So Cal Market Beat

So Cal Market Beat

December 9, 2020

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By Saeed Ghaffari

The active listing inventory tapered off last week in comparison the week before, mainly because the it was a comparison between a full week vs a 4 day Thanksgiving work week. Although some realtors work pretty much around the clock, 7 days a week, every week, some chose not too and the sellers chose to hold off from listing during the holidays.  Although the drop slowed down, nonetheless, the active listing inventory is still lower than the week before, even though the new listings this week went up by 46% in average across So Cal. The combination of a drop in active listings and rise in new listings is indication of busy sales market, meaning all the active listings changing status to pending or under contract and not too many cancelled and expired ones.

The coming soon listings inventory in a 7-day work week was lower than the 4-day previous work week, a clear indication of the holiday impact on the market.

Good news! New listings went up right after the thanksgiving holidays, meaning the coming soon properties are ready to be shown and moved along. In a hot seller market, you ought to be fast and competitive to get yourself in escrow.

Stale inventory, 100+ days on the market lowered by 3.4% and that’s good news for those sellers who have been patiently waiting for a reasonable offer on their property. Kudos to them and their agents.

Closed inventory was up by 46% across the southland from one week to another. I would say it was because the lenders, the title companies, escrow companies and the county recorders offices worked 3 days in the previous week as opposed to last week. Let’s hope the trend continues through the rest of the year.

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