July 28, 2021
By 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.
|MAI $/sqft Median Avg. DOM||MAI $/sqft Median Avg. DOM|
|Azusa||78 $442 $675,947 15||78 $391 $559,950 38|
|Covina||87 $476 $725,000 77||70 $393 $599,000 73|
|Glendora||79 $474 $898,000 32||72 $375 $695,000 7|
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
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5 Week Trends
In So Cal, there was a slight upward trend in current inventory with exception of Orange and San Diego counties with respectively 2.36% and 0.22% decline. There was an average increase of 0.56% in the region.
New listings in the region showed an overall downward trend with an average of 4.74% decline. Exceptions were Riverside & Ventura that showed an increase of 0.77% and 0.46% respectively. Older listings also went slightly down as well with the average for the region being 0.55%.
New listings were 26.32% of total active inventory and older listings stayed the same as last week at 10.43% of the active listings.
Coming soon inventory changed the trend again from last week and went up by 2.24%.
Closed listings continued the trend from last week and slightly went up by an average of 0.44% in SoCal.
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California Buyers Still Can’t Afford Homes
The issue for California residential real estate remains the same. Poor affordability means that despite latent demand, buyers can’t afford the prices of homes in the Golden State. For that reason, many have left to find much cheaper homes in other states. Unemployment will likely be on the rise along with lower business profitability (tech sector continues to lay off workers) which means fewer buyers are likely for 3 to 6 months.
The stronger consumer optimism is running against sticky inflation and a likelihood the FED can’t lower interest rates. But will that discourage buyers in California? Demand is always intense in CA. No other place offers what California has, and buyers today do seem to put lifestyle at the top of their list.
The luxury housing market, like most other real estate sectors, is adjusting to a slowdown. Affordability and home size are every bit as much on wealthy buyers’ minds as other consumers. “The reality is we are coming out of one of the best real estate markets in history,” Gary Gold, a luxury property specialist with Coldwell Banker Realty in Beverly Hills, Calif., notes in the latest Coldwell Banker Global Luxury Trends Report. “But that level of demand and price appreciation wasn’t sustainable.”
Nearly 90% of respondents to the Coldwell Banker survey say they believe the real estate market will be better than or the same as 2022 for property investment. The following emerging trends were noted in the report.