For May 2022, the median number of days to sell was 9 days, up 1 day from April 2022 and up 2 days from March 2021. While home sellers and real estate agents alike have become accustomed to this rapid pace, it wasn’t always like this.
Narrowing the focus to Southern California, we are examining single family residences in these counties: Los Angeles, Orange, Riverside, and San Bernardino.
In May 2019, the median number of days to sell across the four counties was a whopping 23 days. However, in comparison to the first month of the year, with January 2019 clocking in at 39 days on market, May 2019 would have seemed fast paced, relatively speaking.**
Days of Market is a good indicator of how the real estate market is faring, but it is important to keep in mind that one week on the market is an incredibly short period of time compared to previous years.
Motivation to sell or buy a home has to be strong. It isn’t a $40,000 car or MacBook Pro laptop and most of us spend a lot of time thinking about car and technology purchases.
IS IT STILL A SELLER’S MARKET?
This is still a Seller’s Market and if you are considering a move, then call our office at 626-609-2130 today.
Here are a few encouraging factors about the real estate market:
1. The way your home is presented to the market (pre-listing clean up, staging, professional photos, video) can increase how much money you make.
2. Selling your home and buying your next home in a chain or contingent sale is easier this year than last year.
3. Although mortgage interest rates increasing have dampened some home buyer demand, motivated buyers will always be in the market. “There are signs that the rate increase is leveling off, however, as the average 30-Year Fixed Rate Mortgage (FRM) declined for the second week in a row.”*
What is normal for the real estate market one year feels abnormal in the next year?
Choose a real estate office that is full of agents with local knowledge, contract expertise, mastery over negotiation, and a commitment to getting the job done: that is us!
**CRMLS Stat June 3, 2022: Residential. SFR. County: ‘Los Angeles’, ‘Orange’, ‘Riverside’, ‘San Bernardino