I hope quarantine has been treating you and your loved ones well. As we look towards entering into Phase 2 of re-opening California, we now have a “new norm” to look forward to and a chance to return to some of our simple pleasures. A visit to the beach, a hike along coastal trails, or a dinner out with friends have become luxuries that we can anticipate enjoying in the not too distant future. At the very least, we can now start to see a light at the end of the tunnel and start thinking about how this experience is going to change the way we view what is important to us.
As the world begins to open back up, we also expect the real estate market to build back up the momentum we saw at the beginning of the year. Despite an expected decrease in sales throughout the duration of the “safer at home” order, there has still been a continuous flow of activity. We have seen those truly determined to buy or sell still manage to execute successful transactions, albeit in one of the most abnormal and dynamic markets ever. With traditional open house viewings still banned, many buyers have been touring houses virtually or setting up individual showings with agents while following all necessary safety procedures.
The chart below shows the monthly average price of “for sale” and “sold” properties in LA County since February of 2019. These numbers allow us to identify whether a particular area is a buyers or seller’s market. LA County continues to be a seller’s market, with a slight trend towards a more balanced market.
Here is the results for the same time period in Palos Verdes Estates, Calif.:
Data for your neighborhood:
It is unclear what exactly lies beyond the horizon, but whatever it brings, I am confident we will all get through it together. Give me a call or email me back to discuss what the re-opening of the economy means for you and your upcoming real estate endeavors. Hopefully, we will once again be able to speak face-to-face in the near future.