan-05
Sep-05

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19
May-06
Jan-07
Sep-07
May-08
Jan-09

May-10
Jan-11

May-12
Jan-13

May-14
Jan-15

May-16
Jan-17

May-18
Jan-19

May-20
Jan-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
32
 Unsold Inventory remained low in all regions

9.0
8.0 Bay Area So CA Central Valley
7.0
Months of Supply

6.0
5.0
4.0
3.0 2.1
2.0 2.0
1.9
1.0
0.0
Jan-09

Jan-18
Jul-13

Jul-20
Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-19

Jan-20

Jan-21
Jul-09

Jul-10

Jul-11

Jul-12

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
33
Active listings still less than half of what
the market had a year ago
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0

2018 2019 2020 2021

CALIFORNIA ASSOCIATION OF REALTORS®

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 Active listings remain suppressed as new listings
can’t keep up with pent up demand
Year-over-Year % Chg
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60% -52.5%
Mar-15

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Sep-19

Mar-20

Sep-20
May-15
Jul-15

Nov-15

May-16
Jul-16

Nov-16

May-17
Jul-17

Nov-17

May-18
Jul-18

Nov-18

May-19
Jul-19

Nov-19

May-20
Jul-20

Nov-20
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
SERIES: Active Listing of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
35
 Housing supply remains tight in all regions

Feb-20 Feb-21
20,000
17,868
18,000
16,000
Active Listings

14,000
12,000
10,000
7,970
8,000 6,881
6,000 4,633
4,000 3,278 3,095
1,933 1,539 826
2,000 859
0
San Francisco Southern Central Valley Central Coast Far North
Bay Area California
SERIES: Active Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
36
 Supply continued to drop as sales remain strong

February 2021
Sales Active Listings
30% 22.4%
20% 16.1% 17.3%
Year-to-Year % Chg

10.5%
10%
0%
-10% -0.3%
-20%
-30%
-29.2%
-40%
-50% -46.3%
-60% -55.4% -55.0% -55.6%
San Francisco Southern Central Valley Central Coast Far North
Bay Area California
SERIES: Sales and Listings of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
37
Market Competitiveness
 Time on market inched up but remain low

California, February 2020: 23.0 Days; February 2021: 10.0 Days

80
70
Days on Market

60
50
40
30
20
10
0
Jan-05
Sep-05

Jan-07
Sep-07

Jan-09

Jan-11
Sep-11

Jan-13
Sep-13

Jan-15
Sep-15

Jan-17
Sep-17

Jan-19
Sep-19

Jan-21
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Sep-09

SERIES: Median Time of Market of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
39
Median time on market lower than last year for
all percentiles
Median Time on Market
40
35
32
30
Days on Market

26 25
23 22
20 18 18 19
16 15 16
13
10 10 11 10
10 8 8 9

0
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Percentile
Feb-20 Feb-21

SERIES: Median Time on Market of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
40
 Sales-to-list price ratio signaling a very competitive
market
California Sales-to-List Price Ratio by Quintile
102%
101.2% 101.2% 101.0% 101.0%
101.0%
101%
100.0% 100.0% 100.1% 100.0%
100%

99%
98.0%
98%

97%

96%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Feb-20 Feb-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
41
 Median sales vs. list price growth $1M+ properties

California Median Sales vs. List Price Growth

25%
20%
YTY% Chg. in Price

15%
10%
5%
0%
-5%
-10%
Dec-11

Aug-13

Aug-18
Jun-09
Jan-09

Apr-10

Jun-14
Feb-11

Oct-12

Apr-15

Jun-19
Dec-16

Oct-17

Apr-20

Feb-21
Nov-09

Sep-10

Mar-13

Jan-14
Jul-11

May-12

Nov-14

Sep-15

Mar-18

Jan-19
Jul-16

Nov-19
Feb-16

May-17

Sep-20
Listing Price Sales Price

SERIES: Sales to List Ratio of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
42
 Reduced-Price Listings

Share of Listings with a Reduced Price: 17.8%; Median Reduction Amount: -4.9%

50% 0%
45% -1%
40% -2%
35% -3%
30% -4%
25% -5%
20% -6%
15% -7%
10% -8%
5% -9%
0% -10%
11/1/2010

12/1/2012

10/1/2013

11/1/2015

12/1/2017

10/1/2018

11/1/2020
1/1/2010

2/1/2012

3/1/2014

4/1/2016

5/1/2018

6/1/2020
6/1/2010

4/1/2011
9/1/2011

7/1/2012

5/1/2013

8/1/2014
1/1/2015
6/1/2015

9/1/2016
2/1/2017
7/1/2017

3/1/2019
8/1/2019
1/1/2020
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
43
 Growth in Reduced-Price Listings

Growth in Share of Listings with a Reduced Price: -9.6%

Growth in Median Reduction Amount: 0.6%
10% 0.8%
5% 0.6%
0.4%
0%
0.2%
-5%
0.0%
-10% -0.2%
-15% -0.4%
10/1/2015
1/1/2015
4/1/2015
7/1/2015

1/1/2016
4/1/2016
7/1/2016

1/1/2017
4/1/2017
7/1/2017

1/1/2018
4/1/2018
7/1/2018

1/1/2019
4/1/2019
7/1/2019

1/1/2020
4/1/2020
7/1/2020

1/1/2021
10/1/2016

10/1/2017

10/1/2018

10/1/2019

10/1/2020
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
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