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.
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5 Week Trends
In So Cal, there was overall downward trend in inventory with average decrease of 4.94%. There were no exceptions in the region.
New listings in the region showed downward trend with an average decrease of 13.85%. The exception was San Diego County with increase of 8.75%.
New listings were 4.41% of total active inventory and older listings were at 29.75% of the active listings.
Coming soon inventory continued the trend from last week and went up by 26.32%.
Closed listings continued the trend from last week and went down by an average of 18.46% in So Cal.
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Something big is happening in the U.S. housing market—here’s where 27 leading research firms think it’ll take home prices in 2023
Something big is happening in the U.S. housing market—here’s where 27 leading research firms think it’ll take home prices in 2023 Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS...
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.