January 6, 2021
By Saeed Ghaffari
Gratitude in Our Attitude
With the rates as low as they are, we expect to see a very active real estate market in So Cal as you may from the above table and charts below.
The active listing inventory is flattening, meaning more listings coming in the market than leaving the market by closing, expiring or cancelling. This is validated by the chart below of New Listing with 7 days or less on the market.
A somewhat sharper increase (57.63%) in New Listings Inventory from 12/28 to 1/4 in contrast to a sharp decrease (47.59%) from 12/21 to 12/28 is good news to the real estate community. Although we have to take the holiday affect into consideration before we get too excited.
The number of stale listings, listings with 100+ days on the market, dropped by 6.95% also, lowering the total active inventory on the market. Good sign.
Coming Soon Listings flattened, as expected. Preparing and placing the property in the market is not a priority during the holidays. We’ll need to keep an eye on this category in the coming weeks to get a better read on the sellers’ activities.
Lastly, lenders, escrow and title companies got back to work, and the closings started to take place again, turning the curve around from a 29.93% drop to 4.69% rise in the two weeks compared. All and all things look good and whom or what do we thank for? The low interest rates, the increase in values and the sellers wanting to cash out, or anyone/anything else I missed? It really does not matter, as long as we have gratitude in our attitude.
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