Is Southwest, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Southwest has remained a Seller's Market.
Housing Prices in Southwest, CA
How much do homes in Southwest, CA cost?
Median Sold Price
$744,533
$520/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Southwest was $744,533 in May 2024, up 6.4% from last year, and the median price per square foot was $520.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $450K | $465K | +3.3% |
2 Bedrooms | $539K | $598.5K | +11.0% |
3 Bedrooms | $725K | $795K | +9.7% |
4 Bedrooms | $780K | $912.5K | +17.0% |
5+ Bedrooms | $1.0M | $1.6M | +69.0% |
Summary: Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.3%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 69%.
Median Sold Price Compared To Nearby Neighborhoods
Hollywood By The Sea | $1.1M | $1.3M | +21.7% |
Southwest | $700K | $744.5K | +6.4% |
Hueneme Bay | $515K | $540K | +4.9% |
Housing Supply in Southwest, CA
How many homes are available in Southwest, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
155 | 180 | +16.1% |
Summary: The Southwest real estate market had 180 homes for sale in May 2024, a 16.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 7 | 7 | 0.0% |
2 Bedrooms | 49 | 48 | -2.0% |
3 Bedrooms | 53 | 69 | +30.2% |
4 Bedrooms | 38 | 45 | +18.4% |
5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 2%, 3 bedroom homes increased by 30.2%, 4 bedroom homes increased by 18.4%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
38 | 33 | -13.2% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 33 homes were sold or pending in Southwest in May 2024, down by 13.2% month-over-month. Of the 33 sold homes, 48% were sold under asking, 12% were sold at asking, and 39% were sold over asking.
Days on Market for Southwest, CA
How long does it take to sell a home in Southwest, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
29 Days | 28 Days | -3.7% |
Summary: Homes in Southwest had an average of 28 days on market in May 2024, down by 3.7% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 33 homes were sold in Southwest; 70% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.