It’s hard to believe that the first six months of 2018 are officially over because it still seems like we just started 2018, right?
In this article, we will share with you our take on how the 2018 SoCal Real Estate Market is progressing and we will also provide you with information on some things you may not know regarding the local Real Estate market.
About the First Six Months Of 2018
What interesting about this year is that the first three months (January-March) versus the 2nd three months (April-June) were drastically different from each other.
What do we mean by this?
During the first three months of this year, we had the lowest number of homes for sale in Southern California in over a decade.
The lack of inventory changed rapidly though because during April, May, and June; home inventory steadily increased (as we predicted it would) and the majority of homes that were priced well (under $800K) did sell within the first 10 days.
Some Homes Are Taking Longer to Sell
One trend that we’ve noticed over the last 90 days is that some homes are taking longer to sell and more sellers are reducing the prices of their homes.
What could be causing this? Some Realtor’s® and analysts believe that the gradual slowdown of home sales in Southern California could be related to two things:
- Mortgage interest rates increased during April, May, and June. This caused some people to take a step back and decide to not become home buyers.
- Some Realtors® and economic analysts believe that the Southern California Real Estate market may be entering a “cool off” period after being a sellers-market for the last 7 years.
Is the Southern California Real Estate market really correcting and cooling off or are we experiencing a “speed bump” that’s going to stop soon as the SoCal Real Estate market starts growing again?
What we do know is that it’s still a great time to sell your home especially if it’s staged, decluttered and priced right plus it’s also an excellent time to buy a home in SoCal because there is more inventory on the market and plenty of homes to choose from.
Contact the Fred Sed Group
To learn more about the SoCal Real Estate market, or to speak with us about buying or selling your home contact the Fred Sed Group today by calling us at (800) 921-9231 or connect with us online.