📊 Weekly House Market Report of Los Angeles 🌴

As we approach the middle of October 2024, the real estate market across several key cities in Southern California is showing a cooling trend. While inventory levels have fluctuated slightly, demand is still strong enough to maintain seller's market conditions in many areas. Below, we’ll take a closer look at the latest updates for San Gabriel, Irvine, Chino Hills, Diamond Bar, Walnut, Pasadena, San Marino, and Arcadia.

This week, the median list price in San Gabriel is $1,261,500, with a Market Action Index (MAI) of 49, indicating a strong seller’s market. However, this is a decrease from last month’s MAI of 54, showing that the market is cooling. Inventory remains the same. If the MAI continues to drop, buyers may begin to have more negotiating power.

Irvine’s median list price this week stands at $2,798,444, with the MAI at 40, down from last month’s 41. Inventory has decreased to 190 homes, with the market maintaining a slight seller’s advantage. While the market has reached a stasis, low inventory keeps it in the seller's zone. An increase in demand could push prices higher.

Chino Hills is experiencing a cooling trend, with a median list price of $1,090,000 and an MAI of 47, down from 51. Inventory has risen to 93 homes, contributing to the cooling effect. As demand softens, prices are starting to decline, and this trend is expected to continue unless the MAI climbs again.

Diamond Bar’s median list price is $1,499,000, with an MAI of 43, unchanged from last month. Inventory has increased to 63 homes. Although demand remains healthy enough for a slight seller’s advantage, prices have flattened. The market may see price drops if demand weakens further.

This week, Walnut’s median list price is $1,680,000, with an MAI of 42, down from 45 last month. Inventory has increased to 49 homes. Like other areas, the market has cooled, and prices have plateaued. Any further decline in the MAI could lead to downward price pressure.

Pasadena has a median list price of $1,700,000, with an MAI of 45, down from 49. Inventory has risen to 105 homes. Although the market is cooling, it remains in the seller’s zone. If the MAI decreases further, expect prices to dip, but if demand strengthens, prices could rise again.

San Marino’s high-end market sees a median list price of $4,135,000 and an MAI of 39, which remains unchanged from last month. Inventory has increased slightly to 28 homes. The market is cooling, but still holds a slight seller’s advantage. Price movement will depend on whether demand picks up or further declines.

Arcadia’s median list price this week is $3,499,500, with an MAI of 37, down from 38 last month. Inventory has dropped to 80 homes. Like other nearby cities, Arcadia is in a slight seller’s advantage zone, though the market is cooling. If the MAI continues to drop, buyers may gain more leverage.

Overall, Southern California’s housing markets are seeing a cooling trend, with most cities experiencing a decrease in the Market Action Index and slight increases in inventory. While these areas remain seller-friendly, any sustained drop in demand or MAI could shift the balance, leading to more favorable conditions for buyers. For now, sellers still have the upper hand in many locations, but both buyers and sellers should watch the MAI closely for future changes in market dynamics.