So Cal Re Market Report/ Buyer, Seller & Investor Tips
August 30, 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.
Featured Cities
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|
SFR |
Condo |
|
|
MAI $/sqft Median Avg. DOM |
MAI $/sqft Median Avg. DOM |
|
Menifee |
85 $245 $568,450 28 |
Not Enough Data |
|
AH 92807 |
84 $468 $943,700 44 |
59 $464 $489,999 32 |
|
AH 92808 |
81 $485 $1,474,500 18 |
81 $536 $579,900 11 |
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 downward trend in current inventory with average 0.71% of overall decrease with the exception of San Bernardino & Ventura counties that showed 2.68% & 2.18% increase respectively.
New listings in the region showed downward trend with an average of 4.39% decrease with exception of San Bernardino county showing increase of 5.92%. Older listings went slightly up with the average for the region being 2.30%.
New listings were 23.71% of total active inventory and older listings slightly went up to 11.13% of the active listings.
Coming soon inventory continued the trend from last week and went down by 6.10%.
Closed listings changed the trend from last week and went down by an average of 4.72% 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
“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.