March 31, 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.
Buyer, Seller & Investor Tips
- Active Inventory listings was down this week by .92%, while the week before we had seen .5% rise. The less properties on the market, the less choices buyers have to choose from, giving an advantage to the sellers.
- The average closings were up also by 5.76% in So Cal. Every county was in the green on this category, Ventura leading with 14.08% increase in closings. LA and San Bernardino were in 2nd and 3rd place with 8.85% and 8.74% increase, both significant numbers.
- The new listings were down in every county except for San Bernardino that showed a rise in new listings by 5.62%. The average for the region was a negative 2.49%. On the other hand, the older listings went down too in every county except for San Diego. The average inventory of older listings was down by 4.92% with Ventura leading the pack at 10.29% followed by Orange County by 10.02%. All good news.
- The Activity Index (the percentage of new listings to the active listings) was down .74% and the Aging Index (the percentage of older listings to active listings) was down by .71%.
- The best news of all, the coming soon was up in every county with San Diego in first place with 13.14% increase, San Bernardino in second and Riverside in 3rd place with 9.32% and 7.23% respectively.
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Active Inventory took a small dive, .92%.
New Listings were down by 2.49% (no good), Older Listings were down by 4.94% (really good)
7.3% increase in Coming Soon Listings (Properties about to hit the market in 10 days or less).
Closings were up by 5.76% in So Cal with every county in green. I love green, don’t you?
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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.