So Cal Re Market Report/ Buyer, Seller & Investor Tips

So Cal Re Market Report/ Buyer, Seller & Investor Tips

September 15, 2021

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By Saeed Ghaffari

Saeed Ghaffari

Saeed is the founder of Money, Real Estate & More. With over 30 years of experience as a lender, investor and a real estate professional, he provides free consulting in these fields. To connect with Saeed, sign up for free / log in on moreandmorenetwork.com

 

Saeed Ghaffari

So Cal Market Beat

Buyer, Seller & Investor Tips

ECON 101 (Supply & Demand)

Table below shows the impact of the market trends and factors on our economy.

Featured Cities

 

SFR

Condo

 

MAI     $/sqft       Median                 Avg. DOM

MAI     $/sqft       Median                 Avg. DOM

Anaheim Hills

92807

84       $463     $848,950            26

69       $488       $459,900            22

Anaheim Hills

92808

78       $491     $1,367,500         11

85       $523        $654,900            5

Menifee

83       $247     $579,000            30   

No data available due to low inventory

MAI: Market Action Index. MAI of 30 represents a balanced market between buyers and sellers. Over 30 indicates a seller market and below 30 is a buyer market.

Avg. DOM:  Average days on the market

Source altos.re

Buyers, Sellers & Investors: Seek the advice of an experienced local realtor for data specific to your market.  Work with realtors with skills and character you can trust, find them on our Real Estate Expert Panel on our home page.

5 Week Trends

In So Cal, there was overall a upward trend in current inventory with average 0.39% of overall increase with the exception of San Diego & Riverside counties that showed respectively 1.51% & 2.86% decrease.

New listings in the region showed mixed trend with an average of 1.57% decrease. Los Angeles, Orange & Ventura counties showed increase of 10.30%, 1.49% & 5.26% respectively. However, Riverside, San Bernardino & San Diego counties showed 12.35%, 4.10% & 13.00% decrease respectively. Older listings went slightly down by 1.74%.

New listings were 22.82% of total active inventory and older listings slightly went up to 11.32% of the active listings.

Coming soon inventory changed the trend from last week and went down by 12.28%.

 Closed listings changed the trend from last week and went down by an average of 29.44% in So Cal. 

For data specific to your local market, we have expert real estate professionals listed on M&M Expert Panel under the real estate column. Additional real estate services maybe found in M&M Business Directory. For free real estate and mortgage consulting, write to [email protected].

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‘Many Prospective Buyers Are Waiting for the Volatility in Mortgage Rates To Subside’: Mortgage Rates Hit 7.08%, Freddie Mac Says

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“Home sales have declined significantly and, as we approach year-end, they are not expected to improve,” he added.

The adjustable-rate mortgage averaged 6.06%, up from the prior week.

What are they saying? Some homebuyers are fed up waiting for rates to stabilize and are jumping in with 7% rates, an industry group said.

“Although mortgage rates remained above 7% last week, applications to buy a home increased for the first time in six weeks,” Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement.

Still, “many prospective buyers are waiting for the volatility in mortgage rates to subside, as well as for a clearer picture of the economic outlook,” he added.

Mortgage demand overall continues to be weak, as refinances plunge, the MBA said on Wednesday.

Top Questions About Selling Your Home This Winter

1. Should I Wait To Sell?

Even though the supply of homes for sale has increased in 2022, inventory is still low overall. That means it’s still a sellers’ market. The graph below helps put the inventory growth into perspective. Using data from the National Association of Realtors (NAR), it shows just how far off we are from flipping to a buyers’ market:

So Cal Re Market Report/ Buyer, Seller & Investor Tips

Buyers, Sellers & Investors: Seek the advice of an experienced local realtor for data specific to your market. Work with realtors with skills and character you can trust, find them on our Real Estate Expert Panel on our home page.