California

Housing Market
Update
Monthly Sales and
Price Statistics
October 2021
California housing market remains solid amidst easing
competition
October 2021

434,170 Existing Home Sales

-10.4% YTY +13.4% YTD % change

Unsold Median Days

Price Inventory Index on Market

$798,440 1.8 months 11 days

+12.3% Y2Y -10.0% Y2Y 10.0% Y2Y

CALIFORNIA ASSOCIATION OF REALTORS®

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02
October 2021 Southern California Housing Snapshot

-11.9% YTY Existing Home Sales

+14.5% YTD % change

$750,000 Existing Home Price

+14.0% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 11 days 101.4%

CALIFORNIA ASSOCIATION OF REALTORS®

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3
October 2021 Central Coast Housing Snapshot

-18.2% YTY Existing Home Sales

+14.3% YTD % change

$865,420 Existing Home Price

+1.8% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 10 days 100.5%

CALIFORNIA ASSOCIATION OF REALTORS®

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October 2021 Central Valley Housing Snapshot

-9.1% YTY Existing Home Sales

+5.5% YTD % change

$450,000 Existing Home Price

+13.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.8 months 9 days 101.0%

CALIFORNIA ASSOCIATION OF REALTORS®

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5
October 2021 Bay Area Housing Snapshot

-7.3% YTY Existing Home Sales

+21.9% YTD % change

$1,275,000 Existing Home Price

+15.9% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

1.4 months 12 days 105.5%

CALIFORNIA ASSOCIATION OF REALTORS®

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October 2021 Far North Housing Snapshot

-23.4% YTY Existing Home Sales

+2.0% YTD % change

$370,000 Existing Home Price

+7.6% YTY % change

Unsold Median Days Sales Price to

Inventory Index on Market List Price Ratio

3.2 months 20 days 99.7%

CALIFORNIA ASSOCIATION OF REALTORS®

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Sales
 Sales leveling off at the start of Q4

California, October 2021 Sales: 434,170 Units, +13.4% YTD, -10.4% YTY, -0.9% MTM
700,000
600,000
500,000
400,000
300,000
200,000
100,000
-
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Sales of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
9
 Sales dipped at similar pace for the past three months

100%
80% Year-over-Year % Chg 6 per. Mov. Avg. (Year-over-Year % Chg)
60%
40%
20%
0%
-10.4%
-20%
-40%
-60%

SERIES: Sales of Existing Single Family Homes page

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

20%
40%
60%
80%

-60%
-40%
-20%
100%
120%

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
Jan-14
Bay Area

May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
6 per. Mov. Avg. (Bay Area)

Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

May-21
Bay Area sales dip as market frenzy continues to cool

Sep-21
11
-7.3%

page
 YoY % chg.

20%
40%
60%
80%

-60%
-40%
-20%
100%

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
Jan-14
So CA

May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
6 per. Mov. Avg. (So CA)

May-18
Sep-18
Jan-19
May-19
So. California sales dip as market normalizes

Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

Sep-21
-11.9%

12
page
 YoY % chg.

10%
20%
30%
40%
50%

-50%
-40%
-30%
-20%
-10%
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
Central Valley

Jan-14
May-14
Sep-14
Jan-15
Central Valley sales slowed

May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
6 per. Mov. Avg. (Central Valley)

May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Sales of Existing Single Family Homes

May-21
Sep-21
-9.1%

13
page
 Sales by Region
Other October 2021 October 2021 Home Sales
Counties Home Sales by Region Growth by Region
5% 0%
Far North
Central 2% -5%
Coast -10% -7.3%
4% -9.1%
Central -15% -11.9%
Valley
22% -20% -18.2%
-25% -21.8%
-23.4%
S.F. Bay
Southern
Area
California
20%
47%

CALIFORNIA ASSOCIATION OF REALTORS®

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 Upper priced segments continue to outpace last year’s
level
October 2021 Share by Price Segment
(YTY% Chg.)
20% 13% 28%
7% 5% $0 - $499k
10% 36%
0%
-10%
-20% -11%
-30% -16% 44%
-40% $500 - $999k
-36% 41%
-50%
-60% -50%

28%
2021
$1M+ 2020
23%

SERIES: Sales of Existing Detached Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
15
 Sales growth moderated in all price segments
except the bottom end
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
350% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Sales

300%
250%
200%
150%
100%
50%
0%
-50%
-100%

SERIES: Percent Change in Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
16
Gap between low-end & high-end
continue to narrow
Share Gap $0-$499k $1,000k and up
60%

