Weekly Market Update 5.19.20
Nobody knows the future and yet, there are certain indicators that can give us insight into the impact the current conditions and what strategies you should adopt now to prepare your business. Here are some insights to help you understand where the market is currently.
Showings have been on a steady rebound since March 28th and are close to returning to normal showing rates. Based on the current trend, we can anticipate that showings will likely continue to increase as buyers regain confidence, so long as rates stay low.
While showings have continued to steadily pick back up, in the past 7 weeks, closed sales per week are still down approximately 41.64%, with the per week average up to 523.5. New inventory is down about 35.71%, with the per week average up about 2.18% from last week in Los Angeles county in comparison to the 8 week period Pre-Covid19 (1/27-3/22).
As supply remains low and demand continues to increase, this has caused prices to tighten up further- causing the first increase we’ve seen in the “For Sale” weekly average since the Pre-Covid impact period. Buyers currently in the market are strong candidates with above average credit and increased stability in their jobs and we are still seeing multiple offer scenarios.
We are also anticipating Forbearances continuing to impact the real estate market at a high level and will offer further insight on this on our upcoming training “Market of The Moment: Forbearances - Become a Consultant for Your Clients and Build Your Pipeline”! RSVP here: RealEstateRevolution.Eventbrite.com
Upcoming Training - Market of the Moment
Forbearances will continuing to impact the real estate market at a high level and we will offer further insight on this on our next webinar.
