We knew the real estate market statistics were going to be rough in April, and they were. I blogged last week on the San Fernando Valley numbers, but it was a difficult month throughout the state. Generally real estate is local. In this case, the COVID-19 malfunction is having its way with the entire country.
It’s still difficult dealing with the marketing and showing limitations, but sales activity is building. By the time we get to June, the numbers should look better. Statistically, the April numbers should be the lows for this cycle.
The affordability level is much better than last year at this time, as interest rates have dropped to historic lows.
The quantity of sales dropped 30%+ compared to last year. But because so many potential sellers either took their property off the market, or held off on listing, the actual percentage of sales transactions kept pace with drop in inventory. Thus the median price and days on the market held up.
There will be a lot of headwinds over the next few months. There should be some stability going forward as the economy starts opening back up.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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