November 4, 2020
By Saeed Ghaffari
For the second week in a row the active inventory numbers went down in every county. This is partly due to listings changing status to pending, under contract, and some may have expired or cancelled. It would have been nice to see new listings in the market replacing those changing statuses, but unfortunately, we see a drop in new listings too.
Just as mentioned last week, we cannot ignore the impact of presidential election, covid and the winter on our market. Seasonally, winter is a slow time of the year for sellers. Covi does add a concern to people allowing foot traffic to their homes and of course there are people who want to wait for the election results before deciding whether to sell or not. Taking all this into account, a less than 1% drop in active listing inventory and less than 5% drop in new listings is totally normal.
The closings went up in double digits in all counties with an exception of Los Angeles that showed a 6.79% increase. Ventura county had the highest closings among the 6 counties with 59.15% increase, but on the other hand it showed the highest drop in the new listings, 14.97%.
The average number of days on the market for closed inventory stayed pretty level from one week to another, averaging around 30 days.
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