April 7, 2021
By Saeed Ghaffari
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.
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Active Inventory listings was down across the Southland by 2.47%
New listings are down by 5.66% and so are the older listings, by 8.01%. Both are an indication of a seller dominant market.
9.97% increase in the coming soon inventory also speaks of sellers trying to take advantage of this hot market.
Closed Listings are up by 11.87% in So Cal, music to everyone’s ears.
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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.