Let’s take a look at what’s happening in our Southern California market this spring.
During the winter months, we saw a rapid decline in the number of pending sales and listings, in general, on our market. This also led to a drop in the average sales price, a development that starkly contrasted with the peak we saw last year.
Now that we’ve reached spring, though, conditions have started to recover. Prices still haven’t risen to the $771,000 peak we saw in 2018, but they have at least climbed back to an average of $729,000. Of course, it’s important to keep in mind that conditions vary by area. So the market trends in your neighborhood may be slightly different from what’s described here.
Moving on, we’re still waiting for inventory to pick back up. Per the usual seasonal cycle our market follows, however, we can expect a boost later this month or sometime soon after. With that said, now is a great time to list if you’ve been thinking of doing so. By putting your home on the market before inventory increases, you’ll have a better opportunity to stand out and earn top dollar.
Overall, despite the fact that our market has remained very similar to what we saw during winter, small improvements have taken place. Homes are spending an average of just 26 days on the market, and are selling for an average 96% of their list price.
The bottom line is that our market this year is set to stay relatively flat. After all, much of the reason for plummeting prices in months past was the spike in interest rates that occurred over that time, but rates are holding steady now. This is great news for buyers, who will be able to leverage this higher affordability to secure a home at slightly higher prices.
All in all, 2019 is going to be a great time to make a move, whatever your real estate goals may be.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.