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

65       $524    $1,054,500              30

59      $516       $817,450           29

92808

53       $568      $1,224,999             47

60      $589       $654,000          19

Menifee

56       $274      $624,849              35

29      $326      $476,603          12

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 0.70%. There were no exceptions in the region.

New listings in the region showed downward trend with an average decrease of 6.95 %. There were no exceptions in the region.

New listings were 14.51% of total active inventory and older listings were at 8.65% of the active listings.

Coming soon inventory changed the trend from last week and went down by 2.99%.

Closed listings changed the trend from last week and went up by an average of 5.55% 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 Saeed@moreandmorenetwork.com.

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Related Articles

4 Clear Signs This Raging Seller’s Market Has Peaked—and a Buyer’s Market May Be Slowly Moving In

To put it simply, a seller’s market happens when there are more homebuyers than sellers. Based on the basic law of supply and demand, this means that sellers have the upper hand and can sell their homes quicker, at higher prices, with little pushback from buyers.

There are many conditions that have upheld the current seller’s market, which was gaining momentum even before the COVID-19 pandemic pushed it into overdrive.

“Even though the number of homes being built has been growing over the past 10 years, it hasn’t kept pace with population growth,” says Daren Blomquist, senior vice president at RealtyTrac.

And the pandemic didn’t help, bringing in a wave of new buyers in the early days snapping up available inventory, and later supply chain issues and labor shortages made it even more difficult for builders to meet the demand for new homes. As a result, home sellers have seen unprecedented benefits and profits—they have been the group in the driver’s seat.

Boons for Buyers: Here Are the 10 Cities Where Sellers Are Slashing Home Prices the Most

Buyers are now dropping out of the market like woozy midsummer flies due to record-high and still-rising home prices coupled with higher mortgage rates pummeling their inflation-battered budgets. Fears of another recession, stock market drops, and a growing sense of ennui over the state of the world are also sidelining buyers.

Sellers who watched as their neighbors’ homes—ones with kitchens and bathrooms that hadn’t been updated in decades—sold for record prices to all-cash buyers within days in the spring have been dumbfounded by the abrupt shift in the market. While some sellers across the nation are continuing to receive lucrative offers, others have been lucky to get an offer at or below their list price. That’s led those not quite so fortunate to slash their asking prices in hopes of attracting buyers.

What’s Causing Ongoing Home Price Appreciation?

Even though inventory is increasing this year as the market moderates, supply is still low. The graph below helps tell the story of why there still aren’t enough homes on the market today. It uses data from the Census to show the number of single-family homes that were built in this country going all the way back to the 1970s.

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