50%

40%
% of Sales

30% 28.0%
27.7%
20%

10%

0%
COVID-19 -1.9%
-10% Feb-20 Outbreak

Feb-21
May-19

Mar-20
Apr-20
May-20

Mar-21
Apr-21
May-21
Nov-19

Nov-20
Jun-19
Jul-19

Oct-19

Jan-20

Jun-20
Jul-20

Jan-21

Jun-21
Jul-21

Oct-21
Aug-19
Sep-19

Dec-19

Aug-20
Sep-20
Oct-20

Dec-20

Aug-21
Sep-21
SERIES: Sales by Price Range page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
17
 Pending sales have been declining by double-digits
since June

100%
YTY % Chg. in Pending Sales

80%
60%
40%
20%
0%
-20% -17.1%
-40%
-60%
Jan-17

Jul-17

Oct-17

Jan-18

Jul-18

Oct-18

Jan-19

Jul-19

Oct-19

Jan-20

Jul-20

Oct-20

Jan-21

Jul-21

Oct-21
Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
18
 Pending sales at the top end grew modestly

$0 - $299k $300 - $399k $400 - $499k $500 - $749k

500% $750 - $999k $1,000 - $1,999k $2,000k+
YTY % Chg. in Pending Sales

400%

300%

200%

100%

0%

-100%
Mar-20

May-20

Dec-20

Mar-21

May-21
Jan-20

Jul-20

Oct-20

Jan-21

Jul-21

Oct-21
Apr-20

Jun-20

Nov-20

Apr-21

Jun-21
Feb-20

Aug-20
Sep-20

Feb-21

Aug-21
Sep-21
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
19
 Pending sales declined on a monthly basis for all
but one price segment
$0 - $299k $300 - $399k $400 - $499k $500 - $749k
50% $750 - $999k $1,000 - $1,999k $2,000k+
MTM % Chg. in pending Sales

40%
30%
20%
10%
0%
-10%
-20%
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21

SERIES: Percent Change in Pending Sales page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
20
 Pending sales – Condos/Townhomes down but
not as much as single-family homes

SFH Condo/Townhome
250%
YTY % Chg. in Pending Sales

200%
150%
100%
50%
0%
-50%
-100%
Mar-18
May-18

Mar-19
May-19

Mar-20
May-20

Mar-21
May-21
Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21
Sep-18
Nov-18

Sep-19
Nov-19

Sep-20
Nov-20

Sep-21
SERIES: Percent Change in Pending Sales page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
21
Price
 California median home price dipped below $800k for
the first time in seven months
California, October 2021: $798,440, -1.3% MTM, +12.3% YTY

$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Median Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
23
 Condo/Townhome median price set new high

California, October 2020: $520,000, October 2021: $605,000

$700,000
$600,000
Median Price

$500,000
$400,000
$300,000
$200,000
$100,000
$0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Median Price of Existing Condos/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
24
 Median price growth moderates for single-family
homes but improves for condos
50% Condo Single-Family Homes
40%
30%
20%
YTY% Chg. in Price

10%
0%
-10%
-20%
-30%
-40%
-50%
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Median Price of Existing SFH & Condo/Townhomes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
25
 Price/Square foot dipped again for the second months

October 2021: $389, -1.0% MTM, +19.3% YTY

$450
$400
PRICE PER SQ. FT.

$350
$300
$250
$200
$150
$100
$50
$0
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
26
 The Price/Square foot gap between home types
widened to the highest level since last May

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

$600
PRICE PER SQ. FT.

$500 $505

$400 $393
$300

$200

$100

$0
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: Median Price Per Square Feet of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
27
 Sales price-to-list price ratio softens further

Oct 2021: 101.5%, -0.4% MTM, +1.3% YTY

106%
Sales-to-List Price Ratio

104%
102%
100%
98%
96%
94%
92%
90%
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
28
 Share of homes sold above asking price dipped to
lowest since February
80%
% of sales with price above

70%
60.2%
60%
asking price

50%
40%
30%
20%
10%
0%
Jul-17

Oct-17

Jul-18

Oct-18

Jul-19

Oct-19

Jul-20

Oct-20

Jul-21

Oct-21
Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
SERIES: Sales with sold price above asking price (Existing SFH) page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
29
 Homes sold above asking price - by county

Oct 2021: % sold above asking price

90% 85%
80%
70%
60%
50%
40%
30%
20%
10%
0%
0%

SERIES: % of homes sold above asking price page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
30
 List price growth decelerating faster than sales price

