CA Association of Realtors has released the December 2022 Housing Market Statistics. Keep in mind most of these sales went into contract in November with a 30 day escrow.
In the Los Angeles County housing market statistics the median price fell from November (4.4%) and also is down from same time last year (3.2%) according to the CA Association of Realtors. This is the first noteworthy drop in median price. Unless the property is very well-priced sales are taking longer and Sellers have had to reduce their price or offer Seller concessions. We haven’t seen Seller concessions in well over 2 years. The statistic that total sales are down from last month and down year over year over 45% is what I am seeing out in the field. Interestingly sources vary on whether prices fell or increased in December, even specifically in Los Angeles county.
It feels as though activity is picking up in 2023. Both Realtors and Lenders I have talked with report that they had conversations with prospective Sellers earlier post holidays than usual and Lenders report a higher level of pre-approval applications. It will be very interesting to see what happens between now and March when the days get longer. The downtick in mortgage rates should raise confidence that interest rates will hold steady and that large price decreases are unlikely unless other economic factors impact the real estate market. And I am personally very happy to see yards greening up after the rains making everything more attractive.
I helped a long-time client with to lease their rental condo and I was surprised how quickly it leased to a very desirable tenant. The high lease rates help to keep real estate purchases attractive.
I still feel strongly that if first time home buyers or Buyers with a lower down payment (such as FHA or VA loans) who want to get into the real estate market should start getting their ducks in a row now. Top items are saving for down payment, monitoring/improving credit score and learning about loan types.
If you want to buy real estate in the 2023 now is the time to learn about what type of loan you can qualify for and want to use for your purchase.
Who to Call
For a free consultation on your home’s value, how to prepare your home to sell or the real estate market in general call me at (818)570-1144 or email [email protected] or visit https://janeybishop.com
SRES, CPE, CPRES, RCSD, CDRE
Senior Real Estate Specialist, Certified Divorce Real Estate Expert Certified Probate Expert
Certified Probate Real Estate Expert, Real Estate Collaborative Specialist – Divorce
