There is no question that the virus pandemic is currently influencing the markets. Before mid-March, the average daily closed sales in 6 Southern California counties were higher than at the end of March which shows a downward curve. Los Angeles County, for example, averaged 82 closings a day dropped to 67 average daily closings by the end of March. The average daily new listings in Los Angeles County dropped from 135 to 98. Similar drops in new listings are in Orange, Riverside, San Bernardino, San Diego and Ventura. It so far doesn't mean that sales have stopped, or completely will, but the trend is obvious at this point. On average, counties are down about 25% overall in listings.
So what is the hope here? Mortgage interest rates are low, and are set to stay that way for indefinite time this year. Prior to the mid-March slowdown, California February sales volume was the highest in two years. Small business and unemployment assistance, and direct payments, were a start to fiscal stimulus. In spite the media attention to what the pandemic will do to our world in the future, look at past events with SARS, MERS and Fukushima, and how the market recovered:
If current measures of social distancing are adhered to, and if the needed medical resources are obtained, the current projection is a decline by June 1. But will we meet that? Everything depends on how people follow the rules!!
If you have questions about how to sell your home in the current market, just contact me. Necessary contract requirements such as physical inspections, appraisals, buyer inspection, etc., can be carried out within guidelines unless there is some stricter local level operating. Virtual open houses minimize contact to keep to the absolute essential visit to a property. For more on this, please contact me. Email, phone, or text.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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