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

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

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

Featured Cities

SFR Condo
MAI     $/sqft       Median                 Avg. DOM MAI     $/sqft       Median                 Avg. DOM
92807 93       $542     $1,323,500             24 72      $576       $624,400            16
92808 82       $617      $1,296,800             40 74      $565       $674,499           19
Menifee 86       $278      $639,900                27 Inventory currently too low for a market report in Menifee, CA

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 upward trend in inventory with average increase of 5.59%. There were no exceptions in the region. 

New listings in the region showed upward trend with an average increase of 6.34%. The exceptions were Riverside & San Bernardino Counties with respective decrease of 6.28% & 9.65%.

New listings were 22.70% of total active inventory and older listings were at 7.70 % of the active listings. 

Coming soon inventory changed the trend from last week and went down by 7.45%.

Closed listings changed the trend from last week and went down by an average of 17.69% 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].

M&M NEWS

Related Articles

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

“The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve,” Sam Khater, chief economist at Freddie Mac, said in a statement.

“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.