So Cal Re Market Report/ Buyer, Seller & Investor Tips
So Cal Re Market Report/ Buyer, Seller & Investor Tips
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So Cal Market Beat
Buyer, Seller & Investor Tips
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
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5 Week Trends
In So Cal, there was overall downward trend in inventory with average decrease of 2.17%. There were no exceptions in the region.
New listings in the region showed downward trend with an average decrease of 5.87%. The exception was Ventura County with increase of 36.67%.
New listings were 9.84% of total active inventory and older listings were at 21.07% of the active listings.
Coming soon inventory continued the trend from last week and went down by 5.36%.
Closed listings changed the trend from last week and went up by an average of 26.25% in So Cal.
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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.