Is La Palma, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, La Palma has remained a Seller's Market.
Key Takeaway
La Palma is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in La Palma, CA
How much do homes in La Palma, CA cost?
Median Sold Price
$1,060,000
$581/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in La Palma have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in La Palma was $1,060,000 in May 2024, up 10.1% from last year, and the median price per square foot was $581.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $571K | $625K | +9.5% |
| 3 Bedrooms | $875K | $934.9K | +6.9% |
| 4 Bedrooms | $1.0M | $1.1M | +9.8% |
| 5+ Bedrooms | $972.5K | $1.2M | +32.6% |
Summary: La Palma housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 9.8%, and 5+ bedroom homes increased by 32.6%.
Median Sold Price Compared To Nearby Cities
| Cypress | $850K | $980K | +15.3% |
| Cerritos | $930K | $1.0M | +12.8% |
| La Palma | $962.5K | $1.0M | +10.1% |
| Buena Park | $810.8K | $860K | +6.1% |
| Downey-Norwalk | $715K | $757.3K | +5.9% |
Housing Supply in La Palma, CA
How many homes are available in La Palma, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 29 | 0.0% |
Summary: The La Palma real estate market had 29 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 3 | 0.0% |
| 3 Bedrooms | 7 | 8 | +14.3% |
| 4 Bedrooms | 14 | 15 | +7.1% |
| 5+ Bedrooms | 5 | 3 | -40.0% |
Summary: The La Palma housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 13 | +62.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in La Palma, you could pay more than the asking price. 76.9% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in La Palma in May 2024, up by 62.5% month-over-month. Of the 13 sold homes, 15% were sold under asking, 8% were sold at asking, and 77% were sold over asking.
Days on Market for La Palma, CA
How long does it take to sell a home in La Palma, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 18 Days | -55.0% |
Summary: Homes in La Palma had an average of 18 days on market in May 2024, down by 55% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in La Palma are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in La Palma; 77% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.