60%
Listing Price Sales Price
50%
40%
YTY% Chg. in Price

30%
20%
10%
0%
-10%
-20% Dec-14
May-15

Mar-16

Dec-19
May-20

Mar-21
Jan-12

Jul-14

Oct-15

Jan-17

Jul-19

Oct-20
Jun-12
Nov-12
Apr-13

Jun-17
Sep-13

Nov-17
Feb-14

Apr-18
Aug-16

Sep-18
Feb-19

Aug-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
31
Prices continue to grow by double-digits
for all percentiles
Year-over-Year Price Growth
18%
15.4% 15.9%
16% 14.8%
14% 12.9% 13.4% 13.3%
11.9% 11.6% 11.4%
12%
10%
8%
6%
4%
2%
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®
32
 Price growth remains solid at all percentiles, but
begins easing in recent months
60% 0-20 20-40 40-60 60-80 80-100
50%

40%
YTY% Chg. in Price

30%

20%

10%

0%

-10%
Mar-18
May-18

Mar-19
May-19

Mar-20
May-20

Mar-21
May-21
Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21
Sep-18
Nov-18

Sep-19
Nov-19

Sep-20
Nov-20

Sep-21
SERIES: Percent Change in Price page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
33
 Market Velocity

50%

-50%
100%
150%
200%
250%

-150%
-100%
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
Dec-18
Mar-19
Market Velocity (12 month trailing average)

Jun-19
Sep-19
California Market Velocity and Price Growth

Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Market Velocity & Price Growth
0%
10%
20%
30%
40%
50%

-50%
-40%
-30%
-20%
-10%

34

Existing SFR Median Price

Growth
page
 Mortgage payment up double-digits as price and
rate both increase from prior year
California Median Price vs. Mortgage
30 Yr. FRM
6% Payment
50%
5% 40%
30%
4%

YTY% Chg.
20%
3.07%
3% 2.83% 10%
0%
2% -10%
-20%
1%

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
0%
May-15

May-16

May-17

May-18

May-19

May-20

May-21
Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21
Sep-15

Sep-16

Sep-17

Sep-18

Sep-19

Sep-20

Sep-21 Price Growth Mortgage Pmt Growth

SERIES: Price Growth vs. Mortgage Payment Growth page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
35
 Mortgage payment up double-digits as price and
rate both increase from prior year
California Median Price vs. Mortgage Payment
50% Price Growth Mortgage Pmt Growth
40%
30%
YTY% Chg.

20%
15.7%
10%
0%
-10%
-20%
Jan-16

Jul-16
Oct-16
Jan-17

Jul-17
Oct-17
Jan-18

Jul-18
Oct-18
Jan-19

Jul-19
Oct-19
Jan-20

Jul-20
Oct-20
Jan-21

Jul-21
Oct-21
Apr-16

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21
SERIES: Price Growth vs. Mortgage Payment Growth page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
36
 Inventory &
Active Listings
 Inventory dipped to the lowest level in four months

18.0
16.0 October 2020: 2.0 Months; October 2021: 1.8 Months
14.0
Months of Supply

12.0
10.0
8.0
6.0
4.0
2.0
0.0
May-06

May-08

May-10

May-12

May-14

May-16

May-18

May-20
Jan-05

Jan-07

Jan-09

Jan-11

Jan-13

Jan-15

Jan-17

Jan-19

Jan-21
Sep-05

Sep-07

Sep-09

Sep-11

Sep-13

Sep-15

Sep-17

Sep-19

Sep-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
38
 Inventory dipped to the lowest level in four months

5
October 2020: 2.0 Months; October 2021: 1.8 Months

4
Months of Supply

SERIES: Unsold Inventory Index of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
39
 Unsold Inventory up in all regions – still below last year

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

6.0
5.0
4.0
3.0
2.0 1.8
1.4
1.0
0.0
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
SERIES: Unsold Inventory Index of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
40
Active listings following seasonal pattern and
leveling off
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®

page
41
Active listings following seasonal pattern and
leveling off
California Active Listings by Month
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Mar-18
May-18

Mar-19
May-19

Mar-20
May-20

Mar-21
May-21
Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

Jul-20

Jan-21

Jul-21
Sep-18
Nov-18

Sep-19
Nov-19

Sep-20
Nov-20

Sep-21
CALIFORNIA ASSOCIATION OF REALTORS®
page
42
 10%
20%
30%
40%

-60%
-50%
-40%
-30%
-20%
-10%
0%
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
Year-over-Year % Chg

May-19
Jul-19
Sep-19
Nov-19
Active listings took a step back in October

Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
SERIES: Active Listing of Existing Single Family Homes

