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

78       $530    $1,112,500              19

68      $519       $819,900            28

92808

63       $592    $1,199,000              45

68      $569       $672,500           22

Menifee

68       $285      $629,900               30

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 5.98%. There were no exceptions in the region.

New listings in the region showed upward trend with an average increase of 8.76%. The exceptions were Riverside & San Bernardino Counties with respective decrease of 5.38% & 10.82%.

New listings were 17.72% of total active inventory and older listings were at 7.57% of the active listings.

Coming soon inventory changed the trend from last week and went down by 14.54%.

Closed listings changed the trend from last week and went down by an average of 33.62% 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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The California Association of Realtors (C.A.R.) recently released its housing market report for February 2023, which showed that the state’s housing market experienced a decline in sales and median home prices. The report indicates that all regions in California, except the Central Valley, recorded sales declines of more than 30% from a year ago, with the Far North experiencing the most significant drop at -39.4%. Similarly, all counties monitored by C.A.R. had double-digit sales drops in February, with sales in 34 counties plummeting more than 30%.

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Although home prices are still inching up, they’re starting to level off.

For the week ending March 18, listings prices were 6.3% higher than this same week a year earlier.

“This remains the lowest sales-price growth rate since June 2020,” explains Speianu. Plus, interest rates “are expected to remain elevated in the near term, which implies that home prices may continue to soften this spring season.”

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.