By Grace Cassidy
Amid last year’s growth in real estate sales, marked by a pandemic-fueled surge in demand, sales prices in Southern California hit record highs in 2021—with Douglas Elliman agents participating in three top sales in Los Angeles.
According to the November Housing Supply Overview from the Greater San Diego Association of Realtors, the median sales price in San Diego increased nearly 17 percent, to $730,000, between December 2020 and November 2021. Forbes, which cited the report, further predicted that “Southern California’s luxury market appears well-positioned to continue to hit historic highs in the first quarter of 2022.”
Meanwhile, The New York Times reported that the average sale price in Montecito, near Santa Barbara, increased by 43 percent, to $6.46 million.
In Brentwood, Tracy Tutor brought the buyer to 12058 Rivers Road, which sold for $56.55 million.
Home values overall in California rose 20.3 percent between November 2020 and November 2021, according to data provided by Zillow. Northern California cities saw massive growth in home value, in particular, with the value of a single-family homes in Sacramento and Alameda County rising 22.3 percent and 24 percent, respectively, according to The Times.
Southern California remains an attractive market as more people continue to work remotely and seek greater access to the outdoors in mild year-round weather.
Exploring your next move in Southern California? View current listings from Douglas Elliman below: