It is our pleasure to bring you the Compass SoCal Q2 2022 Market Report.
The Southern California market shifted in Q2 2022 with declines in home sales activity across the region. Rising interest rates impacted markets around the country. The in-demand Coastal Communities experienced a 23 percent decline in home sales activity in the second quarter. Yet the median sales price in many communities across Southern California continued to show double-digit increases compared to last year’s second quarter.
The median sales price in the Coastal Communities increased by 20 percent to $2.5 million. Pacific Palisades single-family homes experienced a 42 percent decline in home sales activity in the second quarter. Most likely in part to the median sales price for those single-family homes increasing by 41 percent to $5.6 million. In Orange County second quarter home sales activity declined by 30 percent while the median sales price increased by 19 percent to $1.6 million. In Palm Springs/Palm Desert the median sales price for condos in Rancho Mirage increased 46 percent to $597,500. In the second quarter buyers who were only considering single-family homes previously are now purchasing condos due to price consideration. For example, the median sales price for a condo in Encino in the second quarter was $515,000 compared to $2.2 million for a single-family home. Buyers for those Encino condos moved quickly reducing average days on market from 25 days to 19 days compared to last year.
As the market continues to recalibrate as we move into the third quarter do connect with a Compass Agent for the most up-to-date market news and industry insights.