According to Zillow, Southern California is one of the nation’s top real estate markets for sellers. In their annual list of the top 10 buyer and seller’s markets, Los Angeles ranked 4th, while Riverside came in at 6th on the seller’s list.
Zillow examines the real estate market throughout the nation, and says that even though median home selling prices have been stagnant over the past several months Southern California still has had a large number of speedy sales, few price reductions, and purchases that have come in at or above the initial asking price. While buyer’s markets see home sales that take longer and have more price cuts.
In general, the West is seeing markets that favor home sellers. Seven of this year’s top seller’s markets are in the West, with San Jose, San Francisco, and San Antonio are atop the list. The Midwest favors buyers, with Cleveland, Philadelphia, and Tampa ranked as the best markets for buyers.
While Zillow’s market research did not list luxury real estate as its own independent category, standard market trends can lead us to assume that the luxury real estate market in the Southern California region is also geared towards sellers. We can make this assumption based on recent luxury home sales at, or near their initial asking price, and other economic factors in the Southern California area.