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

51       $504     $1,100,000             43

59      $548      $789,949            44

92808

50       $592     $1,150,000             67

61      $576       $673,975          37

Menifee

48       $272      $617,000                37

34       $335      $482,000            25

Current active inventory in Menifee, CA is very low. Keep this in mind when looking at this report.

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 downward trend in inventory with average decrease of 0.77%. There were no exceptions in the region.

New listings in the region showed downward trend with an average decrease of 4.71%. The exception was Riverside County with increase of 3.39%.

New listings were 13.18% of total active inventory and older listings were at 11.99% of the active listings.

Coming soon inventory continued the trend from last week and went down by 7%.

Closed listings continued the trend from last week and went up by an average of 2.34% 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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California Housing Market Report

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.

5 Trends That Will Shape Luxury Real Estate in 2023

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.