So Cal RE Market Report / Buyer, Seller & Investor Tips” by: Saeed Ghaffari

So Cal RE Market Report / Buyer, Seller & Investor Tips” by: Saeed Ghaffari

April 28, 2021

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By Saeed Ghaffari

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

 

 

MLS Data provided courtesy of Real Estate Legends, USA

Buyer, Seller & Investor Tips

ECON 101 (Supply & Demand)

Table below shows the impact of the market trends and factors on our economy.

Featured Cities

SFR Condo
MAI     $/sqft       Median                 Avg. DOM MAI     $/sqft       Median                 Avg. DOM
Bellflower 86       $458      $699,000                12 86      $446        $455,000             7
Compton 86       $414      $499,500                41 86     $245        $420,000              7
Lakewood 86       $492      $755,000                14 No Data Available

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

4 out of 6 counties in So Cal showed a drop in the current inventory, resulting in the average of -1.44% drop in the region, a change in direction from the past couple of weeks.

So Cal Market Beat

New listings were also down in all counties except for San Bernardino. The average for the region was a drop of 4.83%. Older listings also dropped in all counties, this time except for Orange County. The average drop for the region was 2.84%.

So Cal Market Beat

New listings were 29.28%% of total active inventory and older listings dropped to 13.89% of the active listings.

Coming soon inventory changed direction from the past 2 weeks and went up by 9.70%.

So Cal Market Beat

Closed went up by an average of 0.82% in So Cal. The activity was mixed in the counties with Los Angeles and Riverside showing a drop and all other counties showing a gain in closings from the week before.

So Cal Market Beat

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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Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In

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In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.

We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.

It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.

The only way to know for sure is to wait until the latest rate hike sets in.

Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.

‘Deals to be had:’ Homebuyers Should Ask For These Incentives While They Have The Upper Hand

The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.

At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.

Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.

“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.