March 3, 2021
By 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 and send him a private message.
So Cal Market Beat
MLS Data provided courtesy of Real Estate Legends, USA
Table below shows the impact of the market trends and factors on our economy, ECON 101.
Buyer, Seller & Investor Tips
- Buyers: The new listings were up only 2.23%, but so are interest rates. One would think the higher rates and more new listings would bring some pressure on sellers to show more flexibility on their price and terms. But the active listings were down, indicating the properties are moving towards closing much faster than the rate they are coming to the market. Be ready to pay premium prices if you are buying now.
- Sellers: Despite the hike on interest rates, strong closing volume and the increase in coming soon listings, realtors are seeing a strong seller market across the So Cal. The hike in interest rates will lower definitely be of concern if the trend continues.
- Long Term: Go for it. Take advantage of the lower rates.
- Short to Mid Term: There are good deals out there and most likely more to come. Get your finances ready and work with experienced agents.
- Everyone: Money is important, but it’s not everything. While you protect your financial interest, be sure to build good will with people you do business with.
- 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 count on.
Active Inventory listings dropped by .18%, last week it showed it had a drop of 2.04%, while the final result is in favor of sellers, the trend advantages buyers.
New Listings moving up, old listing moving on, music to the realtors’ ears. A very active market, good for the economy.
Percentage of new listings to active listings stay flat with a slight uptick. With new listings going down, it means new listings are replacing them with even a higher rate. Old listings going down is an indication of a) price adjustment by sellers or b) more demand on the market.
Coming Soon inventory was down by 1.95% from the week before, the opposite of the week before that showing a 11.49% increase. Less inventory means less flexibility by sellers.
Closings went up by 22.9%, more than 7 time the week before that of 2.66%. Good for everyone and congratulations to all buyers, sellers, agents and service providers.
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