December 16, 2020
By Saeed Ghaffari
Thank a Realtor
One would expect the So Cal real estate market to hibernate or slow down drastically during the holidays with the pandemics footprints on employment and overall economy. It’s seasonally adjusting, but surprisingly other than that, it shows no sign of slowing down. 19.72% of the active listings hit the market last week and 22.09% of them were listed the week before.
The closings dropped by 5.58% from one week to another, but as it was mentioned, it only represents its normal adjustment for the season.
Coming Soon Inventory remained flat through the region and so did the properties with 100+ days on the market.
Sellers are dominating the market pretty much in every corner and who/what do they owe their advantage to? The 30 year fixed rate mortgages and the local real estate community. If I were a seller in this market and I was not afraid the Corona Virus, I would go hug a realtor today. But, I am not a seller and I am afraid of the virus too. So, I thank all the realtors for all their contribution to our local communities and economy. And if I were you, I would grab the phone and thank a realtor too.
Graphs below show a 5-week trend of the So Cal market on their respective data.
The decline in active inventory seems to be seasonal. One would expect this to be much worse with the Covid-19 spread around the southland and the country. With the vaccine distribution on its way and the congress reaching a deal on stimulus package around the corner, no drastic drop is expected on the market.
Although the we see a slight drop in the new listings on the market, they still represent 19.72% of the total active inventory.
Coming Soon inventory remained flat. Another 500+ new properties are about to hit the market soon. Undoubtedly, there are more properties being prepared for sale and will be coming to the market soon without being pre-listed on MLS.
Not much of a change in the inventory of properties with 100+ days on the market. A good sign.
The drop in Closed Listings inventory looks insignificant and seems seasonal. Thank goodness for the historically low interest rates.
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