So Cal Market Beat

So Cal Market Beat

December 2, 2020

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By Saeed Ghaffari

The red dots all over the table are a clear reflection of the Thanksgiving holiday on our market. In all fairness, last week was a 3 day work week for most people. Although some realtors may have wanted to work the weekend, I bet many consumers didn’t.

We have added more data to the So Cal Market table to help our readers better see the correlation between the graphs and the actual numbers.

The red dots all over the table are a clear reflection of the Thanksgiving holiday on our market. In all fairness, last week was a 3 day work week for most people. Although some realtors may have wanted to work the weekend, I bet many consumers didn’t.

Our 5 week tracking shows gradual drop in Active Inventory for 4 weeks and a sharp drop for the last ending in November, clearly caused by the holiday.

Coming Soon inventory kept on track with its previous 4 week trend, slow drop, but seemed less steep than the previous weeks, a good thing to see, especially with the sharp drop on Active Listings inventory.

Just like the Active Listings, the New Listings (7 days or less on the market) shows a sharp drop too. Again for a 3 day work week, it should be expected, but we anticipate the drop to level off in the next couple of weeks.

More properties are aging on the market and the 3 day work week has a lot to do with it. However, there are properties that are not priced right or have limitations that handicap their agents in their efforts to show and sell the property.  The longer they are on the market, the more flexible the seller will be.

As with the rest of the country, lenders and closing agents also celebrated the holidays and took a break from work, helping the Closed Listings sharp drop.

With all the ups and downs in the data and the graphs, we still have a great market in So Cal with plenty of opportunities to take a listing, sell a property and contribute to our economy.

In our efforts to bring transparency, literacy and connection to our members and visitors, we hope the above information helps you make more intelligent decisions in your real estate endeavors.

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