It is our pleasure to bring you the Compass SoCal Q3 2023 Market Report. Third-quarter home sales activity around Southern California declined in part due to interest rates. Exceptions included the Santa Barbara County beach town of Carpinteria where home sales activity increased by 38 percent. An 8 percent decline in the median sales price for single-family homes in Carpinteria to $1.6 million may have fueled that activity.
Heading down the coast to Malibu Beach the median price for single-family homes increased by a hefty 106 percent to $13.6 million. Those buyers took their time as average days on market increased to 121 days from 59 days the year before.
In the San Fernando Valley Encino fell out of favor with buyers as home sales activity fell by 23 percent. A median sales price decline for single-family homes of 20 percent to $1.8 million did not motivate buyers there in the third quarter.
Sales activity for condos around Southern California also declined. Condos once considered an “affordable” alternative to single-family homes had been enjoying significant median price increases over the last few years. Those increases likely impacted sales activity for condos. For example, the median sales price for condos in Playa Vista increased by 34 percent to $1.3 million in the third quarter. Conversely, sales activity for those condos fell by 48 percent.
As we enter the fourth quarter of a challenging housing market partnering with experienced agents and brokers remains key. Compass professionals have the knowledge to support clients from their first meeting to the close of escrow.
The full report is available here: SoCal Q3 2023 Market (Micro) Insights Report