The Market of the Moment

Nobody knows the future. Every industry is inspecting the coronavirus spread, wondering if, when and how it could affect business. Will it affect your real estate business? In short, yes. 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 dropped significantly post-Covid 19, however March 28th saw a bump back up once real estate was reclassified as an “essential business”.. This has slowly continued as Covid addendums have been released and buyers begin to regain confidence.

While showings have continued to steadily pick back up, closed sales are still down approximately 41.02%, and new inventory is still down about 40.4% in Los Angeles county in comparison to the 8 week period Pre-Covid19 (1/27-3/22). This is likely why prices have stayed competitive (down only .46-2.47% on average), despite the significant decrease in qualified buyers due to affordability issues. 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. 

Data From Broker Metrics