CA Association of Realtors has released the May 2023 Housing Market Statistics. Most of these sales went into contract in April with a 30 day escrow to result in an May closing.
In the Los Angeles County housing market statistics the median price inched up in May from April (.8%) but is still down from same time last year (just under 7%) according to the CA Association of Realtors.
The increase of sales statistics month to month (25%) is what other Realtors and I are seeing out in the field. It is likely to be a result of both seasonal activity and that interest rates have held pretty consistently between 6-7% for 30 year fixed loans for almost 6 months. Consumers are starting to be more comfortable that prices aren’t going to plummet and that rates are very unlikely to drop to 3% again.
Below is the trend of number of escrows closed in the San Fernando Valley over the past 5 years. We are still under the number of closed escrows for May 2019 (closest pre-Covid year) but not by much.
It is also important to rely more on local figures to make decisions in our market. Right now the key factor is Inventory. In the San Fernando Valley May 2023 inventory was 1.8 months supply (even lower than April’s 1.9 months). Both were well under the 6 months level for balanced Seller/Buyer market. With April’s low inventory as a factor the median price increased in May. With May’s low inventory of 1.8 months supply I am anticipating we will see another modest increase for June median price when the numbers are released in a few weeks.
Anecdotally it feels like there is more available inventory in June so we could well see prices level out for the remainder of the summer which would be welcome relief for Buyers.
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
