Hello and Happy Spring!
As most of you know, the real estate market has been busy! Homes are selling at a record pace, with multiple offers and typically over asking. Most homes are receiving on average 10 offers and selling at least 10% over listed price. This is a sellers' market and we are just now entering into our traditionally busy Spring selling season.
The spring selling season is typically the time of year we begin to see an increase in the number of properties coming on the market, and after a year of extremely low inventory this could not be more welcome, especially for all of the buyers hoping to take advantage of the low interest rates.
I am here to help! If you are thinking of selling, please call me. If you want to take advantage of the market and think you want to buy, I can also assist. I have been working all of Los Angeles, Orange and Riverside Counties. Wherever my clients need me, I can help.
The chart below shows the “Average Days on Market” and “Sold/List Price Percentage” from December 2019 to February 2021 in the County of Los Angeles. Although last year the Average Days on Market dropped heavily in the spring due to shutdowns, we expect to see that number continue to go up over the next few months. On average, homes are currently taking a little over a month to sell compared to the less than one month turn-around we have been experiencing since the pandemic started. This upward trend is likely indicative of the amount of homes being put on market along with our cities reopening and daily activities becoming more accessible once again.