Real Estate market not cooling off in the fall of 2021
Unlike in the previous years, the real estate market is not cooling as we go into the fall months of 2021. Despite the difficulties presented by the pandemic and ongoing after effects of the 2020 recession, home buyers are eager to acquire new properties and inventory remains low. Buyers are taking advantage of the record low interest rates and still paying over asking on most homes in Southern California.
The mortgage interest rates remain low even though they rose just a little in the last months. With the expiration of the foreclosure moratorium at the end of July 2021, many foreclosures were forced into sales, which released some more properties into the market. Eager buyers are often buying those quickly, and often flipping those properties within a few months taking advantage of the inflated home prices.
Homes in the major Southern California markets still sell within a month and close above asking.
Median price: $1,100,000 (-$24,776)
Days on Market: 20
Sale to list price: 103%
Median price: $915,000 (+$21,750)
Days on Market: 14
Sale to list price: 102%
Median sold price: $1,685,500 (+$25,500)
Days on Market: 31
Sale to list price: 101%