May-21
Jul-21
Sep-21
43
-18.3%

page
 New listings had largest decline since May 2020

New Listings (Existing Single-Family Homes)

35,000 60%

30,000 40%
26,581
# of new listings

25,310

YTY% chg. in new listings

25,000 22,907
20%
19,904
20,000
0%
15,000
-20%
10,000 -21.4%

5,000 -40%

0 -60%
Jan-18

Jan-19

Jan-20

Jan-21

Jan-19

Nov-19
Jan-20

Nov-20
Jan-21
Jul-18

Jul-19

Jul-20

Jul-21
Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Oct-21

Mar-19

Jul-19
Sep-19

Mar-20

Jul-20
Sep-20

Sep-21
Mar-21

Jul-21
May-19

May-20

May-21
SERIES: New Listings (Existing Single-Family Homes) page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
44
 Sales continued to outpace new listings

Sales vs. New Active Listings

35,000 New Active Sales

30,000 27,743
26,581
25,310 24,442
25,000 23,710
22,589
22,907 19,904
20,000

15,000

10,000

5,000

SERIES: New Listings vs. Sales (Existing Single-Family Homes) page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
45
 Imbalance between sales and newly active listings
continue to deplete overall supply level
yty% chg. in sales yty% chg. in new active listings yty% chg. in total active listings

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

Feb-20

Feb-21
May-19

May-20

May-21
Jun-19

Aug-19

Jun-20

Aug-20

Jun-21

Aug-21
Dec-19

Dec-20
Jan-19

Jan-20

Jan-21
Oct-19

Oct-20

Oct-21
Mar-19
Apr-19

Jul-19

Sep-19

Nov-19

Mar-20
Apr-20

Jul-20

Sep-20

Nov-20

Mar-21
Apr-21

Jul-21

Sep-21
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
page
46
 All regions decline in supply

Oct-20 Oct-21
14,000 13,154
12,000
10,507
Active Listings

10,000
8,000
6,000 5,096 4,925 4,887
4,000 3,348
2,000 1,345836 1,2611,208
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®
47
 Supply declined much faster than demand in the
Bay Area, Southern California, and Central Coast
October 2021
Sales Active Listings
0%
-0.8%
Year-to-Year % Chg

-4.2%
-7.3%
-9.1%
-11.9%
-18.2%
-20.1%
-23.4%

-34.3%
-40% -37.8%
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®
48
Market Competitiveness
 Time on market higher than prior year for
the first time in 25 months
California, October 2020: 10.0 Days; October 2021: 11.0 Days
70
60
Days on Market

50
40
30
20
10
0

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

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
50
Median time on market higher in all but the
highest price segment
Median Time on Market
Oct-20 Oct-21
30
26
25
Days on Market

20

15 13 14
11 11 12 12 12
9 1011 11 10 1111 10 1011
10 8 8

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

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

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
51
 Sales-to-list price ratio eases but remains above last
year’s level
California Sales-to-List Price Ratio by Quintile
106%
104.5%
103.6% 104.0%
104% 103.1%
102.1%
102% 101.5%
101.0% 101.0%
100.3% 100.0%
100%

98%

96%

94%
0-20 20-40 40-60 60-80 80-100 80-85 86-90 91-95 96-100 Total
Oct-20 Oct-21
SERIES: Sales to List Ratio of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
52
 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%
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Listing Price Sales Price

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

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
53
 Reduced-Price Listings

Share of Listings with a Reduced Price: 25.6%; Median Reduction Amount: -5.1%

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
6/1/2010

4/1/2011
9/1/2011
2/1/2012
7/1/2012

5/1/2013

3/1/2014
8/1/2014
1/1/2015
6/1/2015

4/1/2016
9/1/2016
2/1/2017
7/1/2017

5/1/2018

3/1/2019
8/1/2019
1/1/2020
6/1/2020

4/1/2021
9/1/2021
Share Reduced Median Reduction
SERIES: Listing Price of Existing Single Family Homes page
SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
54
 Growth in Reduced-Price Listings

Growth in Share of Listings with a Reduced Price: -2.3%

Growth in Median Reduction Amount: 0.5%
10% 1.4%
1.2%
5% 1.0%
YTY % chg.

0.8%
0% 0.6%
-5% 0.4%
0.2%
-10% 0.0%
-0.2%
-15% -0.4%
10/1/2015

10/1/2016

10/1/2017

10/1/2018

10/1/2019

10/1/2020

10/1/2021
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
4/1/2021
7/1/2021
Share Reduced Median Reduction

SERIES: Listing Price of Existing Single Family Homes page

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®
55