Happy New Year! I hope you all had a great holiday season and strong start to 2019!
We received some new data about the market I am eager to share with you.
City of Long Beach
Active Listings: In the month of December 2018, active listings were at 572 vs a year ago Dec 2017 they were at 490, a 17% increase in inventory.
Pending Sales: In the month of December 2018, pending sales were at 107, while in December 2017 pending sales were at 175, a 39% drop in pending sales.
Months Supply: In the month of December 2018, we have 2.2 months of inventory vs in December 2017 when there was 1.7 months of inventory.
Median Price: December 2018 was $535,000 vs December 2017 was $510,000, up 5%.
Average Price: December 2018 was $587,907 vs December 2017 was $593,991, down 1%.
Los Angeles County
Active Listings: In the month of December 2018, active listings were at 14,184 vs a year ago Dec 2017 they were at 11,579, a 22% increase in inventory.
Pending Sales: In the month of December 2018, pending sales were at 2,175, while in December 2017 pending sales were at 3,757, a 42% drop in pending sales.
Months Supply: In the month of December 2018, we have 2.8 months of inventory vs in December 2017 when there was 2.0 months of inventory.
Median Price: December 2018 was $600,000 vs December 2017 was $585,000, up 2.6%.
Average Price: December 2018 was $848,276 vs December 2017 was $829,909, up 2.2%.
Orange County
Active Listings: In the month of December 2018, active listings were at 6,658 vs a year ago Dec 2017 they were at 4,584, a 45% increase in inventory.
Pending Sales: In the month of December 2018, pending sales were at 698, while in December 2017 pending sales were at 1,705, a 59% drop in pending sales.
Months Supply: In the month of December 2018, we have 2.9 months of inventory vs in December 2017 when there was 1.8 months of inventory.
Median Price: December 2018 was $677,450 vs December 2017 was $662,500, up 2.3%.
Average Price: December 2018 was $875,967 vs December 2017 was $862,154, up 1.6%.
What it means for you
It likely comes as no surprise to you that we have seen major shifts in the real estate market here in Southern California and all over North America as a variety of factors have caused a reduction in buyer demand.
If you look at the numbers above, you’ll see that this year we have more inventory on the market and fewer sales. Therefore, as a homeowner thinking about selling your home, you are best served if you price your home very competitively on the market so that it stands out in the crowd as a great value to the potential buyers. Pricing your home well in the market will bring the buyers and protect your equity as you can see median and average home prices have stayed within 5% of last year’s prices. The trick is to get it sold! And the best way to do that is with a great agent who will give your home maximum exposure and to price it right to attract the widest audience of buyers as possible. And once you receive offers, a strong agent will help you navigate the transaction so it doesn’t fall out of contract and gets closed in the time you want.
As a home buyer, you are in a good position to choose from the available inventory. However, the best homes still have a lot of buyer eyes on them, and you need to be prepared with a good solid down payment and an up to date mortgage loan prequalification. Please call me to be connected to a strong loan officer who can prequalify you for a mortgage loan.
Call me if you are planning to buy or sell in this ever changing market. I can give you customized numbers for your specific situation, whether its the precise value of your property and how it has changed since last year, or what your purchasing power is in this market.
Happy 2019!
Nancy Deprez
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