Once again, the median sales price for a single-family home inched even higher this past month, to $895,000. May continued to be a busy month of new escrows and closed sales, and the average days on market fell even further to 20 days. Inventory is way down from this time last year, which is causing the upward price trends and the downward trend of days on market.
Anecdotally based on what we’ve seen and what we’re hearing from other agents in Los Angeles, activity has slowed a bit since the Memorial Day holiday, as schools let out and people start going on vacation. This is backed up by data nationally as well. According to Redfin’s data for the US, there’s still fierce competition among buyers in general, but requests for showings, offers and new escrows have slowed slightly since the end of May. This trend may benefit buyers looking through the summer as there may be less intense bidding wars, but some buyers may still be disappointed by the lack of inventory.
Click here to read the full May 2021 Micro Report for Los Angeles, with statistics from neighborhoods and counties across Southern California.