October 14, 2020
By Saeed Ghaffari
The new listings on the market increased in LA and San Bernardino counties by 4.39% and 1% respectively while it went down on the other 3 counties, Orange by 3.46%, Riverside by 2.61% and San Diego with the highest slowdown of 7.24%. Across the 5 counties we had over 4400 properties with 100+ days on the market and 970 properties in the Coming Soon status.
Closings slowed down in every county. The highest slowdown, again belonged to San Diego county with 35.53% and the lowest was in OC with 17.21%. These are significant drops in closings and something to be of concern if the pattern continues.
Slower influx of new listings combined with historically low interest rates continue to maintain a strong seller market in most communities around So Cal, making it a very interesting market for both sellers and buyers. Sellers being able to get the most for their properties while buyers taking advantage of the low interest rates and pushing their affordability to the max, making them both winners in the market. Don’t remember seeing anything like it before!
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