Los Angeles County Real Estate Market update January 2019
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Days to sell average vs median
Homes are sitting on the market long, due to buyers are a bit skeptical about the market and the interest rates. Sellers are also pricing higher because they are still looking at a ” HOT” market.
Also our winter season is when real estate usually slows down buyers, and i tell buyers the winter season could be the best time to buy due to more motivated sellers. Buyers could be pushing back on the higher prices and also a bit skeptical about the interest rates.
Expired and new listings
Expired listings are up 32% vs last year due to more sellers pricing higher and listing higher.
If you see the next slide or so SELLER were pricing almost 20% higher on average than they did last year this could contribute to more sellers not selling and letting contracts expire.
This is also a indicator that market could be starting to shift back to buyers since more sellers are pricing higher and buyers are not offering what they want.
Active Listings (homes available for sale) to dollar value in volume
Listings are up 15% more inventory is sitting longer due to sellers could be pricing higher and buyers a little more hesitant to make that offer on a home. The dollar volume of listings also up because there is 15% more homes for sale vs last year. This could also mean the power is starting to transfer back to buyers and they are having more choices and more power to negotiate the deal.
List to sale average
The average list price also went up 15% and the average sale price only went up 3%, this could mean lots of home flippers or speculators are pricing high and then letting the market, the buyers work them down on pricing. So more signs that market is favoring buyers.
List to sale median
If you take a look at the list median price vs the sale median price, this is where most of the transactions happen in the marketplace, you will see that most homeowners saw a normal appreciation of around 3-4% over last year.
Months of inventory
This is also going up good for buyers due to more choices, and bad for sellers this will mean it will take longer to sell unless you are pricing competitively in line with the market.
More HOMEs means this market should be shifting toward a buyers market.
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